Dear Voornaam,
You are a professional service provider - a lawyer, a CPA, a consultant, a banker, or a wealth manager - and you have this nagging feeling that a recession is coming. You've successfully attracted new clients during the COVID-19 pandemic, but you're now worried that finding new clients will be more challenging when economic conditions deteriorate. Your concern prompts you to sit down with your partners and discuss a new strategy.Â
As you begin your partnership meeting, you highlight the only strategy that makes sense in difficult economic times:Â Go where the money is.
This meeting is taking place right now in professional firms around the world. Tough economic times lie ahead in 2023, and the time to focus your efforts is now, before the panic sets in. Smart firms focus their business development efforts on family offices and affluent individuals.Â
Deep Influential Pockets
The affluent and family offices are attractive targets for professional service firms, as they offer a wealth of benefits beyond the financial. Not only do they have deep pockets that can provide long-term stability to a business, but they are also typically influential, often having connections and opportunities not available to others.
One of the significant advantages of targeting family offices is their willingness to invest in large, long-term projects. Family offices typically view investments on a longer-term basis rather than short-term gains, making them ideal for more complex projects with multiple layers that require more time to be successful. Furthermore, family offices tend to be more patient regarding returns on investment, allowing businesses to focus more on the quality of the project rather than focusing solely on quick rewards.
Doing Good and Opening New Markets
Additionally, many affluent individuals and family offices are also involved in philanthropic activities or social causes, which can open up new business opportunities. As these families focus heavily on giving back and helping their communities, they often look for ways to foster economic growth by investing in services that promote a better society. When targeting family offices, businesses have the potential to find unique investment opportunities that could help both their venture and the lives of those around them.
It's All About the Network
Finally, another significant benefit is that family offices often have access to exclusive networks and resources not available to the general public or other investors. These networks provide access to privileged information, such as market trends and upcoming business opportunities. By tapping into these exclusive channels offered by family offices, businesses can gain invaluable insights into different markets and stay ahead of competitors.
There is no doubt that targeting family offices can be highly beneficial for professional service firms looking for long-term investments with greater rewards down the line. From larger capital pools and longer-term outlooks on investments to exclusive access networks and philanthropic endeavors - there is no shortage of advantages when working with these influential entities during a recession.
If you'd like assistance targeting affluent individuals and family offices to help recession-proof your firm, join me for our high-net-worth study group meeting.Â
Each month I host a meeting on Zoom for professional firms that work with affluent individuals and family offices. During this meeting, we cover an educational topic, interview an expert and provide several opportunities for you to network with people who can introduce you to your next big client.Â
To attend this meeting as my guest, follow the link below:
High-Net-Worth Client Attraction Study Group by Cendrowski Corporate Advisors
Meeting on Zoom - February 21, 2023 - 5 PM
Register here:Â https://iaba.education/event-5082654
Warm regards,
Dave Lorenzo The Godfather of Growth (786) 436-1986
P.S. You are receiving this email because we have a relationship, and I'd like to stay in touch. If you no longer want to receive these emails, call me at (786) 436-1986.
If you click unsubscribe, I will never be able to email you again.
Dave Lorenzo & Company Int'l 1442 SW 155 Court Miami, FL 33194 USA | Unsubscribe |
|
| |