RSS Facebook Twitter LinkedIn

Featured Advisor

Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX

I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

Click to see the full profile

Share |

How to Get High Net Worth Clients: Give Them What They Want

A new Millionaire Corner survey tracks the wants and needs of Millionaire investors, and gives insights into how to get high net worth clients.

| BY Adriana Reyneri

First, the good news on how to get high net worth clients: Millionaires are generally satisfied with their financial advisors. About two-thirds strongly agree that their advisor “really listens” to them and view their advisor as a trusted expert, according to the results of our March survey. Roughly three-fourths strongly agree that they like their financial advisors and feel comfortable calling them with questions.

Now, for the bad news:  Satisfaction levels fall significantly when it comes to fiduciary duty. Fifty-six percent of Millionaires with $5 million or more strongly agree that “my financial advisor has my best interests at heart.” Advisors seeking insights into how to get net worth clients may want to provide prospective clients detailed information about their fiduciary role.

High net worth millionaires also indicate that their advisors take many steps to build a relationship, including quickly returning phone calls when they have a question or concern (92 percent), remembering details about my family and career (71 percent), touching base during big economic events (61 percent) and introducing me to new investment products tailored to my needs (61 percent).

Prompt and personalized communication emerges as a key component of how to get high net worth clients, but Millionaires are looking for enhanced services, as well. When asked what  their advisor could do to improve their relationship, roughly one-fourth said their advisor could do a better job of reaching out in times of extreme market volatility and other economic events, and an equal share indicated they were seeking additional information on new investment products.

Wealthy investors expert personal attention from their financial advisors, but they care equally about the bottom line. Providing information on new, suitable investment products is part of the answer to the question of how to get high net worth clients.