Its established that advisory is already pretty much commodized, and every bank pretty much had a sizeable peer group that can run the exact same process with immaterial differences. You can chalk it up to relationships but then the other problem with that is that every comparable bank also has an army of MDs of similar backgrounds going about building relationships in the same way everyone else is (country clubs, conventions/conferences, family/friends, nepotism). So when the product your offering is commoditized in a saturated (maybe even sunset) industry, the methods of acquiring clients are also similar across the board. How does a rainmaker even form?
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Rainmakers stand out in a commoditized and saturated industry by transcending the standard playbook of relationship-building and process execution. Here's what makes them special:
Deep Understanding of Client Needs: Rainmakers excel at identifying and addressing the unique economic interests of their clients. They go beyond surface-level relationships and focus on delivering tangible value. As highlighted in WSO discussions, clients prioritize financial benefits over personal connections. A rainmaker knows how to align their services with the client's specific goals, making them indispensable.
True Advisory Role: They act as trusted advisors, putting the client's interests first—even if it means challenging the client or saying "no" when necessary. This builds credibility and trust, which are critical in an industry where trust is often the differentiator.
Commercial Instincts and Creativity: Rainmakers possess exceptional commercial instincts and creativity. They can craft unique angles in pitches, structure deals innovatively, and find solutions that others might overlook. This ability to think outside the box sets them apart in a commoditized environment.
Long-Term Relationship Building: While many MDs focus on transactional relationships, rainmakers invest in building deep, long-term connections. They develop a reputation over years of consistent delivery and reliability, which attracts clients who value stability and expertise.
Execution Excellence: Even in a commoditized industry, execution matters. Rainmakers ensure that their deals are not just completed but are executed flawlessly, leaving clients with a positive experience that encourages repeat business and referrals.
Personal Brand and Reputation: Rainmakers often have a personal brand that precedes them. Their name carries weight in the industry, and clients are drawn to their proven track record. This reputation is built over years of delivering results and being a go-to expert in their field.
Differentiation Through Expertise: Rainmakers often specialize in a specific industry or niche, developing deep insights that allow them to offer unique perspectives. This expertise can create a competitive edge, even in a commoditized market.
Resilience and Adaptability: In a sunset industry, rainmakers adapt to changing market dynamics and find ways to stay relevant. They are proactive in identifying new opportunities and pivoting their strategies to maintain their edge.
In essence, rainmakers rise above the noise by combining exceptional client service, deep expertise, and a relentless focus on value creation. While the industry may be commoditized, their ability to differentiate themselves through these qualities ensures their continued success.
Sources: Rainmaker Analyst - My Story, Rainmaker Analyst - My Story, Consultants, tell us what your industry verticals are like, The Rainmakers of 2010, Banking and Business Development
Sage Kelly circa 2014 at jefferies could offer some great advice on this
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Some comments from a client perspective on what differentiates an exceptional MD from an average one:
Integrity. Unfortunately, many MDs have issues in this area. Cannot trust most banks that rumours will not immediately be created. Banks approaching potential buyers pretending they have a mandate to sell an asset based on a vague conversation that we may consider selling etc.
Interesting take… but if everyone's selling the same thing, in the same way, to the same people—then isn’t the real question not how a rainmaker forms, but whether one even can? Or is it just luck disguised as legacy?
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