What to know about working with high-net-worth clients

December 6, 2017 by Dylan Amick

about the author:

Dylan Amick

Marketing intern

Dylan is a senior at UW-Milwaukee, double majoring in Marketing & Supply Chain and Operations Management. During his internship, he will be working closely with Salesforce. Dylan is passionate about diversity marketing and customer advocacy.

As a financial advisor, you know the role that high-net-worth (HNW) clientele can play in your success. Working with clients who are worth over $1 million in liquid assets can provide a lot of opportunity due to their amount of wealth and their more substantial need for financial advice to match.

Attracting HNW clients is often a difficult process, but firms and advisors can use the following three strategies to attract and retain HNW clients.

Leverage a financial planning software that makes the complex simple

Many firms and advisors leverage the NaviPlan® financial planning software to customize financial plans for HNW clients. By leveraging a robust planning tool, advisors can account for the more complex needs and portfolios that HNW clients often have. By making these detailed financial plans easy for any client to understand, the planning software can help you demonstrate immediate value to HNW clients.

Quickly demonstrate your value

Firms and advisors are all leveraging technology to close the value gap and fulfill the digital expectations of all client segments. HNW clients specifically often require much more attention than a mass affluent client when it comes to managing their financial plan and investments. By leveraging a planning tool that can immediate scale to meet HNW client needs along with providing white-glove service, firms can increase their HNW prospect-to-client conversion rate.

Differentiate the needs of client segments

What is the difference between HNW and mass affluent clients? Aside from the obvious difference in amount of assets, more likely than not most mass affluent clients will be most focused on saving for retirement.

HNW clients, however, are not only concerned with creating a retirement plan but also how they will pass down their estate, how to handle their more complex taxes, and diversifying their portfolio, among other concerns. By understanding the complexity of a HNW client’s needs, you can better serve them throughout the financial planning process.

To learn how Advicent technology can help you provide higher value to clients, click here.

Sign up for the
Advicent newsletter