What Do Affluent Clients Want From a Financial Advisor?

affluent lifestyle

Learn about the Affluent and their lifestyle

Affluent clients are out there looking for a new financial advisor. They are concerned about their wealth, their future, and the legacy they’ll leave their children – and they your need help.  Nearly 66% of the affluent have had experience with an advisor, which is why they are looking for a new one – they were not happy, and they have developed a “Want List” of what they are looking for in a new advisor.

There are 12.7 Million Households that are defined as affluent – with at least $500,000 of investible assets.

Here are a few pointers on what affluent clients are looking for in an advisor:

They are looking for the RIGHT KIND of investment guidance –they are generally more conservative than most give them credit for and they are NOT looking for the next great investing opportunity. They would rather protect their wealth than grow it.

Lesson learned: Affluent investors are more conservative these days. Base your recommendations on tax deference, tax efficiency, and investment risk.  Alter your value proposition to focus on preservation of assets.

They are looking for a HIGH LEVEL of service – in the 2008 melt down the affluent did not hear from their advisor. Interestingly enough, most advisors I speak with say they lost very few clients, but I suspect that is not the case.

Lesson learned: base your marketing efforts on your current clients by creating a service matrix, marketing calendar, and marketing events that would appeal to your clients.

They are looking for responsiveness – being proactive will earn you the trust of your affluent clients and referrals to their friends. Creating a plan of action so that you are maintaining unsolicited contact with your clients is essential.

Lesson learned: the 2008 crisis created an entirely new set of parameters that advisors should be following to make sure they keep their best clients. Make sure you are one of the smart ones.

Re-evaluate your Practice

It might be time to take a long hard look at the way you are marketing yourself. Do you sound like every other advisor out there? Are you using the right language in your marketing and branding pieces? You have to market to the affluent using their language!

What services do they want? Read this

I have completed my 9 week Course Marketing to the Affluent for Advisors here:

9 Weeks Marketing to the Affluent Course

It’s full of great ways  to rebrand your practice so that you are attracting affluent clients.  It includes the ten variables affluent clients have for evaluating an advisor; where to find affluent clients; and how to market yourself to affluent clients; 5 ways to FIND wealthy clients, a marketing plan to implement step by step.

About Suzanne Muusers