After three years, a wealth manager with about $100 million in AUM has quintupled that amount. Less than two years later, it reaches $1 billion in AUM.

A two-person wealth management team with nearly $500 million in AUM has grown to almost $2.5 billion in three years.

A life insurance producer earning nearly $400,000 annually triples her earnings in less than a year and a half.

These results arise solely from organic growth. They established pipelines of new HNW clients through COIs, mainly accountants and attorneys. Although they employed the Ultimate Rainmaker process, other similar methodologies could produce comparable outcomes.

It is well known that the best referrals often come from COIs. While there are other ways to grow a wealth management practice organically, COI referrals remain the most effective approach.

Organic growth and building a higher-end wealth management practice are essential for near-future success. For example, artificial intelligence will transform the industry:

While most wealth managers aim to target wealthier clients with more complex situations, few are expected to succeed at this. One limitation lies in the capabilities of some of these wealth managers. A significant challenge for many is establishing connections with HNW individuals and families. When introduced to HNW individuals and families by COIs, wealth managers engage with them on a preferential basis and are likely to interact with more of them.

Reaching The Tipping Point

For most wealth managers, the answer is the ability to connect with HNW individuals and families through COIs. It is essential to realize that most wealth managers can master Ultimate Rainmaker of similar approaches. Now, none of these processes are magical in any way or restricted to acolytes. They can be mastered by most, if not all, wealth managers. The complication is that few wealth managers, while saying they want a steady stream of HNW COI referrals, are willing to do what it takes to get them.

To achieve the results discussed in the three examples, you must recognize that it will take time. There is a ramp-up period before your COIs will regularly send you HNW and UHNW clients. Based on experience, it takes between a year and two before the pipeline is filled and kept filled. Along the way, you will periodically get high-quality HNW clients. Nevertheless, a year or two is common before you reach the tipping point when you are consistently referred to HNW clients.

Many wealth managers fade away during this ramp-up period. The ones who do not and consequently excel have three personal characteristics. They are patient, persistent and determined.

Patience And Persistence

While patience and persistence are different personal qualities, they are interconnected. It takes time before many COIs will refer their HNW clients to you. You are likely one of many wealth managers they have consulted with. They need to believe that you can do an excellent job for their clients and help them succeed.

Even when they introduce you to their HNW clients, it takes time before those clients decide to engage you. And even more time until you have proven yourself. Generally, this takes at least a year. Many wealth managers do not have the patience for this approach. They want more immediate gratification.

You also need to be persistent. There will be setbacks; for some wealth managers, finding the right COIs takes some time. It is common for some wealth managers to become frustrated with a lack of progress and shift their efforts to other business development activities. Sticking with the process requires persistence.

Determination

Determination underlies patience and persistence. You must desire to supercharge your wealth management practice. While there is strong empirical evidence, supported by extensive anecdotal evidence, for building powerful COI relationships, you must believe this is the answer for you.

In addition to providing excellent service for your clients, you must aspire to amplify your success. It is not just about growing by 5% or even 10% annually; it is about doubling and tripling your wealth, and then doing it again. Remember, wealth managers who use Ultimate Rainmaker even to a limited extent significantly boost their incomes. Those who master the methodology become seriously wealthy.

Becoming proficient at Ultimate Rainmaker requires commitment. The concepts and principles are straightforward and evident everywhere. It is simply human nature. What distinguishes the wealth managers that transform their practices by adding hundreds of millions in AUM annually is their facility with the skills that are core to these approaches.

For example, it takes a lot of practice to become an expert at Discovery. Simply handing the core thematic questions to the wealth manager rarely enables them to conduct Discovery effectively. In the real world, the COIs are not following the script. Therefore, conducting Discovery and evaluating the outcomes and what could be done better is essential.

Role-play sessions are a highly effective way to become more proficient at Discovery. You can run these sessions with other wealth managers. What has proven very helpful is to run role-play sessions with an experienced coach who plays the role of the COIs. This enables wealth managers to learn to do Discovery well with various COI “personalities,” business models and objectives.

Implications For Wealth Managers

While most wealth managers can secure a steady stream of HNW clients from COIs, only patient, persistent and determined wealth managers will achieve exceptional results. The main obstacles to success are not the methodologies; learning the mechanics is rarely the concern.

You must be determined to excel. You must put in the time and effort to gain mastery of Ultimate Rainmaker. You need to learn and then continue to refine your skills at Discovery. You must be patient, as astounding results take time. And you must be persistent, for the path will certainly be bumpy. Again, the rewards are outstanding if you are determined, patient and persistent.

Jerry D. Prince is a leading coach for professionals building HNW practices and co-author of Ultimate Rainmaker: Creating a Pipeline of Wealthy Client Referrals from Accountants and Attorneys. Russ Alan Prince is one of the foremost authorities in the private wealth industry and the co-author of the bestselling book Everyone Wins! The Ultimate Guide to Optimize Your Business Relationships and Achieve Financial Freedom. Brett Van Bortel is the managing partner and founder of the Organic Growth Institute, a leading consulting and coaching firm for wealth managers.