As with any niche, serving high net-worth clients requires that your services and your office meet your target market’s expectations.
Put yourself in the shoes of a high net-worth individual and ask yourself what kind of services you would want, suggests George Hartman, CEO of Market Logics Inc. in Toronto. How would you want to be treated? By answering these questions, Hartman says, you stand a better chance of making a positive and lasting impression on a prospective high net-worth client.
Hartman offers this advice to help you ensure you and your team are ready to work with the wealthy:
> Know the issues
Make sure you have at least a general knowledge of all the topics related to the needs of a high net-worth client.
Wealthy clients often have complicated financial situations, particularly in the areas of tax and estate planning. While you don’t have to be an expert in all these areas, Hartman, says, you should have enough knowledge to be able to talk briefly about them and know a professional who can give more detailed advice.
> Build a team
Put together a skilled team to show your capabilities to high net-worth prospects.
Affluent clients are looking for an advisor who can be a resource, Hartman says. They want someone who can act like the conductor of an orchestra, bringing together and leading a team of experts who can best serve the client’s financial needs.
It’s best if you have those experts on staff to introduce to clients, Hartman says. But if that’s not possible, make sure you have relationships with other professionals, such as accountants and lawyers, to whom you can regularly refer.
If possible, arrange to have the experts come to your office to meet the client, Hartman says, so you can discuss solutions together.
> Respect the client’s privacy
Discretion is key when dealing with high net-worth clients.
“They’re often very private people,” Hartman says. “So, privacy and confidentiality are important to them.” Wealthy people may not even wish to be seen by others in your office lobby when arriving for a meeting, particularly if they are not yet your clients.
> Pay attention to detail
Be mindful of every aspect of your office to ensure it sends the right message to prospective clients.
High net-worth clients often have a certain expectation in terms of quality, says Hartman. That relates to everything from how they are greeted at the door to the caliber of your marketing materials.
> Choose an appropriate décor
Set your office up so it looks professional and reflects your wealthy target clientele.
Your office should be decorated elegantly. Be careful, however, to not be ostentatious, as client may start to wonder how their fees are being spent.
IE