What High Net Worth Individuals Want From Financial Advisors

By Antonio Neri on

Attracting high net worth individuals can take your firm to the next level. These types of clients are those that some financial advisors dream of. However, only a lucky few will be able to entice and cater to these very sought-after clients.

A high net worth client can be your most valuable asset. With over $10 million in investable assets, it’s obvious that this can bring in some major benefits. Despite the appeal, these relationships aren’t gained without effective strategies and a lot of elbow grease!

It’s no secret that clients with notable investable assets aren’t looking for the same criteria in their advisor as your average investor. You could even say that these clients are more demanding and high maintenance. For this reason, you must recognize what these factors are and use them to your best advantage.

In this article, we will unpack what high net worth individuals are looking for in their financial advisors. From information and services to your choice of technology, it all plays a vital role. In addition to this, if you want to read up on how to land these clients, make sure to check out our article here.

Key Characteristics to Win Over High Net Worth Individuals:

In today’s data-saturated world, it’s easy to bombard potential clients with information. This makes it difficult for clients to distinguish between your firm and your competitors. With this in mind, “quality, not quantity” lays the foundation for an effective content strategy. When combining this thinking with the following characteristics, your services will soon be known as the financial firm for wealthy clients.

high net worth financial clients - blog image

Quality Information

Working with a trustworthy wealth manager reigns supreme when it comes to deciding on which services to work with. If you can ensure that every report and insight are sealed with quality information, the wealthier audience will be yours!

At the end of the day, the need for quality information comes down to the unique set of needs that HNW clients have. Arguably, they prioritize high-quality content more than the relationship they have with the advisors. Personal experiences with a firm are no longer used as a benchmark for service. It all comes down to how in-depth strategies will go and the level of clarity that they provide.

Risk Aversion Strategies

As we already know, HNW funds are not moderately sized. With more at risk, clients are seeking advisors who have a firm game plan to mitigate any potential losses. This is particularly relevant in today’s economic climate – thanks to the COVID induced recession.

With this in mind, it does not mean that these clients are looking to exclude risk altogether. There can be huge potential for those who are looking for unique opportunities to expand their portfolios. What is important here, is the combination of safety and quality of advice.

Proof of commitment and security is now a necessity for HNW clients. They need to know that their money is in the right hands and that their risk profiles are accurately assessed.

Above Standard Technology

Perhaps the easiest way to stand above your competitors is through the use of technology. Despite its importance, many have been slow to adopt technological services within their firm. Luckily for you, this can be a winning unique selling point that’s directly targeted to high net worth individuals.

The use of new smart tools won’t only help you bring in new clients, but it will also enhance your firm as a whole too. The greater the investment portfolio, the higher the expectations will be to provide dedicated services with quality solutions. For example, more robust financial planning software will be required to handle in-depth strategies and portfolios.

At the end of the day, technology allows advisors to dive deeper into economic climates, assess multiple points of data, and create instant reports. This is an efficient and effective way of managing your clients while ensuring that quality is always at the fore.

financial technology - blog image

Dedicated Practices

Although there is a big focus on technology when it comes to HNW individuals, that doesn’t mean that your job as a financial advisor is limited. Yes, these clients place value on their reports, statistics and returns, but having a human connection is vital to such relationships.

If you want to impress a potential wealthy client, showing them that you’re ready to go above and beyond will set you apart from the crowds. Knowing that they will have a dedicated team member on their side will help them feel comfortable with handing over their financial portfolios.

HNW investors demand quality from their advisors. It’s in your best interest to present your services as something that can provide your clients with value, no matter what their investment interests are. From SMA’s to tax management capabilities, you must indicate that you’re dedicated to making your firm work for your clients.

Constant Communication

Finally, communication is a major point of interest for the High Net Worth investor. With the average client, you may be accustomed to quarterly check-ins with the occasional update here and there. However, due to the size of their investments, don’t be alarmed to hear from your clients weekly or even daily, they will be more demanding.

This all comes down to trust and the relationship that you’re building with your clients. Through more effective communication advisors have the opportunity to build closer relationships with their clients and adapt their strategies as needed.

According to Factset, 80% of wealthy investors believe that their primary financial manager is enabled by quality information, communication tools, and technology. The constant communication removes any sense of anxiety and will pave the way for a successful relationship.

financial reporting - blog image

Final Thoughts

Attracting high net worth investors takes time. However, that time has the potential to pay off in large sums! Once you’ve been able to sign on your new client, the trick is to keep them happy and build up your referrals. Keep in mind, it only takes a good referral from one wealthy investor that will take your company to the next level and start to position it as the go-to firm for HNW individuals.

Learn more today!

Schedule a demo and explore how the right reports, decision-enabling dashboards, and intelligent tools can help you drive growth and investor satisfaction.

Schedule a Demo

Schedule a Demo