When NU Editor-in-Chief Shawn Moynihan suggested I writeabout how to sell insurance to high-net-worth (HNW) individuals, myimmediate response was that it would be a two-word article: “Youdon't.”

Related: 6 ways to sell more insurance in2018

That doesn't mean that you cannot acquire HNW individuals asinsurance clients; you just don't sell directly to them.

Our agency's wealthiest clients included a famous Americancomposer, a federal judge, a successful IT and software pioneer,heads of two large and powerful investment banking and brokeragefirms, the owners of construction companies building millions ofsquare feet of commercial real estate, heads of large New York lawfirms, members of the boards of public companies, and several CEOsand executive directors from various industries.

How did we acquire these customers? Looking back, it's veryclear how they became customers and how almost all had similarinsurance needs and wants. They became customers of the agency thesame way: not by networking, marketing, direct mail, social media,cold calls or advertising. Those activities don't work with verywealthy people. These activities do:

— Referrals from their own professional advisors,attorneys, CPAs or investment advisors that I had cultivated asinsurance customers first, then as centers of influence. Wealthypeople turn to these advisors for a recommendation when they havean insurance need or problem and whose recommendation they totallyaccept. I focused much of my sales effort selling theadvisor/professionals so I could access their clients.

— Direct referralsfrom wealthy clients themselves to their ownrelatives and circles of friends, as they were often asked, “Who'syour insurance broker? I need to change brokers because (insertyour reason here).” As a result, first the wealthy client calls,referring a friend, family or business associate, who I then meetand, if successful, gain a new customer.

— Get personallyinvolved with major not-for-profits and charitable organizations.When I believed in their mission or cause, I became active with anorganization at entry level, became engaged and guess what? If youdon't try to sell anything and continue to make a meaningfulcontribution financially or otherwise, sooner or later — usuallysooner — the organization will have an insurance issue. The boardor CEO will seek you out to help.

— Historical preservationsocieties are non-profits that deal with thebrick-and-mortar of high-value properties, buildings, landmarks andcollections. If you can gain the trust and confidence of the CEO,executive director or a board member, you will have a flow of newbusiness whenever a new property is acquired or a landmark orhistorical property needs renovations. They'll call you to takecare of it. What's more, the retention of this type of business isalmost infinite. I had a relationship with one society that lasted37 years!

— Boards of directorsare an incredible source of new HNW individuals — if you can getappointed or elected to the board of a large organization. Not onlydo you have the opportunity to meet other board members, but overtime all of the officers, accountants, attorneys, and many of thevendors they deal with.

Over my years in business I've been fortunate to serve on theboard of a public company, a bank and a large museum, both for over20 years, and several smaller boards and advisory committees. Thecharacteristics of HNW individuals concerning their insurance aresimilar in that they:

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      • Become very loyal longtime customers,

      • Do not shop,

      • Rarely, if ever, are concerned about price,

      • Care very much about identifying their exposures to personalfinancial loss and appreciate the occasional risk managementdiscussion, and

      • Enjoy referring their own professional advisors to others whenthey feel they “have the best” person, especially as it pertains totheir insurance broker.

So, don't try to sell wealthy people — go out and acquire them.Good Luck!

Barry Seigerman founded The Seigerman Agency in1975 in Long Island, N.Y., as a full-service, multi-lineagency. Now, he is an independentbroker/producer. To reach this author, send emailto [email protected]. Opinions expressed are theauthor's own.

Read more columns by Barry Seigerman:

Tackling 2018: Fresh strategies for your insuranceagency

What the agency producer contract is, and why youneed one

3 steps to making the sale