Key Takeaways
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The percentage of high-net-worth individuals is on the rise, leading to an increased need for financial advisors who are attuned to their needs.
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To capitalize on this opportunity, you need to understand the HNW market, who these individuals are, and what they need from advisors.
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Get strategies to help you not only attract HNW clients but also deepen these relationships.
Is your firm in growth mode, wanting to attract high-net-worth (HNW) clients? There are easy-to-implement strategies to attract and retain them. But first, let’s look at a snapshot of the HNW demographic and what these individuals are looking for in an advisor.
HNW Clients: A Breakdown
| Assets | Traits* | Needs |
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* According to a blog post from The Advisor Coach, citing research from the Spectrem Group
While all clients have different wants, needs, and goals for their money and future, the amount of wealth they hold can influence what they value most from a financial advisor. Securing this demographic can significantly propel your firm’s growth trajectory, but the challenge lies in effectively winning these HNW clients.
Free Download: 7 Ways to Position Yourself to Serve High-Net-Worth Clients [Get the Infographic]
Winning HNW Clients
So, how do you set yourself up to attract and win high-net-worth clients? Here are four key steps to start with:
Retaining HNW Clients
As with most client relationships, communication is critical to retaining HNW clients. They need to know that you are regularly monitoring their finances and are ready to act when necessary. Showing you care on a personal level by recognizing anniversaries, birthdays, and other milestones also matters. “I call clients, especially HNW clients, at least four to six times per year,” Simons stated. “I also send out communications Commonwealth provides when I find them timely and relevant.”
Spiegelman also calls clients regularly and meets face-to-face at least once per year. He sends out a weekly newsletter, invites clients to lunch or dinner, and hosts an open house from time to time. And he gets creative when recognizing special events; he once sent an OSU Beavers bottle opener to a client’s son when he graduated from college. This gesture prompted the clients to reach out, ultimately leading to a productive financial planning discussion.
Deliver Value to All Clients
Whether you reach your overall HNW growth goal or not, the strategies you use to attract HNW clients are the same as those that will appeal to all prospective investors who can bring tremendous value to your firm. In the end, being up front and direct with all your clients is the best approach, and this transparency will solidify their trust in you.
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7 Ways to Position Yourself to Serve High-Net-Worth Clients
Don’t miss your opportunity to leverage HNW clients for growth. Learn actionable steps you can take to rise above the competition.
Editor’s note: This post was originally published in August 2019, but we’ve updated it to bring you more relevant and timely information.
