How Financial Planners Can Tap into the High Net Worth Client Segment

Being on the outside looking in is no fun. Yet many financial planners might feel like they’re stuck on the wrong side of the networking circle when it comes to attracting high net worth clients. While most financial planners want to attract the wealthiest clients possible, it can be difficult to position oneself in such a way that it opens the door to a long list of high net worth individuals.

The unique needs of the high net worth client segment for specialty financial services and products make them an attractive group for professionals. With only 10.4 million people in the country who have at least $1 million in investable assets, according to Spectrum’s Market Insights 2016, the competition for their business is tough, but worth it. As noted by Insurance Journal, the recent high-profile mergers in the luxury insurance industry have created some space in the market that could potentially provide great opportunities for other smaller firms to jump in.

“The competition for the high net worth client segment is tough, but worth it.”

With some innovative networking tactics and an industrious use of resources, even the most alienated financial planner can find ways to attract and work with high net worth individuals.

Dress to impress

There’s an old adage that entreats individuals to “Dress for the job you want, not the one you have.” In much the same light, financial planners who want to attract wealthy clientele must project the image of wealth and high-end sophistication. As noted by Forbes contributor Russ Alan Prince, one method insurance agents use to attract high net worth clients – which would work similarly for financial planners – is by sharing characteristics and traits with the mass affluent.

This does not mean going out and decorating an office in schmaltzy knickknacks or gauche accoutrements in an attempt to spruce up the place. However, having the most technologically sophisticated and responsive back office can potentially go a long way to securing the business of the mass affluent. High net worth individuals don’t want a financial planner using outdated systems. They expect the best, and planners must be able to meet or surpass that expectation.

“Wealthy clients expect the best and planners must be able to meet or surpass that expectation.”

Give back to the community

There might be an impression that the ultra-wealthy live and operate in an alternate reality, far removed from the daily struggles of everyday Joes. However, the fact is that many high net worth families are extremely engaged in charities and community service groups.

LifeHealthPro recommended using charitable organizations to identify opportunities to network with high net worth individuals. By sharing in a commitment to do good and help out with noble causes, financial planners can tap into a new market of wealthy families who might need assistance managing their wealth.

Although it might seem like an odd move to use a charity for your own gain, the source noted that it’s still a demonstration of dedication to the community. Financial planners attempting this method need to be ready to actually give back and contribute to the charity. Merely signing up to sniff out new business won’t fly.

Partner with trusted companies

A major portion of catering to the needs of wealthy clients involves partnering with trusted and experienced companies to provide the best services and products possible. At Highland Capital Brokerage, we value our relationships with each of our clients to provide the attention to detail needed to help financial planners succeed. With our specialized array of life insurance solutions, independent professionals, financial advisors and estate planners can attract and insure high net worth individuals.

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Highland Capital Brokerage

Highland Capital Brokerage

Highland Capital Brokerage is committed to developing client-focused relationships with financial advisors using our core competencies of life insurance, annuities, and long-term care. We distinguish ourselves by providing point-of-sale support, advanced marketing, and creative estate and business planning techniques.
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