Best Practices for High-Net-Worth Private Client Advisors

Best Practices for High-Net-Worth Private Client Advisors

High-net-worth Private Client Advisors bring exceptional expertise to the financial table. However, unless you prospect for clients, no one will realize the value you can provide to estate panning and complex investment strategies.

Finding, attracting, and maintaining a solid professional relationship with new wealthy clients requires a strategy based on a combination of intelligence and compassion. Most clients don’t care how much you know until they know how much you care.

Therefore, your HNW wealth management prospecting strategy must include some of the best advisor practices to increase assets and position yourself as a top-performing advisor.

5 strategies for high-net-worth private client advisors to do now

Allen Cohen once noted that “Personal growth is not a matter of learning new information but of unlearning old limits.” These five growth strategies may help you reach beyond your current limits.

Find the HNWIs.

As a high-net-worth manager for the wealthy, you’re working with investors who have several million dollars in cash or easily converted assets. The best way to find these potential clients is through referrals. Ask your current clients if they can recommend people who could benefit from your services and network strategically with attorneys and other professionals who support clients like yours and their heirs.

Manifest your brand.

Your services exist for a reason. With each potential client, explain what you do and how what you offer differs from the competition. By carving out a unique niche, you’ll stand out, and your services will be more desirable.

Demonstrate the value. 

HNWIs spend money when they believe the transaction has value. In addition to managing wealth, your practice may include access to elite partners in estate planning, trust creation, and tax-driven investment strategies. Also, take care of the small things. Consider “bundling” the small fees that annoy wealthy investors.

Communicate often and well.

Bespoke services require focused attention on client needs. Your clients want to know that their investments are your priority. In addition to meeting multiple times a year, recognize the events that matter to them: birthdays, anniversaries, retirement dates. Send market updates and newsletters; invite clients to lunch or host a gathering. Find ways to connect and communicate on multiple levels.

Get your credentials. 

If you haven’t already earned a financial designation like chartered financial analyst (CFA), certified financial planner (CFP), chartered financial consultant (ChFC), or certified public accountant (CPA), doing so gives you more credibility in the wealth management arena.

Although your focus is on managing your clients’ wealth, be sure to take time to manage your career by obtaining the professional development and creating a strong work-life balance.

Another next step you might consider is working with a wealth-management recruiter who understands how well strategy can amplify your business. Together, you can strengthen the value you provide for HNWIs.

Private Client Advisors