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.
You need, thus, to make it obvious that you are capable of tracking non-monetary values and building these relationships. This means using marketing tools to demonstrate these things to prospective clients. It also means keeping your existing clients satisfied.
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 is probably hard to set yourself apart from your competitors - even getting to the rare level is going to make you stand out. The hardest challenge is often finding your first client with a high net worth - and the solution is to start associating and marketing yourself with a reputable brand that your clients already understand. The incredible competition for clients of this caliber can also make it difficult to retain them.
If you are trying to stand out and be discovered by high net worth clients, you need to be fully prepared to offer them the kind of personalized, high level services they expect. These services go beyond the bottom line and into a level of expectation that can be hard to keep up with - but which is much easier with the right 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.
You need, thus, to make it obvious that you are capable of tracking non-monetary values and building these relationships. This means using marketing tools to demonstrate these things to prospective clients. It also means keeping your existing clients satisfied.
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 is probably hard to set yourself apart from your competitors - even getting to the rare level is going to make you stand out. The hardest challenge is often finding your first client with a high net worth - and the solution is to start associating and marketing yourself with a reputable brand that your clients already understand. The incredible competition for clients of this caliber can also make it difficult to retain them.
If you are trying to stand out and be discovered by high net worth clients, you need to be fully prepared to offer them the kind of personalized, high level services they expect. These services go beyond the bottom line and into a level of expectation that can be hard to keep up with - but which is much easier with the right tools.
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