Financial Advisors: Finding the Elusive Wealthy Client

Finding the elusive wealthy client

Where are they hiding? How can you find them? You know who I’m talking about: the affluent. The clients with the assets. HNW or UHNW. The clients with the money to invest. With you. I’ve been working with financial advisors since 2004! I love to help them reinvent themselves so that they are attracting the clients they most want to work with.

Too many not-so-wealthy-clients?

While I certainly encourage you to work with a variety of clients, if you have too many clients it can work against you. I have a client in Florida who came to me with 2600 clients. You can imagine what kind of practice he has? He started as an insurance agent twenty years ago and built up a nice insurance practice but he was run ragged by too many client issues, too many phone calls, and way too much work. He hired me to help him reinvent his practice and himself so that he could have a better life.

Want a better life? Shift your thinking!

I have always been good at advising financial advisors on how to make over their business so that they are appealing to a more prosperous crowd. Fewer clients, but with more assets. It just makes sense.

I have to give my clients credit: it takes guts to change.

Making the decision that it’s time to quit accepting $5000 Roth IRA rollovers and stop taking on problem customers is very scary. But one year from now you will still be where you are right now. So why not get moving on making those changes?

Finding well-to-do clients is no easy task either. Easy street is not straight ahead. But if you have the budget to reinvent your practice, it is well worth it.

So how do you find them?

Lifestyles of the Rich and Famous

  • By getting referrals to wealthier clients
  • By offering a platinum service level or concierge-type services
  • By reaching them in some way that you are not currently utilizing
  • By sending a direct mail postcard or letter
  • By joining groups or organizations catering to their needs
  • By crafting a message that appeals to their concerns

Truth be told, those are just words. Appealing to a better customer takes time and effort over the long term. Solo advisors are not likely to be good at reaching the finer quality clients because they don’t know how to do it and they don’t have the team environment that the wealthy are looking for.

Is it worth it to make the investment?

You bet it is. I have a client in the mid west with 80 HNW clients with 150 Million in AUM. I have another client who went independent with 30 clients rather than the 175 he had at Schwab as an employee. Is he better off? Yes! He has more time and a better quality life and he makes far more money.

Well, one thing is for sure. If you keep doing the same thing you’re doing now, nothing will change. You have to make an investment in yourself and your practice in order to get to the next level.

 

Hi, I’m Suzanne. I coach financial advisors like you.

I can help YOU!

I have been coaching Financial Advisors and Investment Managers on Prospecting Coaching since 2004! I help you build a professional business where you are growing and becoming the person and firm you’ve always wanted.

Just imagine what you could accomplish!

If I’m offering this wonderful information, imagine what else I could help you achieve! Consider completing the Consultation Form to explore how we may work together.

 

About Suzanne Muusers

6 Responses to “Financial Advisors: Finding the Elusive Wealthy Client”

Read below or add a comment...

  1. Please use your REAL name on my blog. Thanks
    Suzanne Muusers recently posted..Finding the Elusive Wealthy ClientMy Profile

  2. Hi Aayna, Yes, you are correct. Learning how to do this is a skill that is always being refined. Thank you for stopping by Aayna. Suzanne
    Suzanne Muusers recently posted..Finding the Elusive Wealthy ClientMy Profile

  3. Thank you Panzer. An answer to your question requires me to write another blog post as one or two sentences won’t do it. I put the topic on my future blog post ideas. Thank you! 🙂 Suzanne
    Suzanne Muusers recently posted..39 Financial Advisor Marketing Ideas That RockMy Profile

  4. Ted, thanks for weighing in on this. I find it so interesting that you had a retail store. I also had a retail store – 2 of them actually. My target market was always the affluent and my stores were located in an affluent area. Yes, you are so right that the customers/clients who shop you based on price are not fun to deal with. Yes, ditch the cheapskates! I love it. Suzanne
    Suzanne Muusers recently posted..Stretch Yourself in the New Year – Goal Setting for the Motivated Financial AdvisorMy Profile

  5. Sicorra, Yes, it’s so true – one larger, better quality job is more profitable than many smaller lower profit jobs and much more rewarding in terms of better referrals too.
    Suzanne Muusers recently posted..39 Financial Advisor Marketing Ideas That RockMy Profile

  6. Hi Eliot, I hope the insight I provided in the post helps you think differently about your own business and how you can upgrade your clients and your quality of life. Thanks for stopping by. Suzanne
    Suzanne Muusers recently posted..Blog Topics Financial Advisors Can Write AboutMy Profile