If you’re ready to increase your firm’s assets under management (AUM) and boost your overall profitability, seeking out wealthier clients might be a priority. The challenge, of course, is that there are only so many high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients to go around. As an advisor, it’s to your advantage to know how to attract affluent clients, and keep them for the long term.
Do you want to reach new clients for your firm? Sign up for SmartAsset’s Advisor Marketing Platform and get a free demo today.
How to Attract Affluent and UHNW Clients
Wealthy clients are unlikely to materialize out of thin air, so it’s important to understand how to market your services to appeal to this client segment. HNW and UHNW individuals have different expectations and needs that advisors must be equipped to meet.
With that in mind, here are some of the most effective ways to add wealthy clients to your book of business.
1. Tailor Your Offerings
If you hope to attract affluent clients, first you’ll need to understand what they require. Upscale clients often have complex financial situations, and as an advisor you may be expected to:
- Develop strategies for philanthropic giving through donor-advised funds, a private foundation or a charitable trust.
- Create tax-optimized legacy plans for passing down wealth to the next generation, including establishing trusts or tax-advantaged savings accounts.
- Assist with the formation of succession and continuity plans for individuals or families who own thriving businesses.
- Formulate investment strategies that are designed to maximize returns while minimizing taxation, following the client’s risk profile.
Reviewing your current offerings can help you identify gaps that may be hindering your ability to attract affluent clients. Ask yourself where you can add value and how much competition exists for that service in the market already. Then, consider the time and costs required to launch a new offering and the expected return on investment (ROI).
2. Invest in Marketing and Lead Generation for UHNW Clients
Lastly, consider reevaluating your marketing and lead generation strategies. Assess whether your marketing plan positions your firm as a valuable and trusted resource for HNW and UHNW clients.
Affluent clients often expect a more refined and discreet approach to marketing. Traditional lead generation tactics, such as cold outreach or generic digital ads, may be less effective with this audience. Instead, focus on relationship-driven marketing that builds trust and credibility over time.
SmartAsset Advisor Marketing Platform (AMP) can be a valuable tool for fiduciary advisors who want to grow their AUM and attract affluent clients with different tiers of wealth. This subscription-based service can deliver hundreds of validated leads per year and give advisors the marketing tools to connect and nurture those prospects.
Also, look to leverage content marketing to establish authority and connect with potential clients. High-quality blog posts, white papers, and educational webinars tailored to wealth preservation, tax-efficient investing, and multi-generational planning can attract the right audience.
3. Position Yourself as an Expert
From a wealthy client’s perspective, expertise matters. High-net-worth and UHNW individuals want to work with an advisor who has specialized knowledge in areas of planning that are most relevant to their needs.
Visibility is key. You can have all the expertise in the world, but it won’t matter if an affluent client doesn’t know you exist. Here are some of the most effective ways to showcase your expertise as an advisor:
- Build authority through content: Sharing content that’s relevant to a wealthy client audience is one way to demonstrate your knowledge about a particular topic or planning area. You may publish articles, blog posts or videos on your firm’s website or share informative links on social media and with your email subscribers.
- Participate in industry events: Attending financial advisor conferences as a guest speaker, hosting seminars or webinars, and taking part in local community events are all opportunities to share your expertise and underscore your credibility as an advisor.
- Interact and engage: Social media is an excellent tool for engaging with wealthy clients while establishing yourself as a thought leader in the financial services space. For example, you might share a link to a wealth management study and ask your followers what they think about the results. Or you could post a piece of market news with your insights about what it might mean for affluent investors.
- Conduct a case study: Case studies highlight a problem and outline how you helped solve it. For example, if you’re hoping to attract wealthy clients who are interested in using donor-advised funds for charitable giving, you could create a case study illustrating how you were able to help one of your current clients with that challenge.
- PR outreach: Public relations efforts can enhance your credibility in the eyes of wealthy clients. You might use PR outreach to offer yourself as an interview subject for a financial publication. Or you could contribute expert quotes to an upcoming article on a topic that’s relevant to an affluent client audience.
- Collaborate: Collaboration and strategic partnerships can help you gain exposure to a broader audience and elevate yourself as an expert. For instance, you might join a wealth management podcast to discuss how pending changes to the tax code may impact affluent investors. Or maybe take part in an online Q&A discussion about estate planning strategies for the wealthy.
4. Elevate the Client Experience
Working with an upscale clientele often demands a different type of client experience. Ask yourself how the experience you offer is superior to what an affluent investor may get from another advisor.
Some of the things your clients may expect include:
- A streamlined, digital onboarding experience that isn’t bogged down by piles of tedious paperwork.
- Access to a personalized client portal or private client dashboard that allows them to stay connected to their assets with the click of a button.
- Personalized communications and rapid response times when they have a question or an urgent need.
- Appreciation gifts or dedicated client events that speak to their interests, hobbies or passions.
A solid digital experience may be particularly important if you’re looking to connect with a younger generation of investors. Digital tools are not a substitute for the human touch you provide, but they’re highly valued for their convenience.
5. Build Spheres of Influence
Spheres of influence are groupings of individuals who are positioned to help you connect with other individuals. Spheres of influence play a key role in your referral network when attracting affluent clients.
As you develop your spheres of influence, consider who’s most likely to help bridge the gap between yourself and wealthy clients. The list may include:
- Estate planning attorneys
- Certified public accountants
- Insurance agents
- Real estate agents
- Bankers or lenders
- Trustees of charitable organizations
- Private foundation board members
- Local business owners
The more people you have in your personal and professional circles, the more opportunities you may have to interact or connect with affluent clients. You can also let your existing clients know that you’re available to chat with any friends or family members they may know who could benefit from your services.
6. Develop a Team
Expanding your team could make sense if you’d like to attract wealthier clients but don’t want to spread yourself thin. You may also consider building out a team that includes advisors who offer specialized services, such as tax planning or trust planning.
If you have a team already in place, evaluate the skills and expertise of each member. Ask yourself how you can apply their particular knowledge to meet the needs of the HNW or UHNW clients you want to attract.
Restructure your firm’s financial advisory website and social media accounts to highlight that experience, if necessary. And consider how you can adjust your marketing to emphasize the various specialty areas served by each team member.
Bottom Line
Gaining new clients in the wealth management space may be challenging, but it’s a worthwhile goal if you’re ready to scale your business in a significant way. These tips and strategies can help you develop an effective plan to attract affluent clients to your firm and build lasting relationships.
Tips for Growing Your Advisory Business
- Digital marketing is one of the most valuable tools you have to gain visibility for your business. You may also want to consider partnering with a marketing platform to increase your brand’s online footprint. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service 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 develop your practice’s marketing operation. Get started today.
- Buying a book of business is another possibility you might consider for acquiring higher-end clients. When buying a book of business, it’s important to understand how to arrive at an accurate valuation and what percentage of the clientele you’re likely to retain. A book that consists of mainly high-net-worth clients may come with a higher price tag, but there may be a larger payoff if you’re able to keep them on your rolls for the long term.
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