1. They rely on corporate “Seminars” to get leads (do you think HNW individual has time to spend hours for such events?)

2. They rely on “Referrals” to get leads (why would HNW individuals put their reputation on line and work hard for your paycheque?)

3. They do FREE “hope” social media marketing to get leads. (most advisors make their Admin, so called marketing person, post random things on their profile)

4. They spend little to NO money on Paid Client Acquisition methods (most advisors can’t send money and think small when it comes time to writing cheque…this behaviour contradicts to HNW and you will never attract HNW as they can almost sense you are not like them and will avoid you at all cost…HNW protects their mindset and environment more than money)

This Results in Financial Advisors struggling to get quality clients…with NO predictability 

So now that you know the mistakes you may be making…let’s talk about 

HNW are individuals that has high liquid financial assets and generally have complex financial needs

Following are some categorization of HNW

Affluent or Sub-HNW: $100,000 to $1 Million

HNW: $1 to $5 Million

very-HNW: $5 to $30 Million

ultra-HNW: $30 Million and above

The World Wealth Report 2018 published by Capgemini gives a good view on where the HWW lives

Following are the regions in the order:

1. Asia-Pacific: 6.18 Million Individuals
2. North America: 5.66 Million Individuals
3. Europe: 4.83 Million Individuals
4. Middle East: 0.66 Million Individuals
5. Latin America: 0.60 Million Individuals
6. Africa: 0.17 Million Individuals

Now thats a lot of people and it grew by 9.5% last year, which is a big rate of increase

So now that you know how many HNW individuals are there in the world…

You must be wandering…

So here is some good news…and the REASON whey every Financial Advisors dreams of getting HNW clients…

HNW are willing to pay higher FEE for premium service

Here are key requirements of HNW

1. Advise: Yes as simple as it sounds but most HNW really needs a lot of help and advice when it comes to finance and investment management around their personal situation
2. Wealth Protection: A lot of HNW are more concerned about protection rather than pure growth, they need sound investment planing to meet their protection goals.
3. Retirement Planning: A lot of HNW wants help to property estimate their retirement income from their investments and plan a proper timeframe to retire.
4. Estate Planning: This is a challenging problem for HNW as they want to consider various complex items with their next generation family and charitable needs.
5. Premium Service: Most HNW fire their advisors for not returning their phone calls or email response. HNW typically works with 2 of more wealth management firms to make sure they are well diversified.

So as you can see there is a lot of opportunity to help HNW in their future planning and something all Financial Advisor must focus on..

So now you must be having the Million Dollar Question…

So there are 2 parts to this question..

#1 is where can you find HNW individuals?

#2 (more important) how can you grab their ATTENTION?

The old way of finding HNW clients is to go after the #1. This is when you spend time joining elite clubs, going to high end charity events, arranging high end events, etc.

These strategies don’t work these days but even if it does, then you still need to be able to do #2 which is get attention?

So this is where the Top Advisors, one who are crushing, focus on…

Grab Attention…

Luckily technology and marketing has advanced so far that it is easy TODAY than ever before to do this (if and only if) done correctly…

Now there are literally 100s of different ways to do this from marketing stand points but here is a big picture view…

You will GRAB HNW Attention but Speaking Directly to their Problems…

Think about it…these HNW individuals are always worried about something that is bothering them…

If you can put a MESSAGE that resonate (key point) in front of them…

And offer then some Insight, Education and Solutions…

You will GET Them…

One easy way to do that is using Social Media such as LinkedIn and Facebook 

Identify  -> Craft a Message -> Offer Insight -> Ask For Contact Info -> Follow up To Get Appointment -> Present Your Solution -> Close

If you can demonstrate that you understand their Pain point and Problem and has the best Solution…They will work with you hands down…

Good news…HNW individuals are busy making money and running their businesses and empire…

So the faster your can solve their problem the better…

Take TIME out of the Equation…reduces your Sales Cycle so its a Win-Win on both end…