The wealthy client: position yourself to check all his boxes


When it comes to service, is the High-Net-Worth customer the same as the mass-affluent customer, only richer? The short answer is…not exactly. Although the HNW market is diverse – the HNW GenXer approaches the advisor/client relationship differently than its Baby Boomer counterpart (transactional vs relational, etc.) – when it comes to the actual services this segment demands, the expectations are similar.

For affluent clients, it’s not just about investments, it’s about what their money can do for them. Whether it’s leaving a legacy for their grandchildren, sailing around the world, or starting a nonprofit, these investors expect you to know what’s important to them, and you both work there.

Investment Management is only one aspect of the HNW client dynamic. The top three things HNW clients say they pay their advisors for are:

  • Ongoing guidance/advice to help them achieve their goals (90%)

  • Helps avoid costly financial/investment mistakes (84%)

  • continuous monitoring of their goals (81%). 1

Once a client reaches a certain level of wealth, their needs become more complex: they become more concerned with protecting their hard-earned assets, they are better positioned to take advantage of that wealth, and the transmission of that wealth in a fiscally efficiency becomes a priority. .

If you are looking to establish or solidify your presence in the HNW market, understanding the unique expectations of this growing population and having the capabilities to meet their needs will set you up for long-term success.

The High Net Worth Clients Checklist

Personalized investment portfolios– HNW clients want to go beyond traditional asset allocation to maximize their return potential, generate income, diversify risk, reduce taxes and promote their values. Whether you manage the assets yourself or use a turnkey asset management program (TAMP), offering institutional-grade options such as socially responsible investing, covered call strategies, harvesting tax losses and alternatives can set you apart from the competition.

A holistic wealth manager to oversee their entire wealth journey– High net worth clients need specialist support for their legacy solution needs…but they don’t want to search for multiple points of contact. They want integrated solutions. They want to make a phone call. How do you make sure you’re on the other end of that call? Build a network and tap into it often. Foster these professional relationships with your clients, and when they need specialist support from accountants, lawyers, bankers, etc., you go receive the call. You don’t have to be everyone’s everything…you just need to be the person your wealthy clients call when they need help.

Technology– Today’s HNW customer expects operational efficiencies, sophisticated self-service platforms, and industry-leading cybersecurity protection. NOTInitially, 85% of HNWIs now demand increased digital interaction, including: accessing portfolio information (nearly 88%) and executing trades (87%).4Your best opportunity to take advantage of high-end technologies is to work with a company that offers the scale and resources to continually invest in innovation.

Withdrawal strategies The survival of their assets is a concern for most investors, including HNWs. An effective advisor will have the tools to create a comprehensive plan based on asset allocation and cash flow analysis, as well as Monte Carlo simulations. You’ll need to include the development of a tax-managed divestment solution, the effects of IRA rollovers, and Social Security withdrawal scenarios to provide the complete picture. Working with a company that offers end-to-end wealth management product solutions, expertise and technology – from accumulation to preservation to distribution – is imperative to establishing yourself as the HNW advisor of choice.

Risk management and protection Risk management is not only about insurance, although insurance plays an important role. Risk is hard to avoid completely, but your clients can reduce or transfer it with insurance. Offering specialist personal risk management solutions involves understanding your client’s asset base, identifying potential areas of vulnerability, assessing your client’s risk tolerance and providing solutions that include life cover. /health/economic responsibility complemented by exceptional customer service. Working with well-rated and financially stable companies is essential to securing the future of your clients.

Wealth transfer Whether clients want to establish a trust, create an estate plan, or develop a charitable giving strategy, integrating these efforts with investment management and tax planning is key to maximizing impact. Both trusts, which protect your client’s assets and ensure that your client’s wishes for asset distribution are respected, and charitable giving options, such as donor-advised funds and leftover trusts. charities, are also effective tax mitigation strategies. Working with a company that offers you the products, relationships, expertise and support is essential to effectively serve this market.

There are myriad ways to serve the HNW market. The basis of any successful customer relationship is connection… a connection based on transparency, communication, shared values ​​and accessibility. Establishing and maintaining this, in and of itself, takes time. So how do you meet the needs of your HNW customers, while running a business, engaging your community, prospecting new customers, and fulfilling your CE requirements?

You work with a company that delivers on all fronts, while leaving you in control. A firm that gives you the resources – and the flexibility – to succeed on your own terms.

AssetMark has been that supplier for thousands of your peers. Contact us to discuss where you are now and where you would like to be. Let us show you how we can help you build the business you’ve imagined. Together.

To access. Responsibility. Asset mark.

  1. Source: 2019 High Net Worth Investors Survey; Investment and Wealth Institute.
  2. Source: Spectrem Group; Wealth management redefined 2021.
  3. Source: The Cerulli Report, US Advisor Metrics 2020, Cerulli Assoc. in partnership with the Investments & Wealth Institute and the Financial Planning Association® (FPA®)
  4. Source: Capgemini, “World Wealth Report 2019”, July 9, 2019,

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