Marketing Tips for Financial Planners Seeking High Net Worth Clients

Marketing is the heart of nearly every enterprise. Without a successful marketing campaign, it can be difficult to attract new clients, replace lost clients, and grow the business. However, as a financial planner, marketing might not necessarily be in your wheelhouse.

A successful marketer will have different experiences and skills than the typical financial planner. This doesn’t mean you should avoid this part of the company, though, since there are several easy, yet effective, techniques you can incorporate into your campaign to boost your brand recognition and increase your market share.

Identify your target market

There’s an entire world of potential clients out there, but there’s only so many of these individuals that you want to be yours. The best way to figure out who and what you want is by creating a profile of your ideal client. For a financial planner working with high net worth individuals, you should be sure that you have an accurate representation of this tiny sliver of the population so you know precisely how to market to them. Without having the right metrics to create a profile of your target client, you may end up wasting a substantial amount of time and money chasing the wrong people.

“By creating the profile of the perfect HNW client, you have a greater ability to attract the specific client you’re seeking.”

For instance, as noted in a recent PriceMetrix survey of the characteristics of high net worth investors, the study found that only 3 percent of households that began with $500,000 in assets grew their wealth enough over the five years studied to be considered a high net worth client.

“The number of times small households become high net worth clients is simply too few to merit a significant amount of advisor attention,” noted PriceMetrix President and CEO Doug Trott. “Advisors seeking to grow should concentrate on finding, not manufacturing large clients. The vast majority of high net worth clients were high net worth from the beginning of their relationship with their advisor.”

By creating the profile of the perfect HNW client, you have a greater ability to target your marketing efforts to attract the specific client you’re seeking. Further, along with clarifying your target market, you should also identify your firm’s objective, whether that involves expanding your operations into new markets or focusing solely on your current client satisfaction.

Create consistent content

Using social media to market your firm should be a top priority for any financial planner. By creating informative content and posting it on the right social media channels, you can engender greater client engagement and potentially generate new, valuable leads. According to a recent study by Spectrem Group entitled “Using Social Media and Mobile Technology in Financial Decisions,” 50 percent of ultra high net worth investors – those with a net worth between $5 million and $25 million, excluding their primary residence – frequent Facebook while 42 percent use LinkedIn, LifeHealth reported.

“A strong online presence demonstrates to clients that you’re a thought leader.”

With more high net worth individuals tuning in to social media all the time, it’s important that you have a robust presence on these platforms. By providing useful and educational information that you can share with your high net worth clients, you can not only demonstrate that you’re a thought leader, but that you’re transparent and accessible.

Further, it’s important to ensure your message and branding is consistent throughout various platforms. A good way to guarantee you don’t go off brand is by establishing an online dashboard that aggregates all your social media channels into one convenient hub, like the free platform on Hootsuite. This not only lets you maintain a cohesive and consistent branding message across all platforms, but it also let’s you track and measure its performance so you can see what works and what is failing on each specific site.

In the end though, every financial planning firm will have its own needs it must address. Finding the marketing campaign that best suits your particular company’s goals might take a bit of tinkering, but by taking proactive initiatives, any financial planning firm can attract the high net worth clients they’re seeking.

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