They’re Looking for You: How Rich Customers Find an Adviser

They’re Looking for You: How Rich Customers Find an Adviser

When an affluent person is looking for a financial adviser, how do they begin their search?

That’s an essential question to consider, because knowing the answer will help you position yourself squarely in their sights – right on target with your target audiences, if you will.

It’s curious how often marketing campaigns are assembled without pondering this basic query. Where are the wealthy looking for you? A recent poll of investors who comprise an appealing group of target clients – people earning $500,000 per year or more – turned up some illuminating and useful results. 

The respondents were divided into three age groups: 45 and younger, 45 to 65, and 65 and older. In the two senior groups, the commonest first step when searching for a financial advisor is to seek the advice of family and friends – 46% and 45%, respectively, gave this answer. Meanwhile, among the youngest cohort, only 39% sounded this response.

For the 45-and-younger group, the commonest first step is to conduct an online search – 43% said so. Among the middle group, 27% said an online sweep was their first step, while only 10% of the 65-plus group said the internet was their first port of call when looking for a financial adviser.

Interestingly, just 13% of the 45-and-under group said they’d first ask another professional for advice on selecting an adviser. Among the oldest group, 34% gave that response. Direct human contact seems to be lessening in importance, at least when taking the first steps in selecting an adviser – or perhaps the younger affluent crowd is simply more confident in their abilities online than the older respondents.

The value of personal recommendations from reliable family members, trusted friends and knowledgeable professionals is unlikely to simply wither away. Rather, the survey suggests that for advisories hoping to excel in the future, a strong online positioning must become the cornerstone of their marketing and client acquisition efforts.

For more information, please read:
How Do the Affluent Search for a New Financial Advisor? | Wealth Management

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