How to Attract a Wealth Management Firm to Your Thriving Start-up

After reaching a comfortable level of success, a well-conceived program of expansion can take your business to the next stage. This move can increase your profits, provide stability and leave you in a more established position in the market.

To do this, it’s likely that you’ll need to seek investment. Even if you don’t have any plans to grow currently, having a solid pitch will give you a head start when it comes to impressing wealth management firms. Here’s a look at how you might get started:

Begin with the basics

First-time pitchers are rarely given more than five to 10 minutes to make their case in front of potential investors, so you’ll need to quickly demonstrate your worthiness. It will be very difficult to do this without a comprehensive business plan to back up what you’re saying. Once that’s in place, you can use it as a touchstone, demonstrating how your business has value and is a safe investment. The document you show investors should include a breakdown of your company’s financial history and a look at why you outclass the competition.

Reveal a smart, accurate business model

A glance at the Jon Neuhaus Twitter feed reveals that as a private wealth advisor, he is dedicated to keeping his investors well informed. After completing an MBA at Northwestern University and gaining 19 years of experience, Neuhaus is now an advisor at Morgan Stanley Private Wealth Management. To impress him and others like him, you’ll need to be as open as he is with his valued clients. Show how you plan to make money, provide a revenue projection and be as specific as possible. Go into detail about the products you have to offer, the section of the market they will appeal to and how your pricing structure works.

Practice how to get your point across

A sure-fire way of expressing yourself well is to practice what you plan to say in advance. Do this by performing the pitch in front of your colleagues and asking for their help in making improvements. You may have all the knowledge, but organizing it into an accessible and persuasive presentation is essential. Start with a pitch that lasts under 10 minutes but have extra ideas and topics to move onto if you are asked.

Draw them in with your original ideas

A successful business will almost always have something unique to offer that solves a particular need effectively. Share this in a way that is easy to share again, when your investors need to speak with colleagues or other financers. Add in notes about any research you’ve carried out and what your findings were. Try to avoid buzzwords, as not everyone present will be an expert in your industry.

Demonstrate an understanding of your target audience

From relation-based selling to email lists and social media posting, there are many ways to attract and build a relationship with your customers. Even if you think you have a universally desired service or product, it’s better to be realistic at this point and explain who you’ll be appealing to. This makes you sound more grounded and confirms that your plans have a tactical edge. It also encourages investors to develop a concrete image of the type of people who will form your customer base.

Once this is in place, move on to explain how you’ll reach out to them, the costs involved and what your expectations are. Provide an example of your advertising to illustrate what your message will look like.

Don’t be modest

Achievements give your company credibility in the eyes of investors, so there’s no point in being discreet about how well you’ve performed. Impress the people who can fund your next ideas by explaining more about your past successes. Mention the times you met or surpassed sales targets, tell them about the product launches that soared and the contracts you are most proud of. Then tie these historic triumphs in with what you want to accomplish next. Spell out the steps you will take, the ways progress will be measured and how you’ll ensure the plan remains on track.

Account for your funding requirements

Part of forming a good relationship with investors will be explaining why you hope to expand your company and what your destination will be. As part of this process, it’s important to disclose who your current financial supporters are and how much capital they have provided. Be ready to speak about specifics, such as what you will spend the money on and what outcomes you expect.

Welcome their feedback

After your pitch, however you feel it went, it’s always a good idea to ask for feedback. Even if you aren’t successful, learning to engage with wealth management firms and understanding what they are looking for is invaluable. Use their insights and the experience you have gained to improve, refine and perfect your pitch, in preparation for the next opportunity.