Do you eat lunch? If not, could you start? Do you drink tea or coffee? How about an occasional alcoholic beverage? The aforementioned are all high-impact activities identified in our affluent investor research that are directly responsible for onboarding new affluent clients. More on this to follow.
Our recent weekly coffee group discussion began with OxyContin, a brand name for oxycodone, which is a narcotic. A spouse of one of the group members had a horrifying fall that required emergency back surgery and OxyContin was prescribed to help her make it through physical therapy. After three weeks, worried about addiction, she stopped cold. For the first 24 hours, she felt as though “My body was telling me I needed the drug.” She swore never to take it again.
This led to a discussion of a chapter in my friend Dr. Bruce Brodie’s book titled Where Are We Going? Human Nature and the Struggle for Democracy, who’s also a member of our coffee group. Now we were discussing another “oxy” – oxytocin – which wasn’t as familiar to the group. Dr.Brodie explained that oxytocin is a peptide hormone produced in the hypothalamus and how it plays a major role in fostering empathy and trust.
Naturally, I had to add that our research on financial advisors has identified empathy as a key quality in elite advisors. Coincidentally, neuroscience is now telling us…
- Oxytocin enhances empathy
- Empathy fuels trust, and
- We, the human species, can intentionally activate the flow of oxytocin in our brains.
In other words, everyone has the capacity to stimulate the flow of oxytocin in their brains, strengthening their ability to empathize and generate trust. As Dr. Brodie explained, this is a miraculous chemical that’s housed within our brains. It’s a gift.
That said, let’s take full advantage of this gift and make stimulating this miraculous chemical part of our daily routine – a GOOD habit, a gift that keeps on giving.
This is where the high-impact activities mentioned earlier take center stage. Each of these activities, when done socially (with another person) stimulates the flow of oxytocin. This in turn is what enables us to develop or strengthen an emotional connection. When a financial advisor has an emotional connection with an affluent client, in effect, they have an ideal client; loyal, stimulates word-of-mouth influence, provides unsolicited referrals and is open to new ideas.
This is the essence of what our research has identified as the Relationship Management – Relationship Marketing Nexus. The key is in making these oxytocin-stimulating activities a habit with both clients and COIs. Think of each of the following as a top priority fixed daily activity unto itself…
- Social lunch (or dinner) with an affluent client or COI
- Coffee (or tea) with an affluent client or COI
- An alcoholic beverage with an affluent client of COI
If you do one of these activities four to five days a week, these activities will become part of your routine, a habit. It’s no coincidence that our affluent research highlights a social lunch and socializing as the top activities for acquiring new affluent clients.
This is a gift of nature – make it a habit and the good oxy will keep on giving.