Using the Law of Attraction

By Ray Sclafani

February 1, 2007 – Ever wish you knew the secret to health, happiness and wealth? According to The Secret, an inspirational movie featuring several prominent thought leaders, everything in the universe is governed by a universal law—the law of attraction. As Bob Proctor—author, lecturer and coach—explains it: “Everything that comes into your life, you are attracting into your life through the images in your mind.”

That’s a powerful statement. It suggests that by visualizing what you want to achieve, you can quickly turn your goals into reality.

The law of attraction governs our personal lives, as well as our professional ones. For example, we tend to choose spouses who share our values. We generally cultivate friends who share our hobbies. And we gravitate toward clients who can benefit from our specific skills and abilities.

When it comes to applying the law of attraction to our professional practices, we need to ask ourselves some important questions. These include: “What types of clients am I most interested in working with?”; “What are the unique skills and abilities I have when it comes to creating financial solutions?”; and “What are the benefits of working with a clearly defined set of clients?”

Creating a Niche

“Bill” is an advisor working in the Seattle area who clearly understands the law of attraction. He has created his own niche in his local market by focusing on the needs of family-owned businesses. “Over the past 15 years, I noticed that clients with family-owned businesses tended to be my largest and most profitable clients,” says Bill. “Not only do they generate the most revenue, they also tend to be very loyal. If I have a relationship with the parents, chances are good that I’ll keep the relationship with the children when they take over the business.”

This recognition has led Bill to focus his practice almost exclusively on this group. In an effort to streamline his practice, he helped some of his smaller and less profitable clients—especially those who didn’t fit his specialty—find new advisors who could better serve their needs. And while ramping up his business development efforts, he decided to reach out only to those potential clients who fit into his chosen niche.

As a result, Bill is now known as a specialist in working with people who own family businesses. He gets the kinds of referrals he wants by focusing his energy and thoughts in a single direction. Maintaining this sharp focus makes it easier for him to understand the needs of his clients and articulate the value he brings to the table.

Defining Who You Are

“Sue” is an advisor in the Atlanta area whose clients are mostly doctors. But they’re not just any doctors. She specializes in meeting the financial needs of surgeons and their families.

“The surgeon community in Atlanta is a very close-knit group,” says Sue. “They all know each other and tend to share advice and recommendations on a wide range of issues, including which financial advisors they enjoy working with.”

Sue’s practice illustrates one of the key principles of the law of attraction: that like attracts like. Over the years, Sue has successfully defined her value proposition as that of an advisor who understands the specific needs and challenges that surgeons face. Today, she doesn’t have to work as hard to find new business. Instead, new business often finds her. “My existing clients are now my best sources of referrals,” she says.

So what types of clients should you pursue? Only you can answer that question. As a starting point, think about the clients that you enjoy working with and might naturally tend to attract. Also, take a look at where you enjoy spending the majority of your time. Finally, ask yourself practical questions about your financial goals for your practice and which types of clients can help you achieve them.

Speaking the Same Language

Once you’ve identified your target client group, the next step is to communicate your value proposition in a way that connects with your prospects. “If you’re working with mom-and-pop business owners, for example, it’s important to speak in plain English,” says Liz Manibay, director of coaching solutions for ClientWise LLC. “They may just want to know that they’re not going to outlive their income, so skip the technical jargon and talk to your clients in language they understand.”

Manibay notes that adopting the mode of communication and words your clients use will help you attract the kinds of investors you want to work with. “Speaking the same language helps you make an emotional connection with your clients,” she says.

If you’re having trouble articulating your value proposition in a way that connects with your target audience, the key is to practice. Manibay suggests practicing saying what makes you unique on your own, then trying it out on friends and family before you go to meet with new prospects.

Becoming a Magnet

If you’re looking for a way to get started, visualize the types of clients you want to attract in your mind. Your thoughts will become a magnet for meeting the clients you’re most interested in. Understanding the law of attraction puts you in the driver’s seat. By envisioning the results you want, you’ll take the first step toward achieving those goals.

Working with a clearly defined set of clients has many rewards. These include an increased ease in finding and attracting clients, more control over your practice and a competitive edge in a crowded marketplace. So start visualizing the future of your practice today. That way, you can start using the law of attraction to your advantage.

Ray Sclafani is President of ClientWise LLC, an organization founded to support the financial advisory practice of the future. Delivering unique practice management strategies focused on client acquisition and retention, ClientWise provides coaching and training for leading financial advisors. For more information, e-mail ray@clientwise.com or call 1-800-732-0876.

Originally published in Financial Planning, November 2007.
Copyright Ray Sclafani 2007.