Top Strategies to Attract High-Net-Worth Clients

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MOVIE NIGHT Advisor Hugh Anderson of HighTower’s Las Vegas office recently held a fun client event that turned out to be a particularly well-received prospecting event, too. Technology has also upended what client meetings look like. By customizing services and focusing on the unique needs of this demographic, advisors can set themselves apart and increase the number of high net worth clients in their books of business.

One relationship with one COI can yield multiple referrals of clients. By helping clients align their checking accounts, mortgage products and lines of credit with their larger investment goals, advisors can become the central point of contact for investors' overall financial lives. Is your firm facing similar challenges and opportunities? If you want to play with the big boys, you must be willing to do the work.

Top Strategies to Attract High-Net-Worth Clients

According to recent , the millennial generation now outnumbers the baby boomer generation. While the youngest millennials have yet to enter the workforce, the oldest in the group are in their early 30s, acquiring wealth, buying homes and starting families. Wealth managers must act now to capture the millennial demographic and keep them as clients as their wealth increases. The millennial generation are not only digital natives; they have also grown up in an era of greater consumer choice than any previous generation, which can make it difficult for a financial institution to gain their loyalty. These split loyalties will become even starker as the millennials accumulate their wealth. With access to plenty of free financial advice and tools, many millennials wonder why they would ever need a financial advisor. The first step is for banks and wealth managers to get to know the millennial generation and their preferences, so they can better align their financial products and services with client expectations. Leverage your millennial-aged employees as beta testers for your products, services and to provide input for your offerings roadmap. For example, many organizations are discovering that millennials eschew email in favor of real-time collaboration platforms, instant online meeting places and real-time chat. Using this knowledge, banks can invest in collaboration-enhancing technologies for internal productivity and for building online access points to engage and communicate with their millennial clients. This generation of investors may not walk into a bank branch or send an email to speak with a wealth manager, but they do still want to have access to expert, personalized advice, anytime, anywhere, and through any channel they choose, whenever needed. Using a market mirror program, banks can delight millennial clients while also attracting and retaining millennial talent for the workplace. As the millennial generation comes of age, the wealth management market will shift to self-service and assisted self-service channels, similar to what is occurring in other areas of retail banking. Millennial clients may begin with low fee, robo-advisor services but as they acquire more wealth, banks can use these services as an on-ramp to move clients to higher-margin, advisor-led services. By having an established relationship with millennial clients, wealth managers will be better able to keep those clients and move them to higher margin services over time rather than lose them to competitors. Failure to offer a robo-advisor option can result in a lost opportunity to graduate a low margin, self-service client to a high margin, full-service client. It will be difficult to earn primary financial institution status without a robo-advisor offering. Perhaps the most valuable aspect of robo-advisor services is the analytics they collect and the insights financial institutions can gain from them. The analytics can help a wealth manager understand what clients need now and over time, what content they seek, what questions they have, how frequently they have them, where there are frustrations and what market acceptance looks like for new products and services — all in near real-time. Armed with these insights, financial institutions can make same-day adjustments in service levels, in the design of user interfaces and in the design and pricing of products and services themselves. The collection and analysis of client data provides a treasure trove of information that banks can use to differentiate themselves in the market. In the past, firms spent time and money hiring and training the right people to serve their clients in physical branches. With mobile data traffic to grow at a compound annual growth rate of 57% through 2019, banks need to plan for an application-centric infrastructure that can scale while optimizing mobile device, application and network performance. Lastly, wealth managers should implement video collaboration technologies that enable advisors to meet with clients remotely. However, with video collaboration, centrally-located advisors can meet virtually with clients and provide personalized, expert advice anytime, anywhere. It enables wealth managers to scale their business by prospecting and serving clients in remote locations or geographic markets where it may not be cost effective to open a branch location. Early adopters of remote expert solutions have shown promising business outcomes, which include more than doubling products sold per-client and increasing client satisfaction by double digits. By capturing and delighting millennial clients now, wealth managers can retain them as they increase their wealth, moving them to higher margin products and services over time while earning primary financial institution status. Pagano is an advisor, Financial Services Practice, for San Jose, Calif.

This article is Part 1 in a 2 part responsible. CFA Institute: I'm a little surprised that it's 2018 and we find ourselves still talking about the importance of the client experience. Unlike most in his industry, he has gone beyond the free-dinner-seminar approach. For a budding financial advisor, the early days are often the hardest for this very la - prospecting is a real challenge. After all, the client is always at the center of the relationship between financial advisers and their investment portfolio, and wealth management firms focus on clients' needs. It’s not unusual for 60-70 people to attend, and for those who have found u through the group to come back to the events, says Mike Perry, president of Szarka Financial. At this level of clientele, you must coddle your clients.