You can also find all of our HNW infographics in one place by clicking here.
Both individuals and businesses buy products or services because they need to solve a problem. For example, clients engage with HNW advisors for expertise on estate plans, tax plans, investment management, or a number of other services.
In the case of Advicent, financial professionals choose to purchase our software because it helps them more effectively serve their HNW clients. Crafting buyer personas enables your business to understand why your customers buy from your business.
In a perfect world for a financial advisor, their book of business would contain many HNW clients. Unfortunately, this is often not the case. While it sounds ideal to have a book full of HNW clients, attracting and retaining them is an industry-wide struggle, as there is a competitive market for their business.
For advisors looking to attract HNW clients, it is vital that they have a plan set in place instead of hoping for them to walk through the door on their own. One of the most important things an advisor can do to attain HNW clients is to differentiate themselves from their competition while delivering their value proposition to those potential clients and piquing their interest for a meeting.
As both large and small firms continue to refine their strategies for 2018, many are likely focusing on how to grow additional AUM from their existing client base.
If HNW individuals comprise a significant portion of your AUM, the returns provided by better supporting these clients will be far greater in the immediate future than the returns offered by younger high-earning clients who are likely still saddled with debt and indifference toward the client-advisor relationship.
You can learn more about how Advicent technology drives results for firms of all sizes here.