AssetMark sees all the cutting-edge advisory trends faster than just about anyone. Here's some actionable support for advisors looking to keep their best clients loyal and maybe even capture accounts from rivals who fail to see the signs.
Three Strategies to Keep Your High-Net-Worth Clients
According to a recent study, 39% of UHNW and 27% of HNW clients had plans to switch wealth management providers between 2019 and 2021. Searches for the term “financial advisor” almost doubled in early 2020 compared to 2019 rates, according to Google Trends; and COVID-19 fueled market fluctuations and client doubts, exacerbating the search for financial advice. More than ever, money is in motion. Here are three ways to help maintain your hard-won clients and create a network to build your business.
Save Your Clients the Search with Centers of Influence
Investors are seeking specialists to assist them with everything from wealth transfers and business ventures to college selection and relocation in retirement. Maintaining robust, curated centers of influence will enhance the value you deliver to your clients by providing them with access to vetted, specialized advice when they need it. Additionally, promoting these professionals and services to your clients makes it more likely your clients will contact you first about emerging and urgent needs. Over time, these networks can also provide referrals to build your business as you develop rapport and earn their trust.
Potential clients will continue to lean on platforms like Yelp and Google and recommendations from trusted contacts for vetting financial advisors, so having a robust network of professionals both inside and outside of your industry to provide introductions and referrals will be key to maintaining steady growth in a business that relies deeply on trust.
Anticipate Client Needs and Show Your Ability to Solve Them
High-net-worth investors have complex lives and needs, which makes them more likely to seek out or hear about unique investment solutions. Double-down on your center of influence strategy by regularly sharing your own branded financial education materials. During client meetings, refer back to these to confirm client understanding and underscore topics relevant to their investing portfolio and goals. Clients at the highest level of wealth and those who self-identify as having a high investment knowledge are most likely to switch advisors for products, so it’s critical to highlight your ability to address their needs with a range of services and solutions.
Always be Close
You’ve likely heard the phrase “Always Be Closing.” Always be close means being available to your clients and staying top of mind. Here’s another area where collaboration can help you stand out. Third-party providers can enhance your technology, investment, and customer service offering to create elegant, seamless experiences and solutions that delight your clients, while saving you precious resources. Outsourcing to a third-party can ease the burden of maintaining and evolving these critical aspects of your business, so you have more time to deepen relationships with clients and grow your centers of influence.
Attracting and retaining high-net-worth clients takes consistent effort, but strategically working with others can ensure you remain your client’s trusted advisor. Positioning yourself at the center of your client’s financial wellness, anticipating their needs, and demonstrating your ability to address their evolving financial concerns will keep competitors at bay and ensure the long-term health of your business and your client relationships.
