How to Find Wealthy Financial Advisor Clients
Attracting the rich
To keep rich
Bottom line
How Financial Advisors Reach Million Dollar Clients (February 2021).
There has been a trend in the world of financial advice: advisors are spending more of their time on their wealthier clients. This has prompted significant repercussions of client rosters across the country. Shift consultants are allowed to be more productive and pay more personal attention to each of their clients. Is this a change that every financial planner should consider? If you charge a fee based on the management of assets (AUM), it is likely in your best interest to pay attention to the customers who have the most money to invest.
Attracting the rich
How do you attract wealthy customers in the first place? Lipowski of First Quarter Finance believes that advisors who want wealthy clients need to be those clients where those customers are already found. You cannot expect people to have other options. "Financial advisors must live in communities by overflowing with wealth," says Lipovsky, "if you want to serve the rich, go to the rich." "
Try to narrow down your search so as to really focus on the client you will be best at attracting. If you have a history of working well with entrepreneurs, financial officers or lawyers, then use that specific experience to attract those specific types of people.
Natalie Bacon Com, a Certified Financial Planner (CFP) at NatalieBeacon, suggests that if you currently charge a commission for each product sold to your customer, consider becoming a fee-only planner. "Wealthy clients seek out planners who charge based on assets under management, not commissions," she said. The fee-only model has benefits for both advisors and clients, and the public's belief is that fee-only planners deliver more value at a better price.
To keep rich
Once you are your wealthy customer, you have to retain them. Although the advisor's business is generally low, you do not want to be satisfied. Continue treating them as if you were in the contraceptive process, because at any time they can be given by another consultant.
Rich people get this way by making sensible, clever financial decisions. This is the type of people who will leave you at a moment's notice if they feel that your services are not making the grade. Respect commitment to financial growth and challenge yourself to continuously satisfy and impress your customers.
Make money
Being able to build wealth and improve your client's portfolio balance is very important. If you want to attract wealthy customers and retain anyone you already have, then focus on coming up with wealth creation strategies. Bill Militello, CEO of Miltello Capital, said "properly The aligned investment philosophy includes three-dimensional portfolios that seek to achieve three objectives: wealth protection, liquidity and wealth creation, "" Most advisors are only satisfying these two objectives - wealth protection and liquidity - because they are common. Generally, asset allocation for stocks and bonds only prevents debate. "
If you can provide subtle strategies on wealth creation, then current and prospective customers will see how valuable you are or what may be in their portfolio. This will make you stand in front of rich customers, who are open to new and unique ideas of how to raise their money. Most advisors can give them ideas on how to preserve their assets and how to structure their portfolio, but according to Militello, an advisor who can provide ideas about wealth creation makes themselves invaluable.
Bottom line
From there there is a huge crop of wealthy investors, and close-knit financial advisers who are eager to add them to their roster. You need to find out what unique services you can provide to these potential customers and demonstrate that your ideas work in practice. What would set you apart?