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High net worth clientele do not want just a financial planner or financial advisor. They want something which goes a little bit beyond that.
The best answer is often advisor coaching. You want to clearly show people that your company is willing to develop a strong relationship with more than just the head of the family - with all of the generations and key people from the larger family. This is key for mitigating the risk of having wealth move outside of the family.
Thus, you want to make it clear that you're able to track non-monetary values to build these vital relationship. This can mean using marketing strategies to demonstrate things like these to your prospects. It also means working to keep your current customers happy.
At this stage, a lot of business is gained via referrals. Currently, you want your clients to stay in contact with you and you also want to have the ability to access and use their data from all locations, so be sure to use mobile optimized websites and cloud-based software.
It may be hard to stand out from the crowd - although even getting to this rarefied level will help you stand out. Finding the first high net worth client can be the biggest challenge - and the answer to that can be marketing and associating yourself with a known, trusted brand that your potential clients are familiar with. The fierce competition for HNW clients means retaining them is also an ongoing challenge.
If you want to be discovered and stand out to people with a high net worth, then you have to be ready to offer the personal, personable and top-tier services that these individuals want. These delve beyond lines to attain a very high level of expectation - which is a lot easier to keep up with if you happen to have the best tools.
The best answer is often advisor coaching. You want to clearly show people that your company is willing to develop a strong relationship with more than just the head of the family - with all of the generations and key people from the larger family. This is key for mitigating the risk of having wealth move outside of the family.
Thus, you want to make it clear that you're able to track non-monetary values to build these vital relationship. This can mean using marketing strategies to demonstrate things like these to your prospects. It also means working to keep your current customers happy.
At this stage, a lot of business is gained via referrals. Currently, you want your clients to stay in contact with you and you also want to have the ability to access and use their data from all locations, so be sure to use mobile optimized websites and cloud-based software.
It may be hard to stand out from the crowd - although even getting to this rarefied level will help you stand out. Finding the first high net worth client can be the biggest challenge - and the answer to that can be marketing and associating yourself with a known, trusted brand that your potential clients are familiar with. The fierce competition for HNW clients means retaining them is also an ongoing challenge.
If you want to be discovered and stand out to people with a high net worth, then you have to be ready to offer the personal, personable and top-tier services that these individuals want. These delve beyond lines to attain a very high level of expectation - which is a lot easier to keep up with if you happen to have the best tools.
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