Advisors Share Tips About Working with and Serving HNW Clients

At the 2023 Symmetry Summit, one of the most popular sessions was a special panel about “How Advisors Are Winning and Serving High-Net-Worth Clients.” Moderated by Symmetry’s Senior Reginal Director Greg Trzaski, and featuring three successful Financial Advisors, the panel discussed best practices, challenges, and opportunities in the HNW arena.

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Acquiring and Working with HNW Clients

Panelist Brian Cote, Founding Partner, Gramercy Park Wealth Advisors, focused on the importance of fundamentals. “[Building] relationships makes all the difference,” he stressed. “Communication and getting in front of the right people.”

Panelist Kelley Grace, CPA, Wealth Advisor and Partner, Eide Bailly Wealth, spoke about her experience working at a large accounting firm with a built-in client base, which creates a lot of “low-hanging fruit.” She has spent time with CPAs and recognized that all of the firm’s HNW clients have come from tax partners.

Panelist Mira Ma, Founder and Principal of Marim Wealth Planning, LLC, said her RIA firm’s Silicon Valley base naturally puts her in touch with executives with concentrated stock options. She works with many dual-income households and HNW clientele with stock options and real estate equity.

Mira added that one of her firm’s differentiators is extensive tax planning. “We have multiple meetings throughout the year,” she explained.

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COI Relationships Are Crucial

Each of the panelists has developed deep relationships with clients and centers of influence (COIs).

“Seek successful businesses—research people and their needs and work on getting introductions,” advised Brian. The key is to build relationships around clients, such as tax attorneys.

Kelley also emphasized the importance of making connections versus asking for introductions. “We don’t want a referral; we want a relationship,” she said.

Through the relationships she’s created with Certified Public Accountants (CPAs), she has been able to be involved with tax planning for existing clients, sitting in on meetings, and earning clients’ trust.

Marim Wealth Management takes a similar approach. “We don’t ask for referrals,” Mira admitted. Instead, her firm has a large network of certified financial planners and CPAs, and they get a lot of referrals from clients or other financial planners who don’t do exactly what her firm does. That’s where having a differentiator helps.

Mira has a background in taxes and real estate, which enables her firm to advise about real estate purchases and equity—something not all financial advisors are knowledgeable about. “We bridge the gap between investment managers and tax preparers,” she explained.

 

Working With HNW Clients

In terms of Symmetry as a COI, the panelists all had good experiences to speak about.

Greg noted how Symmetry can provide “white glove service,”. However, Symmetry can also effectively work in the background. It’s up to what an Advisor wants and needs.

 


 

Information is intended for Financial Professionals. Symmetry Partners, LLC, provides this communication on this site 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 on this site is for educational purposes and should not be considered investment advice, recommendation, or offer of any security for sale. Symmetry Partners does not provide tax or legal advice and nothing either stated or implied in this material should be inferred as providing such advice. Symmetry Partners does not approve or endorse any third-party communications on this site and will not be liable for any such posts.

Symmetry Partners, LLC is an investment advisory firm registered with the Securities and Exchange Commission (SEC). The firm only transacts business in states where it is properly registered or excluded or exempt from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Symmetry Partners, LLC and Apella Capital, LLC, DBA Apella Wealth are affiliated entities.

Investing involves risk, including the loss of some or all of your principal. Diversification seeks to reduce volatility by spreading your investment dollars into various asset classes to add balance to your portfolio. Using this methodology, however, does not guarantee a profit or protection from loss in a declining market.

 

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