How to Develop a High-Net-Worth Client Strategy


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For financial advisors, it’s essential to provide incredible customer service at every step of the relationship.

When it comes to high-net-worth clients—who’ve grown to expect not only good, but truly exceptional service—an attention to detail is especially important.

But how can advisors create a memorable experience that will help them win over (and keep) high-net-worth individuals?

In a 2018 whitepaper, John D. Anderson and Allie Carey (both of Independent Advisor Solutions by SEI) set about answering this question.

John Anderson and Allie Carey

Anderson is the Managing Director of the Practice Management Solutions Team for Independent Advisor Solutions by SEI, responsible for all programs focused on helping financial advisors grow their businesses, create efficiencies in their operations, and differentiate their practices. Carey serves as Managing Director of SEI’s Front Office Product.

To figure out which approaches work best with high-net-worth clients, Anderson and Carey interviewed representatives from four highly regarded advisory firms:

  • Richard J. Busillo – Chairman and CEO of RTD Financial Advisors, Inc.
  • Lisa A.K. Kirchenbauer – President of Omega Wealth Management
  • Diahann W. lassus, President and Co-Founder of Lassus Wherley, a Subsidiary of Peapack-Gladstone Bank and wealth management firm
  • Mitch Martin – President and CEO of Stonebridge Wealth Management
  • Tyler Martin – Director of Financial Planning for Stonebridge Wealth Management

Through these conversations, Anderson and Carey were able to see how popular advisory firms have found success with a client-first approach.

In addition to speaking to top advisory firms, the authors surveyed high-net-worth (HWN) clients about their experiences. They also identified some of the qualities that these clients most desire in their financial advisors (trustworthiness, transparency), while also illuminating some potential red flags for advisors.

Here are some highlights from the report:

  • 85 percent of HNW clients rated their satisfaction with their advisor “a 6 or 7.”
  • 24 percent of HNW clients work with multiple firms to reduce risk.
  • 43 percent of HNW clients switched advisors once they’d accumulated enough assets.

free download

The whitepaper boasts some clear takeaways for advisors looking to create and maintain lasting profitable relationships with high-net-worth clients. To download it for free, click the link below.

Your High-Net-Worth Client Strategy


Free E-book: How Independent Insurance Agents Can Increase Service and Lines of Coverage

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