Guide to Understanding and Winning Wealthy Clients

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Wednesday, October 23rd, 2013

In 2011, more than 60% of investors we surveyed were considering firing their financial advisor in the next 12 months.  The economic and business climate has become tougher since then. Margins are being squeezed and without bringing on new clients, or finding new sources of revenue, business expansion opportunities may be limited.

So, how do you keep your edge – and your clients?  The key is continuing education.  Case in point: do you know everything you need to know about the wealthy to successfully win new clients and keep them extremely satisfied?

ByAllAccounts’ marketing approach is founded on the premise that advisors want to keep learning and have a healthy appetite for educational information.   

In this context, we were privileged to hear from Stephen Kraus last week.  Stephen is the SVP and Chief Insights Officer of Ipsos MediaCT.  He is also the author of three books about success and affluence in America. (See The New Elite: Inside the minds of the Truly Wealthy on Amazon).  You can read excerpts of our interview with Stephen in a new whitepaper and hear Stephen in a new on-demand webinar.
Size your market opportunity and identify prospects

  1. Advising the Affluent: What the Leading Survey Says and What It Means for Today’s Advisor (whitepaper, interview with Stephen Kraus  SVP and Chief Insights Officer of Ipsos MediaCT, and author of three books about success and affluence in America)

  2. Exclusive survey of wealthy consumers (webinar replay, results of the 37th annual Ipsos Affluent Survey USA)

  3. How Wealth Managers are Winning Business with the Ultra-Wealthy (whitepaper, interview with Greg S. Friedman, President of Wealth-X)

The advisors I speak with tell me that referrals play a huge role in their business, whether it is to get a recommendation for a technology platform or an introduction to a wealthy individual.  This year, I gave a presentation at the Bank and Trust Summit with several tips how to drive more business with a word-of-mouth referral program.  You can hear my tips in a recent webinar.
Develop a robust referral business to expand your revenues

  1. Proactive Steps to Drive More Business with a Measurable Word-of-Mouth Referral Program (whitepaper, interview with Beverly J. Moore, President and Managing Partner, Bradford Compass Consulting LLC)

  2. How to drive more word-of-mouth referrals (webinar replay)

As a marketing executive I’m aware of how important frequent, effective communication is! I also realize that this is hard to do.  Most of the independent advisory firms I work with don’t have a dedicated marketing person who can spearhead activities.  Sometimes the first step is to simply understand what wealthy investors want.  Below are two resources.
Communicate frequently with wealthy investors

  1. What Wealthy Investors Want Most (And Aren’t Getting) from their Financial Advisors (whitepaper, interview with Cathy McBreen, President Millionaire Corner)

  2. Why Investors Hire and Fire financial advisors (results from a national survey conducted by Paladin Registry and ByAllAccounts)

I am always interested in hearing from you about other topics that you’d find interesting.  Please leave a comment to let me know what’s on your education list for 2014.

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