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Planners told us that working with HNW clients needs special care and attention as clients may be cash rich but time poor. Using client time saving techniques, such as planning clear agendas for meetings, often went down well.
They warned, however, there was no 'one size fits all' approach and all need personal attention to deal with often complex financial needs.
Some also warned about the dangers of over-strict client segmentation which may mean clients with smaller assets now - but the potential to become HNW clients - could be overlooked.
The full article on working with HNW clients, which includes highlights of a report on the global HNW client sector, are in the latest Financial Planning Today magazine which is free to view.
Highlights of the top 10 tips are below with the full article in the magazine.
Top 10 Financial Planners' Tips on Working with HNW clients
1. It is important to recognise that many HNW clients need personal handling and attention which recognizes that they may be cash rich but time poor.
2. They may also need particular advice that less well off clients may not need, for example more complex trusts, gifting and philanthropic planning.
3. Client referrals are likely to be the main way to source HNW clients as well as events such as company summer parties, talks to accountants and local clubs and charities and so on.
4. Share information and updates with clients through newsletters, blogs, emails and phone calls.
5. Trust is key so work hard to build it and make sure your local reputation is good as “reputation is vital.”
6. Be careful when setting minimum investment sizes for clients because smaller clients can one day turn into HNW clients.
7. Do talk about trusts, gifting, philanthropic gifting and legacy at an early stage.
8. Remember there is no one ‘identikit’ high net worth client, they are all different.
9. Plan meetings with these clients well ahead and set agendas to save time and keep meetings focused. Get data together in advance.
10. Meeting other professions can be a good way to find referrals. Take time to run seminars for accountants on areas such as LTA or trusts.