One of the most effective ways to grow your advisory business is to increase the number of high-net-worth and ultra-high-net-worth clients you serve. Not only do these types of clients have more investable assets, but they may also be more focused on their goals which can make your job as an advisor easier. Attracting high-net-worth clients is often easier said than done, however. You can’t simply start hanging around golf courses and yacht clubs to reel in deep-pocketed clients. But fine-tuning your approach and knowing which strategies to implement can help you get closer to your target when expanding your client base.
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11 Strategies for Attracting High-Net-Worth Clients
Acquiring high-net-worth clients can be challenging as you may be competing with other advisors who share the same goal. It’s vitally important that you find ways to improve and bolster your credibility in as many ways as you possibly can. What’s most important to remember, however, is what makes your business unique. Understanding that can help you gain a competitive edge as you work on attracting clients with a higher net worth.
1. Develop Specialized Expertise
As mentioned, high-net-worth investors can have a broad range of needs and concerns. One element to consider is who you’re most interested in serving and whether to take a specialized or comprehensive approach.
Some investors who cater to high-net-worth clients may tailor their services to a handful of areas. For instance, you might specialize in estate planning and philanthropy. Others choose to traverse the full range of wealth management services. Niching down is something else to weigh if you’d like to work with a specific type of client. For example, you might be interested in offering services to medical professionals or attorneys.
“One of the greatest predictors of advisor productivity is simply the advisor’s ability to attract and retain more affluent clients who pay higher fees and compensate the advisor more for their time and expertise, which happens as advisors specialize, pursue advanced degrees and designations, and gain years of experience in managing client relationships and delivering advice,” The Kitces Report noted in its “How Financial Planners Actually Do Financial Planning” study from 2023.
Demonstrating a clear understanding of issues like private equity investments, business succession planning, and multi-generational wealth strategies helps differentiate an advisor from those offering general financial services. Tailored, expert advice is more appealing to clients who are managing larger and more intricate portfolios.
2. Invest in Your Marketing Efforts
Ideally, you’re able to reach a point where you’re attracting high-net-worth clients to your business on a steady basis. Until you get there, however, you may need to spend time actively marketing your services in the places those clients are most likely to be. This is why every financial advisor needs an established marketing plan. Focusing on your target clientele can help you utilize the right marketing budget to reach the right clients and there are plenty of opportunities to do just that.
If you’re looking for high-net-worth clients in their 50s or 60s, for example, you might focus on email marketing, Facebook or LinkedIn as those may appeal to an older demographic. On the other hand, if you want to work with investors in their 30s who are part of the FIRE movement, those channels may be less effective than Instagram or TikTok.
Another option is to find a solution that will deliver the leads to you. SmartAsset AMP can help you automate lead generation for new clients with a single subscription. You could be matched with high-intent client leads that are in the market for an advisor. The subscription also features live connections with leads, automated text messaging and email nurture campaigns, as well as a tool that automatically tracks and logs every call or message you send to a lead.
When looking for proven marketing strategies that work, it’s also important to consider your visibility in search engines. Google can be a powerful marketing tool for driving traffic to your website, however, you have to give investors a reason to click. Ensuring that your site is easy to navigate and clearly reflects your messaging while optimizing for search engines can help you find your way to the top of the results.
3. Clarify Your Messaging
Once you know whom you’d like to focus your attention on, the next step is defining your message. It should be readily apparent to prospective high-net-worth clients who you are and how you can help them to manage their wealth.
This is where you’ll need to think about what you have to offer and what kind of value that translates to for your clients. Your messaging should speak to what makes you unique, whether that be specialized knowledge in a particular area of estate planning or a reputation for being responsive to client questions and maintaining open lines of communication.
4. Develop Long-Term Relationships
High-net-worth clients often prioritize financial advisors who can provide consistent guidance through various life stages and financial transitions. Building a long-term relationship starts with understanding their unique goals, values, and preferences. Regular, meaningful communication ensures advisors stay aligned with their clients’ evolving priorities, whether those involve legacy planning, business succession, or philanthropic endeavors.
Establishing trust is central to these relationships. This trust can be fostered by demonstrating reliability, delivering on promises, and maintaining transparency in all financial recommendations. Offering personalized solutions and proactively addressing potential challenges further solidifies the advisor-client bond.
Advisors should also anticipate changes in their clients’ circumstances, such as inheritance, liquidity events, or shifts in family dynamics, and adjust strategies accordingly. Celebrating milestones and being available during critical moments creates a sense of partnership. Over time, this approach not only strengthens loyalty but also positions the advisor as an integral part of the client’s financial journey.
5. Make It Easy for High-Net-Worth Clients to Find You
The internet has become an invaluable tool for helping investors connect with prospective advisors. Lead generation services, for instance, can increase your visibility while allowing you to receive targeted leads based on the details you provide. When your online profile is set up correctly then your leads will find you more easily and provide you with multiple ways to bring in the clients you seek.
6. Refine Your Referral Strategy
Referrals can be a powerful tool for attracting new clients but there are right and wrong ways to obtain them. If you’re hoping to attract high-net-worth clients through referrals, your existing client base is a good place to start. You can simply ask your clients if they know anyone who might benefit from their services.
Creating an incentivized program could help you earn referrals from other financial or legal professionals. For example, you might institute a revenue-sharing model for estate planning attorneys or accountants you know and trust who send prospective high-net-worth clients your way.
No matter how you decide to get referrals, there can be substantial long-term benefits to be had by taking advantage of them. Getting more clients is vital to your practice’s long-term sustainability. If you need to automate receiving potential client leads, then SmartAsset AMP can help with a single subscription.
7. Streamline Your Business
One of the things that can easily get in the way of targeting the right marketing efforts is managing your business. From administrative tasks to compliance or even employee management, it can take a lot of time. The more time these activities take, the less time you may have to focus on finding high-net-worth clients, because it takes a lot of focused effort, as discussed above.
8. Provide Multi-Generational Wealth Solutions
High-net-worth clients often focus on preserving wealth for future generations. Offering services that address multi-generational wealth management, such as legacy planning, trusts and family governance structures, can be appealing. Advisors who understand the dynamics of family wealth and succession planning can better serve affluent clients with long-term objectives.
Facilitating family meetings, educating younger generations on financial stewardship and creating strategies for wealth transfer can demonstrate a holistic approach. Advisors who help clients achieve their legacy goals can foster deeper and longer-lasting relationships.
9. Partner with Private Banks and Family Offices
Collaborating with private banks and family offices can be a gateway to connecting with high-net-worth individuals. These institutions often manage significant assets for affluent clients and serve as trusted advisors for complex financial needs. Financial advisors can position themselves as complementary partners by offering specialized expertise, such as estate planning, tax optimization, or alternative investment strategies.
Building relationships with private banks and family offices requires demonstrating value and professionalism. Hosting joint seminars, offering tailored financial reports or providing co-branded services are effective ways to establish partnerships.
In return, private banks and family offices benefit from a broader network of expertise to offer their clients. By creating a mutually beneficial relationship, advisors can gain access to a steady pipeline of affluent clients while strengthening their reputation as experts in managing significant wealth.
10. Host Educational Events and Thought Leadership
This target group of potential clients often seeks out new educational opportunities so that they can invest their money better or find ways to access types of investments they may be interested in. Additionally, the group often leans as well-educated so they see the value in learning new things and finding ways to expand their own knowledge or to stay abreast of important rules or laws regarding their finances or retirement.
You can do this in many ways. You could host in-person events in your area or launch webinars on several topics that this target group finds interesting. By providing ways for this client base to improve their own knowledge, they will trust you more and it could lead to many opportunities to work with new clients.
Additionally, publishing insightful content on topics that matter to high-net-worth clients can help establish credibility. Writing articles, whitepapers, or books on wealth management, tax efficiency, or legacy planning showcases expertise.
11. Invest in Your Team
The Kitces Report found a correlation between the size of an advisor’s client service team and their ability to attract higher-net-worth clients. “Generally, the larger the client service team, the greater the team’s capabilities to attract and serve more affluent (and more profitable) clients.” As a result, investing in your firm’s roster of advisors and client service specialists may help you improve your ability to serve high-net-worth clients.
However, that doesn’t mean firms should take an “all-hands-on-deck” approach to working with high-net-worth clients. The study, which was based on a survey of nearly 700 financial advisors, asserts that there does appear to be an optimal number of team members working with each individual client: three people.
“The most productive advisors tend to work within 3-person service teams, likely due to larger teams being more time-consuming for advisors as the people-management responsibilities grow,” the study found. “With a 3-person team – typically consisting of the senior advisor, a client service administrator, and an associate (or sometimes, service) advisor – median revenue per advisor is greater than that of other advisors in both smaller and larger teams.”
Bottom Line
Attracting high-net-worth clients with proven marketing strategies is a solid goal to aim for if you’re ready to take your advisory business to the next level. It’s also important to think about how to retain those clients once you have them. Focusing on adding value, anticipating your client’s needs and being transparent with regard to fees can help you to nurture an enduring relationship that continues to benefit your business for years to come.
Tips for Growing Your Client Base
- Pre-screen for prospects that meet your client profile. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. It’s an end-to-end marketing solution for fiduciary advisors who are looking to grow their practice. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- Expand your radius. Clients are increasingly willing to work with financial advisors remotely. Consider broadening your search and working with high-net-worth investors who are comfortable connecting online, rather than in person.
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