Barron's - To Build Assets Fast, Don’t Be Timid
Being gregarious can go a long way in growing your business, as MarketWatch columnist Marie Swift explains.
She cites the example of David Edwards, president and founder of Heron Wealth, in New York. The $285-million firm has grown assets 30% to 40% annually since 2013, largely because Edwards goes to prospects rather than waiting for them to come to him.
Edwards has landed multiple seven-figure clients by following the “three-foot rule,” which dictates that whenever you’re within that distance of someone, you should talk to them about your business and the services you provide.
The advisor makes a point of going where ideal clients are likely to be. That means on the water — Edwards sails competitively — or on the ski slopes, for instance.
He’s careful not to talk shop right away. Instead, he asks good questions and listens for a need to be articulated. Edward converses with about 100 potential clients a month, but is focused on those who have a financial issue or pain point that needs to be resolved soon or that they see coming down the road.
Edwards admits that his exuberant personality helps. In a day and age where so many advisers sit in their offices pushing paper or social media posts, the adage “always be social” — both in person and in digital forums — has special meaning for Edwards. “You won’t catch any fish if you don’t go to the fishing hole,” he concludes.
