By Ron Bradley
A first meeting with a high-net-worth (HNW) prospect is a lot like a first date.
In this initial meeting, your prospect is looking for reasons NOT to hire you. They have their exit primed, and there is no shortage of competing advisors in your area that your prospect is ready and willing to call next.
Whether it’s your first one-on-one chat or you’re communicating via one of your digital marketing campaigns, you want to convey that you’re professional, experienced, trustworthy, and well-equipped to meet the needs of high-net-worth clients. Yet there are a few key phrases that are big turn-offs—and most advisors don’t even realize they’re using them.
Here are some phrases to steer clear of and what to say instead:
1. “Asset Allocation”
Financial advisors are typically trained to handle a narrow set of approaches to investing, most of which have little value to those in higher income brackets. If your marketing materials contain a lot of talk about asset allocation, portfolio rebalancing, risk tolerance, investment horizon, or a handful of other generic keywords, you are conveying that you only know how to work with middle-income clients.
Instead, focus on topics like real estate investment, capital gains strategy, estate planning, business taxes, and alternative investment classes, just to name a few.
Of these, your message needs to lead with tax strategy. This is the topic on most advisor searchers’ minds and is probably the reason they want to talk to you in the first place.
2. “401(k) Plans”
Any financial advisor can set up and manage a 401(k) or any type of IRA; it’s not a standout differentiator. Conventional retirement plans don’t support the kind of strategies that a high-net-worth client needs.
Instead, lay into your ability to customize and curate a plan based on client needs. Every HNW individual has specific questions about their circumstances and is wondering, “How could a financial advisor help me with this?”
3. “Retirement Planning”
Retirement planning is a boilerplate standard, not a stunning and interesting novel service. Retirement planning has become a marketing crutch for too many advisors, and it’s the white bread of service offerings.
As a financial advisor, it’s important to lead with a differentiator. If you are looking for high-net-worth clients, your marketing message should lead with tax strategy and focus on scenarios that require skill and sophistication. Make sure to highlight your relevant experience helping clients who have money in real estate or other assets with high barriers of entry.
Retirement planning looks starkly different through the eyes of a high-net-worth individual. Your marketing message needs to convey that you understand why.
4. “Ask Your CPA”
For a client making $75k a year, you’ll likely never have to look at their tax returns or consult with their CPAs.
But the complexity of executing tax strategy required for a HNW individual demands more direct collaboration between advisors and tax professionals.
Orchestrating a diverse team of professionals is a major frustration and pain point for high-net-worth clients. You will add much more value to your clients by working directly with other peer professionals in an effort to keep everyone on the same page on behalf of your client. Additionally, when you begin to adopt a more collaborative approach to client management, you will find that CPAs, attorneys, and other professionals will be more likely to give you client referrals.
Looking for a Consistent Way to Attract HNW Families?
At Auxani Advisors, Inc., our skill set lies in supporting financial professionals as they pursue the clients that best suit them—whether that’s high-net-worth individuals, entrepreneurs, pre-retirees, or another demographic.
By positioning yourself and your firm as an experienced, reliable option, you can skip the learning curve and start setting up meetings with prospective clients faster. To get in touch, call 978-880-8763 or email ron@auxani.com.
About Ron
Ron Bradley is Founder and CEO of Auxani Advisors, an entrepreneurial-minded company committed to building businesses and financial success. Ron began his 40-year career as a producer for MetLife, where he was quickly promoted to Regional Director. Though his esteemed career led him to become one of the founding IMOs at Life USA (now Allianz Life Insurance Company) and to serve on the board of directors of a number of leading insurance companies, Ron felt a calling to do more. In 1982, he had a vision of strategically coaching financial professionals to help them grow their businesses. This entrepreneurial spirit prompted Ron to create Auxani Advisors, which now serves those advisors looking for the next generation of retirement products and concepts to meet their clients’ needs.
Ron’s passion for coaching has taken him all over the country conducting workshops, trainings, and seminars to share his knowledge with a variety of financial advisors and firms. To learn more about Ron, connect with him on LinkedIn.
