When it comes to obtaining and retaining clients with high net worth, it seems like a certain few financial advisors have the market cornered, and that they use strategies which no one else is aware of. While it’s true that some financial advisors do take a different approach to attracting high net worth clients, there is nothing mysterious about their methods or their strategies.
There is no reason why any good financial advisor can’t put these same methods into practice to generate financial advisor leads which can ultimately result in landing high net worth clients.
Incentivized referrals of high net worth clients
Referrals have always been highly prized by financial advisors, and building a referral network is a high priority for most professionals in the business. However, some financial advisors have found a way that the strategy can be turbo-charged to provide much more value to the whole referral network system. By promising greater rewards for increased loyalty from professional clients, it is generally possible to take the referral strategy to the next level.
Any business professional who receives a percentage of revenue rather than a simple finder’s fee, will be much more motivated to send clients to you as a financial advisor. This kind of revenue-sharing scheme will also help the professionals whom you’re working with to have a better understanding of what you can provide to potential clients.
When your network of professionals becomes capable of identifying certain needs that clients have, they can then direct these potential clients to you, so you can pick up the ball from there.
Choose your area of focus
There are two ways to go when you’re offering financial advisor services to high net worth clients, and trying to acquire financial advisor leads. The first way is to specialize in a limited number of high-end services, for instance employee stock options, non-qualified plans, alternative investments, or any of a whole slew of other specific areas.
It’s also possible to take just the opposite approach, offering comprehensive wealth management advice which takes in all classes of assets. If you’re really knowledgeable in all these areas, you can market yourself as an expert in real estate, equities, derivatives, precious metals, business ownership, tax credits, and even debt.
Regardless of which approach you choose to take, you need to become an absolute master of your profession if you’re going to impress prospects having high net worth.
Know your prospects
One of the most effective strategies you can employ as a financial advisor is to make a strong effort to get to know any potential lead you’re pursuing. This means you have to know them at a much more intimate level, and you need to customize your services to their specific needs, so that no retail firm can possibly match your efforts.
You’ll need to be careful in the way that you approach these individuals however. Mass mailings, cold calling, and seminars have all fallen by the wayside these days, and have been replaced by digital marketing initiatives, because even high net worth individuals are generally active on social media.
These platforms are called social media for a reason, since the emphasis is on socializing and frequent exchanges of information. You should make use of social media to the greatest extent possible, simply because you will have access to a great many more individuals, and you’ll even be able to focus your attention on the specific group you’re interested in, which is high net worth clients.
Another great way you can focus your attention on potential clients is to provide them with access to your specialized website which they can use to access their portfolios. Your website can also serve as a vehicle for allowing your high network clients to stay in constant touch with you, and to provide them with mobile access wherever they happen to be.
It will be essential for you to have sufficient free time that you can interact more frequently with your high net worth clients, and service their personal needs yourself.
In order to do this, you’ll have to set up a system within your own firm where a number of trusted individuals are authorized to carry out many of the day-to-day business requirements necessary. Since you hired these individuals to work for you, they should all be trusted and capable members of your team, and that means delegating important tasks to them should not be an issue.
It happens frequently enough that high net worth clients will demand personal attention from a financial advisor, and in fact may want to deal exclusively with that individual, rather than a number of different persons in your firm. It will be very much to your advantage to leave all the administrative tasks, the marketing initiatives, and all the other less important activities to your trusted employees, while you focus on keeping your high net worth clients satisfied.
While it cannot be said that there is one specific approach to generating financial advisor leads for high net worth clients, it can be said that connecting with these individuals is absolutely essential toward lead acquisition. For this, it may be necessary for you to think outside the box and to abandon old habits which have worked on other clients in the past.
To build up an elite financial advisor firm, it will be necessary for you to establish a tremendous focus on potential clients, reaching out to them in a way that will be very customized to their specific needs.