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How financial professionals can appeal to wealthy investors

It’s a common assumption that nearly all wealthy individuals already have financial professionals, and that could make them difficult to engage as prospects.
October 8, 2024
Woman meeting with a potential investor to talk about TruStage opportunities.

It’s a common assumption that nearly all wealthy individuals already have financial professionals, and that could make them difficult to engage as prospects. But this isn’t always the case; many have quietly accumulated wealth over their lifetimes without the help of others — through higher earnings, real estate, employer-sponsored plans, inheritances or good old-fashioned savings (and a bit of luck).

It’s also important to consider that some affluent investors who are already working with a financial professional may be ready to consider a switch. For example, let’s say an executive accepts a position at a company that requires relocating to a different state. Understandably, they may want to work with a financial professional who is closer to their new home. There are plenty of reasons affluent clients of other financial professionals could be open to an initial conversation.

For financial professionals, this raises an important question: How can you get yourself introduced to that executive or other wealthy prospective clients?

It turns out there are several answers to this question, and the more a financial professional is willing to put into prospecting with a focus on affluent clients, the more potential inroads can be made.

 

Ask a friend or family member

 

Word-of-mouth referrals have been a reliable source of new clients since the dawn of the financial institution. What’s often overlooked by financial professionals is the simple act of asking for those referrals. After all, if you don’t ask, people may assume you’re not interested in taking on new clients.

Assuming your clients are satisfied with your services, you should feel confident reminding them that you’re actively seeking to grow your clientele. When the topic of finances comes up at the next family gathering or get-together, those clients may be reminded of your simple request and be more likely to talk about your services and how you’ve helped them.

You may also consider incentivizing referrals — offering a small gift card for them, for example. Just take extra care to ensure everything along those lines is 100% in compliance with possible company policies that govern you, as well as every financial law and regulation.

 

Ask a professional colleague

 

Professional networks are another avenue for individuals to find a financial professional, especially for older generations. The same principle applies to referrals from family and friends — don’t forget to ask. Influential clients, such as business owners and community leaders, are prime candidates for introducing others in their spheres of influence to your services.

Think about how you can get involved in professional networking opportunities and community-based education and outreach. Step out from the office to attend Chamber of Commerce events, leadership forums or various community gatherings. Offer free seminars focused on the importance of investing for the future or participate in panel discussions and Q&A sessions with other professionals. Being visible and connecting with others outside the office helps build credibility, confidence and connection.

 

Turn to a new generation

 

There’s a looming Great Wealth Transfer, to the tune of $90 trillion in assets.¹ Over the next decade this wealth will be passed down from the Silent Generation and baby boomers to their loved ones. There are few guarantees that those beneficiaries will retain your services, so it’s vital to consider how to build relationships with beneficiaries, starting today. That requires engaging and communicating with them on their terms and in ways they’re accustomed to.

This may require you to refresh your website and optimize it for a better client experience. You may also need to adjust your social media presence to reach more prospects and drive more engagement with prospects digitally. Consider starting an email newsletter or blog subscription that keeps clients up to date on relevant information to them. Better yet, engage with clients through videos via email or Zoom calls. Be available where they are when they are.

The ability to use technology to connect with prospects where they are online is now the norm. The more you can invest in technology, rank higher in search engines, and differentiate your services from other tech-savvy financial firms, the more credibility you’ll likely earn and the better chances you’ll have of attracting younger investors looking for new modern methods of interaction.

 

Resources for financial professionals

 

In the end, it’s good to remember that remaining relevant and connecting with potential clients in ways that speak to them is always best practice, no matter where they are on life’s journey or how much money they’ve accumulated along the way.

If you’re interested in learning more, we’ve got a plethora of resources to help you reach the clients you’re looking for. Follow the link below to access a toolbox full of insights, news and programs you can use to build your business.

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