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How to Attract High Net Worth Clients

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Last editedJul 20222 min read

If you’re a financial advisor looking to grow your career, one of the best ways to do this is by attracting high net worth clients. Customers who are willing to spend a lot of money, or even to invest, can boost your profits and help you to develop your business in new and exciting ways.

But many financial advisors are also unsure how to attract high net worth clients. It can be difficult to say precisely, as all clients have different desires, needs, and behaviors that make them unique. There are, however, some common points among affluent clients that influence what they value most in their financial advisors. Keep reading to find out more about these unique wants and how you can build your strategy around this.

What do high net worth clients want?

The first step is to understand high net worth client needs. With this knowledge, you can develop your strategy and start prospecting for these clients.

The majority of high net worth clients are actually retired or partially retired. They are known as ‘event-driven investors’, as they will make investments when they have a specific need, such as purchasing a property for a family member or preparing for retirement.

Attracting high net worth clients involves understanding their investment patterns. They tend to need estate planning assistance and custom wealth management systems, and are often involved in charitable causes as well. Doing research into these areas and how you can support clients in these kinds of investments will make you a more attractive option for them.

How to find high net worth individuals

Those wondering how to get high net worth clients should then consider where they can find these clients. Many consultants rely on referrals to do this, and you can ask around your existing client base to see if they have any contacts that they can put you in touch with. Not only should you ask your existing clients, but you can also look for advice from strategic partnerships such as attorneys and CPAs.

Marketing yourself to high net worth clients

Once you know how to find high net worth individuals, you need to understand the best ways to make yourself appear attractive to them. Focus on what makes you different, and the market niche that you fill. For example, if you’re particularly experienced with property investments, then you can highlight this to your clients.

This also means that you won’t be able to meet all high net worth client needs. Think about your specialized skills and your unique value-add, and this will allow you to target your search to those clients that are best suited to you.

Make your business efficient

Attracting high net worth clients isn’t all about looking outwards. It also involves examining your own business strategy to make sure you’re providing the best and most efficient service possible, as affluent clients will expect the best from you. This kind of mindset will offer you a competitive advantage against other financial advisors.

One of the best ways to improve efficiency is by learning how to delegate tasks to your employees. This frees up your time so that you can focus on interacting with clients and getting to know their needs on a more personal basis. Make sure that you have all the right administrative assistance, marketing, traders, and other professionals that will help your business run smoothly.

You can also use automated systems for more basic portfolio management tasks, leaving you with more time to give your clients personal attention.

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Interested in automating the way you get paid? GoCardless can help

Interested in automating the way you get paid? GoCardless can help

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