How to Attract Wealth Clients to Your Firm

Targeting high-net-worth clients is one of the most effective ways to scale your firm. Attracting more wealthy clients can increase your assets under management (AUM) and revenues to fuel growth. But what does it take to stand out in a competitive advisory landscape? Let’s take a closer look at how to attract wealthy clients to your firm.

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Understanding What Wealthy Clients Want

What do high-net-worth and ultra-high-net-worth individuals look for in an advisor? The answer to that question is key to understanding how to attract wealthy clients.

Surveys can reveal a lot about how wealthier investors think when choosing an advisor. Here are some of the things that matter:

First impressions matter. According to a survey from Dynasty Financial Partners, 57% of high-net-worth individuals agree to work with the first advisor they meet.
Size matters, too. A survey from Cerulli Associates found that 39% of affluent investors who already have an advisor and 32% of wealthy investors who are unadvised prefer large, national organizations with established brands.
Advisors must be trustworthy. Another Cerulli survey found that 60% of affluent investors believe their advisor has their best interests in mind. That figure suggests that wealthy clients prefer advisors who consider their unique circumstances and focus on relationship-building versus selling.
Clients value knowledge. Wealthy clients want to work with advisors who can offer access to sophisticated investment products and are knowledgeable about them, according to research from Institutional Investor. More than 90% of survey respondents said an advisor’s ability to recommend suitable assets was extremely or very important.
A personal touch is essential. High-net-worth clients want to feel valued. According to a PwC survey, 66% desire increased personalization in their wealth management relationship.
Loyal clients have their needs met. The PwC survey asked high-net-worth investors why they switched advisors. Twenty-eight percent said their previous advisor became incapable of meeting their needs, while 27% desired access to assorted products and services.
Wealthy clients value tech. Your tech stack could make a difference in your ability to attract wealthy clients. A Fidelity survey found that digitally empowered firms have a higher client growth rate, a higher AUM growth rate and a larger share of wallet per client compared to firms that lag in the tech department. Advisors at digital-focused firms also report greater satisfaction and an ability to deliver a better client experience.

How to Attract Wealthy Clients: Research-Based Strategies

An advisor developing a plan for attracting wealthy clients to their firm.

The surveys and studies shared previously offer some useful insights for advisors who want to attract more wealthy clients to their firms, but don’t know how to do it. The following are some tips to help you develop a plan for acquiring high-net-worth clients:

Review your website design. Your website may be the first point of contact a wealthy prospect has with you. And you want them to stick around when they visit. Reviewing your site design to ensure a good user experience and freshening up your bio page can help you telegraph what makes you unique and why affluent investors should want to work with you.
Cultivate your brand. If you run a smaller firm, getting noticed by wealthy clients may be more challenging. Fine-tuning your branding to make it more cohesive, recognizable and “sticky” can help you gain a foothold in the wealth advisor space.
Give prospects a reason to trust you. Wealthy clients want an advisor who knows how to communicate well and deliver results. If you want to attract those clients, you’ll need to foster trust from your first interaction. For instance, if a prospect signs up for your email list to get your lead magnet, you might use a drip marketing campaign to warm them up and introduce them to your messaging.
Expand your knowledge. Maybe wealthy clients are relatively fresh territory for your firm. If so, consider what you can do to gain valuable expertise and knowledge. For instance, it may benefit you to obtain a specific certification or designation to better meet their needs. And it’s also to your advantage to showcase your knowledge, expertise and experience on your website with a well-crafted advisor bio.
Personalize interactions. An impersonal approach can be highly off-putting and potentially cost you an opportunity to acquire a wealthy client. Personalize your communications with prospects and practice active listening during initial consultations. This will help you be better able to respond to their concerns or questions.
Consider a new offering. One of the biggest reasons wealthy clients switch advisors is because they need services or products they’re not getting. If you want to focus more of your efforts on high-net-worth investors, consider whether you may need to expand your offerings to attract them.
Embrace tech. Tech tools can save you time and make your client’s experience more enjoyable. For example, offering wealthy clients access to a secure portal or dashboard that allows them to view their accounts in real time or streamlining onboarding with digital processes could persuade them to choose you over another advisor.

Other Considerations

Where and how you market your services also makes a difference when you’re ready to connect with wealthy clients.

The Institutional Investor survey mentioned above asked wealthy investors how they made first contact with advisors. Respondents could choose more than one result. Here’s how it broke down:

60% of investors connected with an advisor through a direct referral from another professional, such as a banker, lawyer or accountant.
57% said they found an advisor through digital, print and TV ads.
51% of respondents cited direct outreach from the advisor.
28% found an advisor through a friend or family member.

So what does this tell you? First, it underscores the importance of strategic partnerships and spheres of influence. If you’re not actively building your professional network or developing centers of influence with other professionals, you could miss opportunities to gain new referrals.

The other takeaway is that online visibility and outreach efforts make a difference when trying to attract wealthy clients. Running digital ads and focusing more on outreach through direct mail, email and cold calling could make a difference in your marketing results.

If you have limited time to devote to outreach, you might consider partnering with an advisor marketing platform. You can get an instant visibility boost online and connect with qualified leads who are ready to work with an advisor.

Bottom Line

Learning how to attract wealthy clients could help level up your business.

There’s no magic trick or secret recipe for how to attract wealthy clients. It takes research and patience, along with a little bit of marketing savvy. The strategies shared here are designed to help you position your business to be an affluent client magnet.

Tips for Growing Your Business

A comprehensive digital marketing plan includes email, ads, social media and a website. Search engine optimization (SEO) can help you drive traffic to your social media accounts or website, while compelling lead magnets can help you get prospective clients on your email list. If trying to tackle all of that alone seems overwhelming, consider using SmartAsset AMP (Advisor Marketing Platform), a holistic marketing service that financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
If you’re considering a new service offering as part of your plan to attract more wealthy clients, take time to evaluate where the gaps exist and what needs you could fill. For example, do you have experience with donor-advised funds (DAFs)? If so, you might offer DAF management services to affluent investors. Or you may choose to adopt tax overlay strategies to help wealthier clients minimize their after-tax gains while reducing their tax liability. Considering the bigger picture can help you determine which offerings make the most sense.