As a private client advisor, you must be aware that not all prospects are created equal.

For those tasked with targeting ultra-high-net-worth (UHNW) individuals and families, it is essential to understand what makes them different and requires an elevated approach compared to traditional prospecting methods. These clients have a net worth greater than $30 million and require special attention and care.

At its core, successful UHNW prospecting relies on three pillars: research, relationships and resources. Let’s delve into each one in more detail.

Research

It is essential to understand who the UHNW prospects are in your area of focus, and how they can best be reached.

While there are many ways to come up with leads for UHNW individuals, such as LinkedIn or other social media sites, the most reliable source remains access to comprehensive data about wealth holders and their preferences for services. Knowing who your ideal prospect is and where to find them ensures that your sales process runs much more smoothly.

Relationships

High-net-worth individuals need relationship-driven service providers who understand their needs and objectives. Building trust through personal interactions helps open doors with these prospects since they prefer this form of communication over email or phone calls.

It’s important to build relationships with potential UHNW clients before attempting to sell them anything. Make sure you understand their needs first and then tailor your approach accordingly. Show them that you understand their individual situation and can provide tailored advice that meets their specific goals—not just generic advice from an “expert” who doesn’t really know what they need yet.

The key here is demonstrating expertise while also being relatable enough to build rapport quickly and effectively.

Resources

Once you have identified a potential prospect match and established rapport through relationship building, it is important to have the right resources available — whether it’s a white paper or webinar — that provide valuable insights while also showcasing your knowledge on topics specific to UHNW clients’ needs.

Having the right tools at hand allows you to demonstrate how you can add value beyond just selling them products or services; you become an advisor that can help them achieve their goals in life now and for future generations.

Conclusion

When serving ultra-high-net-worth individuals, successful prospecting relies on understanding who they are, developing relationships with them based on trust, and having the right resources available as needed during various stages of interaction.

By keeping these three pillars at the forefront of your approach when dealing with UHNW clients, you will stand out among competitors as an expert advisor who can provide value beyond a simple product or service sale.

This approach has been proven time and again by experienced Private Client Advisors across multiple industries worldwide; it may take extra time upfront but will pay off greatly in terms of customer satisfaction and long-term loyalty down the road.

Are you just starting out in the commercial banking industry or are you planning to switch roles? The Anderson Search Group can help you find the right match for you.