Are you ready to move upmarket, attract wealthy clients, and substantially increase your assets under management? Now’s the time to take action.

1. Create business and marketing plans.

According to research from CEG Insights, advisors managing more than $251M in Assets Under Management (AUM) are more likely to have a business and marketing plan.¹

Why? Because strategic planning often plays a pivotal role in driving organic growth. This can be particularly true when it comes to growth through high-net-worth (HNW) clients. Clearly defined business and marketing plans can help set clear goals, illuminate short- and long-term focus areas, improve decision-making, and ensure alignment across your firm.

Consider creating a simple business plan that underscores your vision and goals and includes a maximum of three key strategies for each phase: short-term (less than six months), medium-term (six-to-18 months), and long-term (more than 18 months). Be sure to circulate the plan among your team and consult it frequently.

2. Create a succession plan.

CEG research finds that advisors who manage the most AUM are most likely to have succession plans already in place.¹

A well-executed succession plan can help ensure continuity in client relationships, attract and retain top talent, enhance your practice’s reputation and brand value, ensure business stability and continuity, and allow you to dedicate more time and resources to growth initiatives.

Even if you don’t have immediate plans to exit your practice, building your plan can help your team focus on client relationships, with the confidence that comes from knowing what the future may hold.

3. Offer advanced planning services.

Wealthier clients often have more complex financial needs, and advanced planning services can help you to better serve them. These services – which can encompass wealth enhancement through intelligent tax-mitigation strategies, efficient wealth transfer to heirs, and charitable giving – can help enable the transition from mere service provider to indispensable partner.

Generally speaking, the wealthier the investor, the higher their concern about advanced planning.

By offering advanced planning services, you can differentiate yourself from your competitors, attract a broader range of clients, and deepen your relationships with existing clients. This, in turn, can lead to increased client retention, greater assets under management, and, ultimately, stronger organic growth.

4. Build and leverage a powerful network.

Collaborating with a network of seasoned professionals, such as attorneys, accountants, and insurance specialists, can be crucial for delivering comprehensive and well-rounded services to affluent clients. This is an ongoing process that can involve:

• Identifying the types of expertise required to address your clients’ needs.
• Connecting with professionals you know, seeking recommendations from colleagues and clients, and reaching out to well-known professionals in your community.
• Establishing regular communication channels with your network to discuss client needs, share insights, and coordinate services.
• Scheduling regular meetings to brainstorm solutions for specific clients and working with the clients to create a high-level plan outlining their actions and timeline.
• Ensuring the quality of the services remains top-tier and adapting to clients’ changing needs.

Your network can extend beyond financial services. Keep a list of vetted providers for things like tutoring, lawn services, house cleaning, childcare, home repairs – and more!

Having access to a broad network of trusted professionals can help you stand out as a go-to resource for both prospects and clients and provide value when your clients may need it the most.

5. Offer an experience.

Every interaction with both clients and prospects should reflect how much you value their business and how you’re capable of helping them achieve their goals. The details matter. Make sure your communication is clear and seamless, dig deep to understand the unique needs and concerns relevant to every client relationship, and deliver timely, relevant, and personalized materials throughout all stages of interaction.

If your firm permits it, conduct annual client satisfaction surveys and commit to acting on the feedback you receive. Effective client surveys can help refine your client experience, enhancing satisfaction and loyalty.

Ready to accelerate your growth? Focusing on high-net-worth (HNW) clients can be transformational, enabling your firm to scale faster – and with less effort – than ever before. Implement these strategies to help position yourself for success.

Important Information

Source:

1. CEG Insights, “Play to Win: Driving Organic Growth by Helping Clients Live Their Best Lives," January 2023.

The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice.

This information has been created by Harbor Capital Advisors for Financial Professionals. It’s important to consult directly with your firm’s compliance department to obtain precise advice based on their policies, procedures, and any industry-specific regulations.

Methodology:

These survey results come from CEG Insights, “Unleashing the Power of Organic Growth: Ten Key Drivers for Financial Advisors.”

Advisors surveyed: 706 financial advisors across the United States from all distribution channels. Issues investigated: State of the advisor market; overall practice review, including assets, clients and capabilities; key concerns; issues with vendors; challenges in growing the practice; niche focus; financial planning services. Timeframe: June 2023.

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