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Asset Preservation Advisors




City:Atlanta

State: GA



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APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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How to Get High Net Worth Clients: Communication is Key

Performance may be important, but communication reigns supreme when it comes to acquiring and keeping wealthy clients. Millionaire Corner research can help financial advisors learn how to get high net worth clients and keep them through the years.

| BY Kent McDill

Exactly one-fourth of High Net Worth investors do not use financial advisors for investment advice.

That means there are clients out there that need to be convinced an advisor can help. Recent research by Spectrem Group could provide insight on how to get High Net Worth clients.

In a recent report by Spectrem, investors ranging from those with less than $100,000 annual income to those with $750,000 or more income were asked about their relationships with financial advisors. While 25 percent of the entire report group said they do not use advisors, only 12 percent of those in the $500,000 to $750,000 income range said they do not use advisors.

The report also showed that 35 percent of investors believe decisions made by their financial advisor assisted them in obtaining their current level of wealth. Among investors with net worth of $750,000 or more, it was 44 percent.

In order to get high net worth clients, research shows that financial advisors need to prove they are excellent communicators. When investors were asked to list reasons they would change advisors, the choice most often selected was “Does not return phone calls in a timely manner” at 59 percent. Seventy-one percent of respondents in the $500,000 to $750,000 income range selected that determining factor.

That selection was chosen more often than “not providing me with good ideas or advice” which was selected by 52 percent of respondents.

The only other choice which received close to 50 percent in the study was "not being proactive in contacting me", yet another complaint about communication.

An association with a financial advisor seems to include as many investment options as possible, the research shows. Thirty-percent of respondents said they used a full-service broker (up to 43 percent for investors with $500,000 or more in income). The next most popular choice was an independent financial planner, at 14 percent overall and 29 percent for those between $500,000 and $750,000 income.

Todd Colbeck, founder of the Colbeck Coaching Group, wrote on OnWallStreet.com that advisors need to actively pursue referrals, either by asking current clients directly (and rewarding them for providing successfully recruited referrals), using clients’ social media sites to find possible names and then suggest to your clients that they make a referral, and simply include the phrase “the highest compliment you can give us is referrals to your friends and associates’’ on all of your marketing material and client communications.

  



About the Author


Kent McDill

kmcdill@spectrem.com

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.