Financial Planning, July 1, 2002:
The VIP Client
The VIP Client: Working with rich and famous people can be intimidating. Here's how to keep your emotions in check.
What do you do when you finally land the rich, famous or powerful client you've always wanted, only to find yourself feeling anxious and stressed? This paradoxical reaction is quite common. You may think you should be excited, and you are, but you're also a little intimidated.
The VIP client may be someone quite well known, or it may simply be someone who can positively influence your career. Perhaps a current or former boss refers someone to you and the outcome could lead to more referrals. Or, the client has key social or professional connections to exactly the type of clients you most desire.
Whatever the reason, this is the client you think about more than any of the others, and you want him or her to be very satisfied with your work.
How might you react to this situation? Here are some common scenarios:
- You feel a knot in your stomach prior to phone conversations or meetings with this client. You're more self-conscious of what you are saying than usual.
- You feel that your performance is going to be judged. You are aware that success in this situation will open doors you've been after a long time, and the pressure becomes especially intense.
- You might be overly careful or overly aggressive in what actions you suggest to this individual.
Managing your emotional response is the key to successfully working with VIP clients, but this can be difficult when you are suddenly face to face with someone you've admired or whose business you have courted for years. Here are three facets to a working relationship and positive responses to keep in mind when working with VIP clients.
Anticipation. It is important to remember that the anticipation phase is the one that is least connected to reality. At this time you are bringing your own worries and fears to the table, but these are not reliable indicators of what is actually happening.
Rid your mind of the what-if's. Then wait and see what the specific demands of the situation turn out to be.
Awareness. When working with a VIP it is common to feel unsure of yourself. The athlete can make you feel ordinary, the articulate author can leave you searching for the right words. It is easy to idealize the well-known client and imagine that he or she is smarter and more accomplished than is in fact the case. Refocus your attention on your skills and services. No matter how well informed even a successful CEO is about business, he or she doesn't have the special skills you have.
Remember, your client cannot match the thousands of hours of experience you have logged while building up your area of expertise.
Actions. With a VIP client, make sure not to stray too far from your usual plan of action. You may be tempted to over-prepare, for instance, but resist this temptation, because this causes stress. When people are stressed, they tend to polarize; that is, they gravitate to their own extreme.
For example, the cautious investor may hold back, and the overly confident one may go too far. Know what your own tendencies are, and hold them in check. The best intervention is to normalize the experience. The truth is, VIP or not, this is just a person. How you do will not make or break your career. Another opportunity is never that far off.
Working with the VIP client can be an exhilarating process. The first encounter is often the most challenging. If you notice your own reactions, and manage them, establishing a productive long-term relationship that is positive for both client and professional is much more likely to end in success.
Carol M. Kauffman, Ph.D., and Marcia C. Brier are partners in Family Legacy Services, a consulting service to financial advisers, family offices and private client departments. They can be reached by e-mail via carol@CarolKauffman.com or MBrier@mcbcommunications.com.
-Carol Kauffman and Marcia Brier
