At the most basic level, all clients have the same fundamental need – an advisor who they feel understands their financial goals and has the knowledge and capabilities to achieve them. So what tips the scales for advisors who serve clients at the highest levels of wealth?
While there are many ways to successfully serve these clients, there are a few traits of high-net-worth advisors that I’ve found remain consistent: they have a clear vision of their value, frequently leverage a breadth of connections and resources, and consistently seek out opportunities for growth.
There are both tangible and intangible skills that factor into serving this level of wealth. In terms of the intangible, two key differences are the level of clarity and confidence in high-performing advisors. They have a strong sense of what they offer and can articulate it with a clear unique value proposition.
This isn’t about your job title or how long you’ve been in the business, which can be claimed by many advisors. Instead, it should be a compelling and impactful statement that leaves the prospect wanting to know more. What makes you different, and proud to do what you do?
An example might be, “I lead a unique group of families, simplifying what can be a complex financial landscape to be tax and cost efficient” or “I’m a strategic partner to a select group of international families; I guide them through both minor and major life events impacting their wealth.” These statements provide detailed information to a prospect on what they can expect from your relationship.
Along with this clarity comes confidence, especially for advisors who are not always presenting to high-net-worth prospects in a downtown boardroom surrounded by a table full of experts in hedge funds, trusts and other specialized areas, which some wealthy clients may be accustomed to. But this can be overcome by having the self-assurance to acknowledge the difference as a strength, and by demonstrating to potential clients that your focus is on understanding their personalized needs, and then leveraging the expertise required to meet those needs – rather than taking a one-size-fits-all approach.
While sometimes identifying your unique value as an advisor comes from articulating what you already do, to remain competitive requires expanding your service model. Research by Cerulli found that since 2017, high-net-worth clients increasingly expect on average 10 to 12 service offerings from their advisor.
This often comes from establishing relationships with contacts at your firm or external partners such as estate attorneys, insurance agents, investment bankers and trust experts who can help you address the unique needs of these clients.
Not only does this solve for being in a position where you alone have to be an expert in all areas, but it’s also beneficial to have resources who focus on their specialization day in and day out. While you may have served a handful of clients in a particular situation, your contacts have likely handled dozens or even hundreds of such cases.
Building these relationships is one focus of the Private Wealth Advisor designation program at Raymond James. By the end of the certification, graduates have established relationships with nearly 20 contacts from different business units at the firm.
These types of contacts can not only expand the capabilities of their practice, but also lead to helpful new insights that enable them to deepen their client relationships. It truly makes an impact: as of September 30, 2024, we've had 117 advisors graduate from the program, and they are able to generate three times more net new assets on average than a peer group of roughly 2,000 other advisors across our independent and employee advisor channels.
In the high-net-worth space, it’s vital for advisors to keep up with what their peers and competitors are doing. What services are they offering? How are they leveraging resources? How and where are they prospecting? How are their teams structured – do they have specialized roles?
That’s why it’s essential to seek out industry relationships, networking groups and in-house educational opportunities at your firm to stay in front of the pack.
Ultimately, meeting and exceeding the expectations of wealthy clients boils down to personalization, specialization and customization. Using your resources and connections to build expertise and strengthen relationships can help you differentiate to attract and serve clients that are ever higher on the scale of wealth.
Theresa Bursey is a vice president of practice management and education with Raymond James. She leads the experienced advisor coaching team, responsible for Raymond James' Private Wealth Advisor program and other experienced advisor coaching offerings.
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