Unlocking Real Value Blog

Do You REALLY Know What High Net Worth Clients Want?

Do you REALLY know what high new worth clients wants from their advisors? Are your services and strategy – whether you’re an advisor, RIA, sponsor firm or investment manager – aligned with what people REALLY want? Investment News recently printed the results of a Cerulli Associates/Phoenix Marketing International study which ranked the top nine reasons why high net worth clients use advisors.

(Full disclosure – the article did not detail how many people were surveyed, what their average investible assets were or what the definition of high net worth individuals was; but given that these guys are well known and respected in the industry, I’m going to assume that this was a fair sampling.)

In any case, the results should make you sit back and ask yourself the questions – Given my services, am I targeting the right audience? If not, what should I change and how should I change it? Do I change my target audience? Do I adjust/fine tune the services that I offer? A little of both?

Here are the top nine answers – I’m going to present them today in no particular order and provide the answers next week – take some time to think about the answers and rank them – also, think about the relative importance of each. Here’s an interesting point- the top answer was selected by 31.4% of respondents, while the second most popular answer was selected by 19.6% of respondents – quite a difference.

Here you go – the top nine answers – have fun sorting them out! Remember – today they are in no particular order.

  • Protect current level of wealth
  • Leave an estate for heirs
  • Better manage market risk
  • Minimize income and capital gains taxes
  • Maintain lifestyle in retirement
  • Charitable giving
  • College education funding
  • Aggressively grow wealth
  • Improve household cash flow

Have a great weekend!

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