If your advisory firm isn’t working with high-net-worth (HNW) clients, you may want to consider tailoring some of your services to meet this demographic’s needs.
HNW individuals and families can provide a substantial opportunity to grow your firm. They can help generate additional business—and their need for elevated service, solutions, and support can create ongoing opportunities to enhance your relationships and show your value.
Let’s start by defining wealthy individuals:
More than 13 million households in the United States have a $1 million or more net worth, over 8,000,000 households have a $2 million or more net worth, and around 5,670,000 households have a $3 million or more net worth.[1]
In the United States, the number of millionaires is estimated to grow by 16% over the next five years, with a 27% growth in investors with $50 million+.[2]
With more than 22 million investors in the United States with more than $1 million to invest, there’s plenty of opportunity to add HNW clients to your firm.[3]
HNW individuals frequently hire financial professionals to oversee their finances; however, only 62% of millionaires utilize Financial Advisors to help manage their wealth.[4]
And, when they are working with an Advisor, they may end up changing Advisors if they’re not receiving enough customized service, they feel unsupported, or their Advisor doesn’t provide the products and services they’re looking for.[5]
To attract and retain HNW individuals, it’s essential to recognize their needs and objectives. Most seek services including:[6]
Identifying the specific needs, expectations, and priorities of each HNW client is critical so you can customize plans and strategies to help them achieve their goals.
Interested in learning more about working with HNW clients? Access A Guide to Working with the High Net Worth, which provides strategic tips to help you attract and serve this demographic.
Developing a marketing strategy to target the HNW can be challenging, leading you to question:
The experienced team at Symmetry Marketing Group provides marketing, branding, and digital marketing to help you reach this unique audience.
Your Symmetry Regional Team can also provide business intelligence and customized consulting to help you solve the complex financial needs of almost any HNW investor.
This material is for educational purposes and is intended to be used by financial professionals. Symmetry Partners, LLC (“Symmetry”) provides this communication as a matter of general information. Information contained herein, including data or statistics quoted, is from sources believed to be reliable but cannot be guaranteed or warranted. Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions. All content is for educational purposes and should not be considered investment advice, recommendation, or offer of any security for sale.
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[1] Griffiths, John, NCESC.com, “What Percentage of Americans Are Millionaires (2023 Updated)”
[2] 2023 Credit Suisse Global Wealth Report
[3]Sabatier, Grant, Millennial Money, “Millionaire Statistics for 2023”
[4] The Advisor Coach, “8 Tips for Attracting UHNW Clients” (as of December 2023)
[5] PwC HNW Investor Survey 2022
[6] Spectrum Group Wealth Management Redefined, 2021