A Special Relationship: Making Rich Clients Happy in Ways the Other Advisors Won’t 

A Special Relationship: Making Rich Clients Happy in Ways the Other Advisors Won’t 

They’re the customers of most financial advisers’ dreams: top-level executives enjoying multi-million-dollar incomes.

There are a surprising number of these attractive clients out there, the kind that lay the foundation for a successful practice, one that’s remunerative for you and your firm. But if they’re the ideal clients, why are so many of them complaining about poor service?

In a time of intense competition and myriad choices in the financial service sphere, you’d think high-net-worth customers would be receiving platinum-plated service. The reasons they’re not, it seems, are simple – perhaps even simple minded. The rich, it seems, are often perceived as leading lives without care, their few problems easily solved, usually by deploying a bit of cash.

Not so – surveys reveal that top executives lead finely scheduled lives with little time to contemplate the instructions of their financial adviser. They’re afraid of lawsuits. Big money can bring big expectations from family and friends and bitter squabbling often divides them from loved ones. Taxes are a terror: minor gaffes can mean surprise bills and knotty trouble with the authorities. Cybercriminals are eyeing them. Kidnapping is a real threat. 

The list could go on, but we bet you’re exhausted just reading it. Imagine if you had to live it.

How can you help relieve this burden and earn their loyal business? First, you’ll need to up your own game. Their estate, taxation and legal planning must be conducted with a sophistication beyond the levels that satisfy most clients. It won’t be enough to simply know about issues, like tax changes, new financial products or trends in divorce protection: you’ll need to be expert in all of them. 

While it makes sense to bring in experts to handle the nitty-gritty details, say of contracts and so on, it is your own expertise in wide-ranging issues – and diligently-gained knowledge of the particular needs of the individual client – that will prevent wealthy customers from making damaging missteps, and recognize the right strategy for growth and security, right from the start. 

For more information, please read:
What High-Earning Executives Need, and Aren’t Getting, From Advisors | ThinkAdvisor

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