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Prospecting into the Private Wealth Space: 5 Best Practices


Firms in private wealth management, including family offices and registered investment advisors (RIAs), represent more than just substantial capital sources. They often serve as gateways to expansive networks and invaluable business counsel. Building a rapport with these groups can lead to enduring and fruitful collaborations. Yet, to harness these benefits, one needs a strategic approach and clear communication. FINTRX, a leading data provider for family offices & RIAs, highlights five key strategies to navigate the private wealth arena successfully.

1. Build Your Network Before You Need It

Invest in other people before asking for anything. Cultivate your relationships over time, the same way you would tend a garden. Establish rapport with new connections by telling them about your skills and asking how you can help them. This could be an introduction, a pitch deck, advice or simply listening to a problem. Align yourself so you can build a relationship before asking for an investment. This will greatly benefit you down the road.


2. Aim to Add Value

Before meeting with an investor, do your research to better understand who they are, what they do and what they're about. Genuine interest is the catalyst for building long-term, mutually advantageous relationships. Maintain industry expertise that you can validate. Before contacting a potential investor, be sure your offerings are in order and your pitch or presentation is clear and ready to go. Within 24 hours of meeting someone, connect on LinkedIn with a personal message stating what you talked about and how you're looking forward to speaking with them again.


3. Create Clarity in What You Do

Humanize your communication with potential investors by sending a direct, personalized LinkedIn message or email. Describe who you are, what you are offering, why they'd be interested, how much money you're looking for, investment timeframes, and/or what the expected return(s) will be. If you are a fund manager, briefly state your past returns. Keep your LinkedIn profile up-to-date with all your experience, interests, education and qualifications to help attract you to like-minded individuals. Make your intentions, milestones, challenges and priorities known.


4. Differentiate Yourself

Differentiate yourself by the quality and depth of your relationships. Investors can receive 500-1000 emails a month, so it's important to use your company email, a clear subject line and eliminate words that may trigger spam filters. Add your headshot to your email signature for increased personalization. Relay how your opportunity uniquely benefits them. Never use a family office list in a mass email as it will most likely classify you as spam and block any of your future engagements. Initiate opportunities to meet in person or face-to-face over Zoom rather than talking over email or phone. We find this method typically works faster and gets more responses.


5. Strategize Outreach & Maintain Connections

Keep in mind you will create varying levels of relationships based on common interests, goals and timing. It is vital to build and strengthen the foundation from the start. To keep an open line of communication, be strategic in your follow-ups. Ask for updates on their career or if they’d like to meet in person to reconnect. Putting your name and ideas out in front of your network regularly will keep you top of mind. Reconnect every few weeks by emailing an interesting article or industry-related news.


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5 Best Practices Prospecting into the Private Wealth Space

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FINTRX provides comprehensive data intelligence on 850,000+ family office & investment advisor records, each designed to help you identify, access and map the private wealth ecosystem. Explore in-depth dossiers on each family office and investment advisor. Access AUM, source of wealth, investment criteria, previous investment history, sectors & industries of interest, and advisor growth signals among numerous others. FINTRX combines data, analytics and intuitive software to help clients identify potential investment opportunities, connect with investors and clients and stay informed on industry trends and developments.  


To discover the power of FINTRX and see for yourself how we could help streamline your prospecting efforts, request a demo below.


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