Page 28 - Investment Advisor April/May 2022

Cover Story

insurance sound complicated, they are. An advisor needs to integrate investments and insurance. There is an attractive
understand income and estate tax laws, asset location, insur- niche for advisors who make the investment in understanding
ance products, and how to implement a strategy without mak- when to use sophisticated life insurance strategies to manage
ing mistakes. And advisors who work with UHNW clients need wealth across generations.
to recognize when life insurance does a better job of meeting
client estate planning goals than traditional investments. Michael Finke is a professor and Frank M. Engle Chair of Economic
Many wealthy clients already use an insurance agent that Security at the American College of Financial Services. He can be
specializes in comprehensive wealth management who can reached at [email protected].

10 Tips for Dressing to Impress Wealthy Prospects

“IT’S A LOT easier to get to where you want to go if you dress You are not clubbing. “Casual” is an overused and
like you have already arrived.” 5 poorly defined word. When you attend a meeting, gala
I came across that advice years ago. The modern version might or museum exhibition opening, your primary objective is not
be “Fake it till you make it.” I like the first expression better because to find a date for the weekend. Clothing shouldn’t be revealing
you are positioning yourself in the way you want to be perceived. or too casual. Years ago, when I entered the industry, the firm
By dressing well and being mannerly, you are showing you taught us how to dress! One of the lessons was: “Your prospect
belong. Projecting the right image often involves how you dress. is entrusting you with their money. You shouldn’t dress as if you
Here are some tips. will be on the next plane to Acapulco.”

The top foot. This includes your face and hair. You Accessories. I’ve heard them described as props. I don’t
1 should look presentable. Your parents wanted you to look 6 like that expression because it sounds phony. They are
neat when you were visiting relatives during the holidays. Your items you have chosen to wear because they reveal who you
hair should be cut and combed. Same with facial hair. Your teeth are. Accessories are noticed. You can spot a Rolex watch or a
should be brushed. Use mouthwash while you are at it. If you Hermes scarf. Sometimes they take center stage. My wife and
wear glasses, they should be conservative. The exception is if I were at lunch in Asia and our guest took out her Louis Vuitton
you are a celebrity like Elton John or Katy Perry. If you use cos- wallet and set it on the table nest to her fork! It was part of her
metics, less is more is good advice. identity. It spoke to her status.

The bottom foot. This concerns your shoes. They should Jewelry. This is another “less is more” category. Quality
2 be polished and in good condition. They should be appro- 7 will be noticed. If you have synthetic jewels, you want
priate for the rest of your outfit. They should not have worn them to be commensurate with your economic level. You
heels or give off any signals you are cutting back on expenses. wouldn’t wear a tiara to a charity gala. Watches fit into the jew-
Polished shoes give you confidence. elry category. Many people can spot jewelry by famous design-
ers from a distance.
Hands. People will see them. They should be clean and
3 free of ink stains. That part is obvious. Your nails should Pens. People still use them. Ditto business cards. There
be trimmed. Wearing one or two rings is fine. Any more can 8 may be a time when you need to take a note, or someone
come across as too much. Put another way, people can easily asks to borrow your pen. Signing their credit card receipt at dinner
focus attention on one ring. “You went to Harvard!” Multiple is a good example. It’s a good idea to own a quality pen. There are
rings are distracting. a lot of Mont Blancs floating around the financial services industry.

Clothing. Sometimes the dress code for an event is Paper money. Bring some along. It goes in your nice wal-
4 announced in advance. Formal wear, business dress and 9 let. There may be situations where you need to tip the
country club casual are three examples. The image you are pro- parking valet or the coat check attendant. You don’t want to
jecting is aligned to your business life. You want these folks to look cheap to the people around you.
ultimately become clients. That’s the persona you are seeking to
project. Years ago, “Dress British” was the maxim in the financial Business cards. People still use them. Yours is elegant
services industry. Did you know pinstripes had their origin in the 10 and professional. It’s a good way to gather or share per-
banking world of Victorian Britain? Different banks had different sonal contact details. Carry a few in your wallet. They should be
variations in design! The message is dress conservatively. new, not looking like they’ve been there forever. —Bryce Sanders

26 INVESTMENT ADVISOR APRIL/MAY 2022 | ThinkAdvisor.com