How To Find High Net-Worth Clients [7 Secret Strategies]

How to Attract High-Net-Worth Clients as a Financial Advisor in 2024

Dear financial advisor, you are looking for clients, right?

Listen up: I have a surefire way to find those high-net-worth clients you seek.

I'm always on the lookout for new clients. And let me tell you, buddy, I'm picky. I like my clients to be successful and well-off. People who are successful and well-off - like millionaires and billionaires - have problems that I can help solve. It’s simply the nature of our job and they happen to be the perfect prospect.

Before I move further, let me tell you about an exciting opportunity that can help you elevate your game as a financial advisor. Book a call with our consultant and sign up for our trainings, which are specifically designed to help you attract and retain high-net-worth clients. Now, as promised, I will share with you some of the things I've learned over the years that will help you reach HNW individuals. So let's get started!

Understand The Needs Of HNW Individuals

Here's an analogy: if you want to sell a product such as a car, you have to know what people want before you can sell it to them. You need to understand what motivates them and what problems they're trying to solve with their purchase decision before offering a solution that meets those needs. Are they looking for the best price? Are they looking for a no hassle experience? Do they need the car for work? Leisure? To haul a big family around? Fuel efficiency? Or something fun and sporty?

The same holds for advisors trying to attract HNW individuals. If you don't understand how these clients operate, developing a marketing plan to attract them will be challenging.

Most of these wealthy individuals want something that can help them achieve their goals without much effort and stress on their part. Remember, they’re successful because they (most likely) run their own business or simply work a lot to become a “HNWI”. They don’t have time to do the things you’re good at - like formulating a retirement plan, figuring out what the best key-man policy is, or developing a pension plan that’s right for their company and employees.

Other than that, they are also interested in being able to spend more time on things other than their business, such as family, hobbies, and travel.

The best piece of advice I would give anyone trying to attract wealthy clients is to focus on their "investment patterns." With that in mind, HNWIs are "event-driven investors," meaning specific needs influence their investment decisions, such as retirement planning, a liquidity event, forming a new entity, property purchases, and a dash of charitable giving. Therefore, ensure you show your mettle in these areas if you want these "big fish" to take you seriously. You should be able to offer a comprehensive service package that centers around estate planning and tailor-made wealth management strategies.

But wait! Having the knowledge in any of these areas is only half the equation because what matters is how you use it to unearth their needs - and that's where an eye for opportunity comes in.

That's right - you need "science" to identify needs the client never thought about from the onset. And the thing I love about science is that it is results-based. You can test and verify the process, tweak it, and get better results.

That's why you need bullet-proof sales training that works - proven strategies that can pass any acid test and repeatable, verifiable results. The Taylor Method ticks all of these boxes and more. The training is designed to help you attract and retain high-net-worth clients by helping you understand effective "sales language" and strategies that would help you sell them on your value proposition.

How to ask the right questions to extract maximum information so you can uncover opportunities for a sale? What are their concerns? How to anticipate their possible objections and quell it beforehand? How can you get them to buy now and not wait till later? These are just some of the questions the sales training for financial advisors perfectly answers!

How To Attract Wealthy Clients For Your Financial Advisory Service

The "approach" is where it begins.

The approach is how you fill your calendar with high-net-worth clients. It's how you find the right people to build a relationship with. If you're not doing this right, then there's no way you will find the clients you want.

Do these:

Get Out Of Your Comfort Zone; Conquer Fear

If you're uncomfortable going after wealthy people, get over it! You have to become comfortable approaching them because they're not going to come to you. It's not like they will see your ad on Google and call for an appointment. You have to find them, speak with them and convince them that you're the person who can help them achieve their goals.

But in reality, the prospect of meeting wealthy people fills most financial advisors with fear. Are you one of them? Whatever the case, the Taylor Method is a sales training system for financial advisors that can help make it easier by teaching you how to overcome your fears and reach out to high-net-worth individuals (HNWIs).

I did it. I’m in my 22nd year in the business and I still keep my planner book from when I first started out at New York Life. I was writing $20/month policies in year 1!! Today I work with athletes, celebrities, business owners, and high net worth families.

Keep reading… I’m giving you my play book!

When Asking For Referrals, "Prospect Up"

Every financial advisor knows that asking for a referral is one of the most powerful tools to reach new prospects. But you don't want to get just anybody in your sales pipeline - you want clients with problems that can write checks. And not every single client will be a HNWI, but it’s possible that they know someone who is. That's where prospecting up comes through.

The problem I’ve seen with many advisors when asking for referrals is that they aren’t specific enough in what kind of referrals they want.

Here's what I mean: ask your clients to refer you to people who are a little further up the wealth pyramid than they are.

Here's how it plays out: let's say you're an advisor working with a guy that flips burgers who wants some help planning their retirement. You could ask them for referrals by saying something like, "Who do you look up to for their financial accomplishments?" 9 out of 10 times, they'll give you names like their managers, a wealthy family member, or a friend. Those are great targets! Next, take it up from there and ask for the referral..

And after you meet with that referral, ask them the same question. “Who do you look up to for their financial accomplishments?”

Access my free Prospecting Video Series to see how I implement the “Prospecting Up” strategy.

 

Connect With Empathy

This isn't about being fake or putting on a show—it's about making yourself relatable. High net-worth clients want to know that their advisor understands them and can relate to their issues, whatever they may be. If you want someone to trust you and open up, start by showing them that you understand them and what they're going through. When they trust you and like you, they'll be more likely to work with you.

The best way to master this is to get into the habit of asking questions and asking them well. It's easy to ask questions like: "What do you do?" "Where do you live?" But these questions can be answered by your prospect in just a few words, so they don't give you much time to figure out if this person would be a good fit for your practice.

Instead, ask questions requiring more than a yes or no response. Some examples include:

● How did you get started?

● What do you love about what you do?

● What was your biggest challenge so far?

Listen carefully while they share these things with you — don't interrupt them or change the subject back to yourself! As they talk about their lives, business, and goals, ask follow-up questions that help them think about what they want next or what their priorities are right now (that's where your services will fit in).

Give

It sounds simple, but it is powerful! "But what can I give?" Here's a Steve Goodier quote for an answer: "Money is not the only commodity that is fun to give. We can give time, we can give our expertise, we can give our love, or simply give a smile. What does that cost? The point is, none of us can ever run out of something worthwhile to give."

Back to you: Offer free advice or consultations on wealth management; offer to volunteer for charity events; refer people to other professionals.

The benefits of giving are twofold:

● Your heart feels good; and

● You attract more of what you want because people recognize what you've done and want to reciprocate in some way. Let me put it this way: when you give, and give, and give without any expectations of getting something in return, that’s actually when you see relationships with prospective clients spark up. Giver’s Get. Remember that..

Show Your Expertise

While it is probably true that HNWIs have money burning a hole in their pocket, they will not rub it around on some cookie-cutter financial planner who can't even make eye contact with them. The only way to capture their interest is with the sparkle of your diamond-studded expertise.

So how do you show them this expertise?

Show Your Track Record

One of the most important things that a high net-worth individual looks for in a financial advisor is a track record of success. They want someone who has been around long enough to know what they are doing and how to do it well.

Build authority

One way to build authority is by writing articles and white papers on topics relevant to your target market. It will give you credibility as an expert in your field, making you much more attractive as a financial advisor for HNWIs. You need to understand that HNWIs do their research and would observe you from afar before they commit. You need to ensure that they see this expertise shining through with every word that comes from you, whether written or spoken.

Use Personal Observation

Personal observation is the idea of simply paying attention to your surroundings and noticing specific nuances about people. You can use this strategy to find high-net-worth clients too. But it would be best to rid yourself of this success sabotaging mentality first: many advisors believe they must be in the office dressed in a suit, carrying a briefcase, and speaking with an accent (half joking here). The truth is, you can build a relationship with wealthy clients anywhere. Ensure you can spot and seize opportunities to engage them - whether at a networking event or on your way to work. I’ve met several future clients by simply engaging with strangers while I take my daughters to the park on Saturday mornings. (You’ll have to sign up for the premium content to see this in action)

When it comes down to it, there are only three things that are important for successful relationship building:

● Your willingness to make an effort;

● Your ability to connect with people as a helpful "solutions provider," not a salesman;

● Your ability to make them realize they need your help.

It makes sense, right?

The actionable advice and mentorship the Taylor Method provides can help you here. You will acquire strategies and "languages" you can repeatedly use in prospecting with HNWI and close 6-figure deals even if you're having fun at the park just like I did.

Finally…

Leverage The Experience Of A Active Million Dollar Round Table Top Of The Table Producer

As a financial advisor, you know that the best client is a successful person, because successful people have problems, and enough money for us to work with to help them solve those problems. Yet, how will you reach them without guidance on how to secure them? If you're tired of prospecting for high-net-worth clients without a positive result and looking for an easier way, why not seek the strategies of an expert like myself by signing up for the Taylor Method?

I'm a top 1% producer (MDRT) who has been helping advisors like you for over twenty years now. As part of my program to help other advisors, we have developed the Taylor Method - a proven method to help you find your next million-dollar client.

The Taylor Method is different because it works by leveraging real-life "lessons" from my experience and top producers like me who had used these techniques successfully before you probably even got into the industry!

Conclusion

Be bold. You won’t get anything from this business if you aren’t willing to be bold. You’ll hear NOs wayyy more than you’ll hear YES in this line of business, and if you follow proven strategies from top producers like myself, you’re going to have a leg up on the competition.