Strategies for acquiring and retaining affluent clients

By Lauren McNitt


In this week’s #prowebchat on Twitter we discussed strategies for acquiring and retaining affluent clients. Here's an overview of some of the best advice participants shared.

Q1: What strategies do you use to attract affluent clients? For example, hosting events, referrals, offering specific products…
    @KestlerFG @ProducersWEB Introductions are key with affluent clients, as opposed to traditional referrals #prowebchat ^KK

    @Benefits_Pro @KestlerFG Why do you prefer introductions to referrals? #prowebchat

    @KestlerFG @Benefits_Pro The affluent are marketing targets across the board, so the more of an "in" you get, the better. #prowebchat ^KK

    @BrokersAlliance #prowebchat Affluent clients look for names in the public domain, i.e. articles, radio and TV interview. They want to work with hitters.

    @paulwatpweb @brokersalliance I've heard the affluent described as "demanding" of their advisers. Sounds like you agree? #prowebchat

    @BrokersAlliance #prowebchat Affluent clients believe time is money. You have a minute to impact their impression of you.

    @CharlesHGreen They're certainly more skeptical #prowebchat

    @robertsofia High net-worth investors tend to have complex needs. Lots of attention, frequent communication, and sophistication are key. #prowebchat
Q2: Do you use different methods for attracting affluent women as clients than men?
    @BrokersAlliance #prowebchat Affluent Women are the next big target. If your dating skills suck you're in trouble.

    @paulwatpweb A new study found that affluent women value honesty, transparency and communication? Doesn't everyone? Are women unique in this?#prowebchat

    @CharlesHGreen @paulwatpweb I believe that female research. Men much more susceptible to bluster, hype, overkill #prowebchat

    @KestlerFG @paulwatpweb Everyone values those things in some way, but I can see their level of importance varying between men & women. #prowebchat ^KK
Q3: What qualities do the affluent value most in their advisers? How do you show them you have these?
    @AgentNavigator In the affluent market you're going to need to build a lot more trust. Member orgs are key especially your chamber of commerce #prowebchat

    @KestlerFG @ProducersWEB Educate yourself about planning concerns of HNWs: charitable giving, estate preservation, leaving a legacy #prowebchat ^KK

    @ASJonline @KestlerFG What have you found to be the best educational resources? #prowebchat #prowebchat

    @robertsofia @ASJonline @KestlerFG Check out Super educational resources! #prowebchat

    @CharlesHGreen Trust: (credibility + reliability + intimacy) / self-orientation, and everyone overrates C, underrates I and S #prowebchat

    @CharlesHGreen The best sales question for HNW customers is simple: "Tell me about yourself." then really listen. Not rocket surgery. #prowebchat
Q4: Does partnering with other types of financial professionals help attract/retain affluent clients?
    @robertsofia @ProducersWEB Partnering is critical. Attny., CPA, Financial Advisor. Investors want all their needs met in one place. #prowebchat

    @CharlesHGreen @robertsofia @ProducersWEB Is that really true? I don't know, I'm asking. Do you trust a CPA for asset mgt. advice? #prowebchat

    @robertsofia @CharlesHGreen The client is going to work with a CPA one way or another. Isn't it better if they can work with yours? #prowebchat

    @laurenatpweb @robertsofia Do you have people you direct clients to? Or do you tend to work with pros they're already working with? #prowebchat

    @robertsofia @laurenatpweb We bring a CPA and an attorney into our second client meeting to address tax and estate issues. #prowebchat Clients love it!

    @KestlerFG @CharlesHGreen @robertsofia Even HNWs realize no one can be a master of all, so having your own trusted relationships is key #prowebchat ^KK

    @KestlerFG @ProducersWEB IRAs, estate tax planning/avoidance, trusts. All good reasons to have a CPA and attorney you trust to help out #prowebchat ^KK
Be sure to mark your calendars with next week’s chat on Tuesday at 3 p.m. EST. For tips on how to participate in a Twitter chat, read my blog post, Twitter chat: How to participate and why you should.