How to Serve High-Net-Worth Clients

Once you’ve decided to add high-net-worth (HNW) clients to your roster and learned some strategies about how to attract them, it’s time to find out how to serve them and deliver an excellent client experience.

Here are three key strategies:

Strategy 1: Exceptional Service

The HNW demand high-touch service, including:

• frequent communication
• consistent service
• personalized attention
• customized onboarding experience

They want to work with an Advisor they trust who can problem solve, strategize, and prioritize managing their money.

And they need assurance that you can adeptly, confidentially, and dependably manage their financial matters. As that trust grows, so does the likelihood of them referring your services to other HNW individuals.

It takes more effort to manage and maintain a HNW client’s assets since they have more diverse investments, complex financial portfolios, and different financial goals that an average investor. However, the investment of time is worth it—86% of the HNW will pay more for a great customer service experience.[1]

Strategy 2: Education

Your role as an Advisor is to help educate and empower your HNW clients about complicated topics, including investing, taxes, estate planning, and philanthropy with relevant and timely updates.

Educating clients about the markets and financial planning can also help you establish yourself as a trusted resource—and support new business efforts.

What type of expertise are the HNW looking for?

• market and economic trends
• market commentary
• new product information
• product performance updates

And how can you provide that expertise? Here’s a breakdown on how top-performing firms educate their clients:[2]

• 92% — one-on-one education
• 80% — newsletters
• 68% — engage with next-generation/family
• 62% — website articles/blogs
• 58% — social media
• 43% — white label materials from partners
• 38% — educational workshops
• 18% — podcasts

Strategy 3: Ongoing Advice

More than half of affluent investors don’t have the knowledge and support to make investment decisions during times of volatility and nearly 42% aren’t aware of investment-related risks.[3]

Providing ongoing advice is essential to supporting and retaining HNW clients.

Not only are you monitoring your clients’ financial situation, but you’re also monitoring market trends, the availability of new solutions, and investment performance—which can help you identify potential opportunities for growth, tax optimization, and risk mitigation.

Regarding communication, here’s how the HNW prefer contact from their Advisor:[4]

• 37% — phone or video call
• 22% — mobile app or chat
• 21% — email
• 20% — in person

Checking in with your HNW clients periodically is essential. It helps you keep track of their life situations, determine their current focus, and manage their expectations. Then, you can modify their plans and portfolios to help ensure their ongoing stability and growth.

Ready to learn more? Access our complete Guide to Working with the High Net Worth.

The Symmetry Regional Team can help guide you on our HNW solutions including Axiom Personalized Direct Investing and Tax Alpha and provide business intelligence and consulting services to address the intricate financial requirements of HNW investors.

Need help reaching the HNW audience? Symmetry Marketing Group provides marketing, branding, and digital marketing expertise. 

This material is for educational purposes and intended use is for 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] . SuperOffice, “32 Customer Experience Statistics You Need to Know for 2024,” 2023

[2] 2023 RIA Benchmarking Study

[3] Capgemini, “World Report Series 2023: Wealth Management”

[4] PwC HNW Investor Survey 2022