Expert: Heather Christie, Head of the UK Adviser and Platform Sales Team, Blackrock Investments and Ben Roberts, MPS Manager, Transact Adviser Facilitator: Paul Miles, Founder, Silverback Consulting
Headlines:
- As wealth concentrates among high-income and ultra-high-net-worth individuals, financial advisers need strategies to attract, serve, and retain affluent clients
- Independent advisers have a competitive edge in offering comprehensive, personalised financial planning, which is often lacking at larger private banks. By providing holistic advice on complex wealth management needs, advisers can better cater to high-net-worth clients, helping them navigate intricate financial landscapes and achieve long-term goals
- Outsourcing investment management emerged as a strategic consideration, enabling advisers to dedicate more time to client acquisition and personalised financial planning
- Technology and digital marketing play a growing role in reaching younger, tech-savvy clients and future wealth holders
- Customising approaches to retirement planning, estate planning, and communication is essential in addressing the rising diversity among high-net-worth clients
- Developing a clear, differentiated brand is critical for advisers in the competitive high-net-worth space in order to resonate with target clients, attract talent, and stand out from competitors
Discussion points:
High net worth client concentration and market challenges
As wealth accumulates among high-net-worth individuals, advisers face challenges in adapting to serve these clients effectively. The conversation highlighted the need to shift from mass-affluent services to high-touch, personalised financial planning that addresses complex wealth management needs.
Outsourcing vs. in-house investment management
Outsourcing investment management is seen as a means to free up resources, allowing advisers to focus on relationship-building and advisory services. Participants discussed the trade-offs, considering factors like client preferences, the flexibility of outsourced services, and the ability to maintain personalised investment strategies.
Expanding digital marketing and technology use
Reaching younger, tech-savvy clients through digital channels is increasingly important. The group discussed leveraging social media, influencer marketing, and digital portals to enhance the client experience, ensuring a seamless, tech-enabled journey that aligns with modern client expectations.
Customised approaches for diverse client segments
Recognising the unique needs of diverse client segments, participants discussed strategies to personalise service offerings, create inclusive marketing campaigns, and adapt advisory teams to better serve women, LGBTQ+, and racially diverse clients. Advisers noted that fostering a deeper understanding of client values is key to building lasting relationships.
Building a brand that resonates in the high-net-worth market
A strong, differentiated brand is critical for attracting affluent clients. The group emphasised the need to clearly communicate the firm's mission, expertise, and the distinct challenges they solve for wealthy clients. Effective branding helps attract the right clients and talent, while setting firms apart from competitors.
Key takeaways:
- Assess the cost-benefit of outsourcing investment management compared to in-house operations, with a focus on scalability, client preferences, and resource optimisation
- Explore social media, influencer marketing, and client portal options to reach new client segments and enhance client interactions, particularly for younger, tech-savvy audiences
- Review the firm’s branding to ensure it effectively communicates core values, the investment philosophy, and the unique problems solved for high-net-worth clients, supporting differentiation in a competitive market
- Develop specific approaches for women, LGBTQ+, and racially diverse clients, tailoring service offerings and marketing strategies to address their unique needs and preferences
- Integrate technology solutions, such as client portals and CRM systems, to streamline digital experiences and address challenges like data entry and platform compatibility, creating a seamless client experience
