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Reaching out to wealthy prospects may be an essential part of your practice, but finding them can be challenging. You have limited time in your day to prospect, and networking in your current circles can only get you so far. You may have purchased lists, but they often lead to over-prospected individuals.

The Invisible Rich is a series developed by Bryce Sanders, President of Perceptive Business Solutions, Inc., together with Dunham. Throughout the series, you’ll learn how to identify the wealthiest 2 - 5% of your target market, including those who might not be over-prospected.

Identifying the Invisible Rich and Captivating the Wealthy Investor

Captivating the Wealthy Investor

The Invisible Rich series consists of seven video segments that can be used together or individually.

Segment one assists you in defining your market and locating clients based on your geographic location.

Segments two through five discuss the different types of wealthy prospects. First are high asset, high cash flow prospects – these are senior officers at public companies and executives. Second are low asset, high cash flow prospects, also known as new money investors. Next are high asset, low cash flow prospects – or old money investors. Finally we’ll discuss Under the Radar prospects, individuals who don’t fit neatly into the three other categories.

Segment six is an overview of how to implement your strategy. Lastly, segment seven gives you a consolidated action plan.

Each video serves as a step-by-step guide to provide you hands-on help as you research. Follow along to learn various research tactics that you can use to identify the invisible rich in your area.

In addition to the video segments, Dunham will be hosting an Identifying the Invisible Rich webinar on September 8, 2021 at 1:15pm PST. Be sure to register today.

Segment One: Defining Your Market

  • What is the best place for you to look for new clients?
  • What makes your market tick?

In this segment, we discuss how to get data based on a geographic area of focus. This data allows you to locate where wealthy prospects live, as well as what financial instruments they invest in. You learn how to best utilize tools like the U.S. Census website, the U.S. Postal Service website, and Claritas to help you identify pockets of wealth and determine buying habits by geography.  

Segment Two: Senior Officers at Public Companies

  • What do people with high asset, high cash flow wealth do for a living?
  • How do you locate these prospects?

Segment two explains how to build a list of the wealthiest and highest-paid people in your region, such as senior executives, officers, and board members at public companies. We use resources such as Credit Risk Monitor, the System for Awards Management, Dun and Bradstreet, and Chamber of Commerce websites to find the kinds of business information that can uncover wealthy prospects.

Segment Three: New Money

  • What defines low asset, high cash flow wealth?
  • How can you find professionals who fit this description?

Segment three discusses individuals that have good jobs and earn a high income, but haven't accumulated hundreds of thousands or millions in assets yet. By using public records such as the Bureau of Labor Statistics and Search Systems, we can research the types of professionals who fund investments from cash flow and you will learn how to locate the highest paying jobs in your area. Then, we go over specific strategies for networking with these professionals.  

Segment Four: Old Money

  • How can you identify “old money” individuals?
  • With what organizations do they interact?

Individuals and families with high asset, low cash flow wealth tend to be known for their philanthropic activities. We look at the different cultural institutions that these individuals are often involved with, how to locate examples in your area, and how to access annual reports that list the names of these donors. This may help expand your reach to old money prospects.

Segment Five: Under the Radar Prospects

  • How can you locate wealthy individuals who don’t like sharing their sources of income?
  • With what organizations are they involved?

In segment five, we discuss individuals with Under the Radar wealth: people who don’t fit neatly into any other categories. These individuals may be associated with private foundations such as nonprofit groups, startup companies, or churches and religious organizations. Under the Radar prospects could also be realtors, recently laid-off individuals, or those receiving agricultural subsidies.

Segment Six: Implementing your Strategy

  • You’ve acquired your list of names; now, what are you going to do with them?
  • Are you ready to begin networking?

First, we discuss a short-term strategy for doing the research and engaging with your prospects. Then, we go over six different scenarios with examples of how different advisors may interact with prospects. You can decide which method resonates with you and your practice. Finally, we determine an action plan for utilizing your list of names and contact information.

Segment Seven: Consolidated Action Plan

  • How can you consolidate all six segments into an action plan?

The final segment of the series reviews the six previous segments' critical points and how they work together. We discuss how this top-down strategy could help you grow your business by growing prospect lists. You are now ready to begin implementing these tactics.  

Attend the Invisible Rich Webinar on September 8, 2021

Implementing even a few strategies from this program may be beneficial for acquiring prospects and expanding your reach into the wealthiest 2 - 5% of your target market.

Join us for a webinar on September 8th, 2021 @ 1:15pm (PST) to learn more about identifying the invisible rich in your specific state of practice. You will also receive your free state-specific guide to finding the invisible rich in your area. Click here to save a spot in the webinar today or fill out the Google Form below.

We look forward to discussing how this strategy can work for you and how we at Dunham can help you grow your business.

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