High Net Worth Individuals Case Study: We Needed To Grow

With the focus on marketing to high net worth individuals, we needed a better process.

Private solo practitioner Henry and his assistant work for a larger independent RIA in Hartford, Connecticut. Their focus is working closely with high net worth financial professionals in the area. He was comfortable with the size of his practice but realized he needed to branch out into other areas in order to not be as reliant on a particular market. Being as most of his clientele stemmed from personal relationships and referrals, he wanted to leverage his contacts to get new ideas, names and opportunities. The other aspect of this was that he did not want to spend countless hours researching and developing a pipeline. The clients he had now required a very personalized touch and would take a revenue hit if he lost just 1 client.  The Odegee Team and Henry held a call to discuss what he wanted to target and accomplish.

What Were The Problems Henry Was Facing?

-Concentrated segment of clients
-Fewer clients with larger assets meant losing 1 would be a hit on his
income
-Could not afford the time to build and create lists
-Wants to stay a solo practitioner to maintain autonomy
-Wants to continue to target high net worth individual
-What Was The Solution Odegee Came Up With?

Henry contacted Odegee Data to discuss their issues, target markets and the direction they wanted to take their practice. Henry discussed some interesting points in which we took into account and placed higher weight on. He stressed the importance of autonomy,  implementing his process of referrals, connections and introductions. We took him through how we can discover connections and relationships through our platform which he used to build a pipeline very quickly. We started with a 3-day trial, walk through and on-boarding to show them how the service would benefit their vision and solve their problem. We took them through the types of opportunities that are sent to their inbox daily with ways to approach the prospect.

What Has The Victory Been Since Signing On?

-$3.2 million new, annuitized business
-Average of 12 new contacts added to their inbox daily
-Discovered 5 new common connections to existing clients
-Aims to close an additional 2 clients by end of August 2019
-2 new formal introductions made by existing clients in connection with the data we provided