By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice
Most professionals, including accountants, get most of their client referrals from satisfied clients. The complication is that if you want to work with wealthier clients, the likely best way to source them is from other professionals they are currently engaging.
MORE: Maximize Referrals from Wealthy Clients | What the Wealthy Want | The Essential Process for Building a High-Net-Worth Practice | 4 Components of a High-Net-Worth Practice | The Coming Boom in Tax Services for the Super-Rich
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If you aim to work with the ultrawealthy and even the super-rich, be aware that as you move up the wealth hierarchy, they are less and less inclined to refer you to other people. It is something of a Catch-22. In general, the better you are, the more the very wealthy are disinclined to share. That is, they are less likely to refer you to their financial peers. Also, if you are maximizing your wealthy client relationships, there is hesitancy by these clients to make referrals because of a strong preference for extreme confidentiality (if not secrecy).