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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.

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How to Get High Net Worth Clients – and Mass Affluent, Too

Mass Affluent investors are looking for the same services that Millionaires have come to expect. When you learn how to get high net worth clients, you'll attract the Mass Affluent, as well.

| BY Adriana Reyneri

Most advisors are interested in learning how to get high net worth clients, but tend to overlook young and upwardly mobile Mass Affluent investors – future Millionaires who are seeking the same qualities and services from a financial professional.

Insights from Spectrem’s Millionaire Corner reveal that Mass Affluent investors – defined as individuals from a household with a net worth of $100,000 up to $1 million, not including primary residence – want to be treated like Millionaires but rarely receive the same level of service.  Successful strategies addressing how to get high net worth clients would serve to attract Mass Affluent individuals, as well.

Advisors investigating how to get high net worth clients soon discover that Millionaires have a strong preference for financial professionals with certain licenses and registrations. Millionaire Corner research finds that Mass Affluent investors share this preference. Nearly three-fourths (74 percent) of the Mass Affluent feel that “it is very important to me that my advisor has professional registrations and licenses such as CFP or CFA.”

Like the high net worth, Mass Affluent investors want a highly responsive advisor who promptly returns phone calls and emails. The Mass Affluent and high net worth also share the propensity to leave an advisor who does not get back to them within the same day.  Yet, Millionaire Corner research shows that financial advisors often fail to deliver the same level of service to Mass Affluent clients that they deliver to Millionaires. Our surveys find that advisors are more likely to reach out to high net worth than Mass Affluent individuals in the case of extreme market events, and provide less overall contact.

The resulting service gap, leaves the Mass Affluent less satisfied overall with their financial advisors and less comfortable with the fees they pay financial professionals, according to our research. Perhaps advisors would profit by expanding their inquiry into how to get high net worth clients to include young Mass Affluent investors, who represent the Millionaires of tomorrow.