Increase Your Wallet Share with High-Net-Worth Clients


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If you’re managing the wealth of high-net-worth clients, you’re probably very invested (pun intended) in those relationships. But do your clients feel the same way about you?

While you may think you’ve got an exclusive relationship with your wealthiest clients, it’s also very possible some of them are working with other investors.

So, how do you increase your share of wallet with those high-net-worth individuals?

You do so by building trust and establishing meaningful relationships.

Here are some suggestions for creating the kinds of connections that will garner you more business from your wealthiest clients—leading to happier relationships (and greater profits) for everyone involved.

Check in with your clients more frequently.

Prior to the 2008 recession, most investors wouldn’t have considered working with multiple advisors—preferring a more holistic strategy to managing their wealth. In the decade since, it has become a far more common practice.

When a high-net-worth client chooses to split their investments between multiple advisors, they’re probably doing so because they’re not 100 percent confident in the abilities of either professional to handle the funds in question. In some cases, this could be justified—for example, if you don’t specialize in retirement planning but another advisor does. It only becomes a problem when an advisor is withholding business because of a lack of trust.

One of the best ways to maintain a trusting relationship is to check in regularly. By providing your clients with not only numbers but sophisticated analysis, you’re subtly reminding them that they’re in good hands. When you provide an exceptional level of service and frequent touchpoints, you’re setting yourself apart from the many advisors who don’t. Speaking of which…

Know your clients’ deepest desires (and deliver them).

There are literally hundreds of thousands of other advisors out there, and you’re only going to succeed if you focus on what makes you unique.

That means finding an ideal target demographic—even within a broader target group like high-net-worth individuals—and learning what makes them tick. Investors are more likely to trust an advisor who has worked with people who are like them.

But having a unique value proposition is only part of the equation. You’ll want to go a step further by learning as much about your individual clients as possible. Find out as much as you can about who they are as people. The F.O.R.D. Method is a great way to do this.

When you know more about your clients, you’ll be far better prepared to deliver a level of personalized, exceptional customer service. Plus, you can use that information to inform your investment strategies. It’s a win-win situation.

Create a personal relationship.

Though every successful sales professional has their own habits, strategies, and tools, the most successful people from any field do well because they create feelings of loyalty among their customers. While you can’t guarantee that every investment will get an incredible return, you can do everything in your power to convince your clients you have their best interests at heart.

Of course, a proven track record of managing wealth effectively is what gets you to the table. But clients will feel far more connected to you when you don’t always focus on your business transactions.

See how a 58% referral rate can change your business.

Think about your barber or hair stylist. Sure, you might go to them because you like what they do with your hair. But you’d be a lot less likely to return to their chair if you couldn’t have a great conversation with them.

Though the stakes are much higher for financial advisors than they are for barbers, clients of either are far more likely to forgive a slip-up (whether that’s a bad investment or a bad haircut) when there is an emotional attachment involved.

So, find out what your clients like to do besides watch their wealth grow. If they enjoy fishing, take them out on the lake for an afternoon. If they’re into baseball, take them and their family to a game. Send them a copy of your branded, customized magazine from ReminderMedia—a powerful impression piece that will keep you top of mind with the entire household in the long term.

Ultimately, it’s all about creating feelings of fondness and familiarity. When your clients know, like, and trust you, they’re far more likely to not only stick with you, but also to trust you with a greater share of their wallet for years to come.

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