What Do Affluent Clients Want From a Financial Advisor? 5 key lessons

Affluent clients are out there looking for a new financial advisor!

What do affluent, HNW, and UHNW clients want from their financial advisors?

What Do Affluent Clients Want From their Financial Advisor?

Affluent clients’ concerns:

Affluent, HNW, and UHNW clients 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 investable assets.

Here are a 5 key lessons learned regarding what affluent clients are looking for in an advisor:

1. They are looking for the RIGHT KIND of investment guidance

They are generally more conservative than most financial advisors 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. Revise your value proposition to focus on preservation of assets.

2. They are looking for a HIGH LEVEL of service

affluent clients

During the 2008 meltdown, the majority of affluent clients did not hear from their advisors. 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 client service experience, marketing calendar, and marketing events that would appeal to your clients.

3. They are looking for responsiveness

Being proactive will earn you the trust of your affluent clients and referrals to their friends. Create a plan of action so that you are maintaining unsolicited contact with your clients. This is essential!

Lesson learned:

The 2008 -2009 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.

4. You may need to 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!

5. What services do they want?

Read this

Learn more about how to attract affluent clients with my 9 week Course Marketing to the Affluent for Advisors:

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