High-net-worth (HNW) clients are a highly desirable target audience for many financial advisors. However, advisors often face fierce competition in attracting and retaining this client base. And, because HNW clients have unique and complex financial challenges, they require a different marketing approach than typical mass-affluent clients.
Here, we provide eight marketing strategies to help you successfully attract HNW clients to your firm.
#1 – Focus on your target market.
Clients with more than $1 million in investable assets are typically considered HNW. They are often high-level corporate executives, successful business owners, entrepreneurs, investors or highly trained professionals, such as doctors, lawyers, airline pilots and accountants. Some may be professional athletes or entertainers, and some inherited their wealth from previous generations.
Each of these different client groups has very different needs and priorities. You’ll likely be more successful if you target a specific type of HNW client and speak specifically to the needs of that group.
For example, are you interested in working with business owners? Be prepared to discuss cash flow management strategies, employee benefits and business succession planning.
Are you targeting corporate executives? Highlight your experience navigating stock options and highly concentrated stock positions.
Would you prefer to work with professional athletes? You may need to address your plans for making the income they earn in a short career last for a lifetime.
By using your marketing efforts to target a specific client audience, you can showcase your understanding of those clients’ unique goals and challenges, which allows you to set yourself apart from the competition.
#2 – Demonstrate how you solve clients’ challenges.
HNW clients are typically busy with their career obligations and personal lives. They often want to work with an advisor who can solve their specific challenges. During the marketing process, it’s important to demonstrate how you are better suited than the competition in understanding and navigating your target clients’ pain points.
To do so, establish yourself as a thought leader by producing high-quality content, offering presentations and webinars, and writing articles and/or blog posts to educate potential clients on relevant topics.
3 – Build trust.
HNW clients aren’t likely to make a quick decision when choosing an advisor. After all, there’s literally millions of dollars at stake, not to mention the client’s future goals. It’s important to invest time and effort into building relationships and trust. Emphasize your credentials. Share stories about how you’ve helped other clients in similar situations. Highlight your successful track record and ethical standards.
Most importantly, take time to listen to the client’s needs and vision for the future, and demonstrate how you can serve as a partner in helping that client achieve his or her specific goals.
#4 – Connect clients with legal and tax expertise.
HNW clients typically require more than just financial planning, they also need guidance in areas such as estate planning, tax optimization, tax filing and legal structures. A great way to target this client base is by building up a referral network of trusted professionals in other areas. Be willing to work as a team with these professionals in order to help ensure all aspects of your HNW clients’ financial lives are working together to help achieve their goals.
#5 – Go digital.
A great way to highlight your knowledge, expertise and professionalism is through a well-designed, user-friendly website. AltaStreet can support you by developing a professional user-friendly website. Our team can also help you leverage SEO (search engine optimization) and content marketing strategies to drive traffic and referrals.
In addition to your website, consider sharing thought leadership across social media channels, such as LinkedIn, X (formerly Twitter), Facebook and more. Digital media can be a great way to engage with potential clients and demonstrate your firm’s unique value.
#7 – Leverage referrals.
Referrals from friends and family members are a powerful way to build your HNW client base. Don’t be shy about asking your happy clients for referrals. Also, consider collaborating with other professionals, such as CPAs and estate planning attorneys to develop a client referral network. This benefits both you and your referral partners, as well as your clients.
#8 – Don’t go it alone.
The key to working with HNW clients is dedicating your time, expertise and knowledge to building relationships and solving your clients’ specific challenges. If you spend too much of your time on marketing efforts, you may not be available to your clients when they need you. That’s why it’s important to work with a team of experienced professionals to support your marketing efforts while you focus on serving clients.
At AltaStreet, we support financial professionals with a wide range of professional marketing services, including web site design, web development, SEO, online marketing, branding, content marketing and more. Our focus is on supporting your marketing efforts so you are free to serve your clients.