Interested in getting more affluent clients? If so, you should understand today’s post-pandemic wealth investor. In June 2022, our 2022 research project for 1,002 investors identified five wealth trends.
- Wealthy clients want to learn, especially from their advisor—This is not surprising given the constant volatility in the market. In times like these, people want information and guidance. They want to understand what is happening in the world and how it affects their investments. This information is most effective when it comes from you, their trusted financial advisor.
So they pay attention to your messages; participate in educational webinars, educational events, podcasts, videos and newsletters. Only 8% of post-pandemic high net worth individuals say they would “not attend” an educational event held by their financial advisor.
- Friendship affects relationships with wealthy clients –think in terms of an emotional connection with each affluent client. This should be priority #1! It directly depends on the client’s willingness to connect you with others. Advisors who have made these efforts (spending time with clients) during the pandemic have benefited and will continue to do so.
Also, if you want rich clients to appreciate you, be friends with them. Eighty-eight percent would rate their counselor an 8 or higher (on a scale of 1 to 10) if they were a friend.
- Customer acquisition requires confidence and directness –About 8 out of 10 high profile affluent clients will be willing to give you an email introduction if asked.
A third of wealthy clients who made zero referrals last year said they would personally introduce you if asked. The secret is continuous sales skills without beating around the bush – be direct.
- Wealthy investors are changing the way they seek advisors —No wonder we are immersed in the digital world. This is not just a game for young people. Sixty-six percent of the current post-pandemic affluent over 65 research a potential financial advisor online. Advisors must embrace social content, digital advertising, and web design—all of which directly influence the decision-making of today’s affluent.
- Client stories are coming back –After being locked out for the past two years, post-pandemic wealthy investors are ready to jump in on the action. Only 12% said they would not attend an event organized by their advisor.
Additionally, the more wealthy investors are in contact with their financial advisor during a pandemic, the more likely they are to make a referral (bring a friend to the event).
These post-pandemic wealth investor trends aren’t rocket science. On the surface, they feel like common sense. But common sense is not always a simple practice. Take action and follow through, and you’ll take advantage of today’s post-pandemic wealth of opportunities.
By Matt Ochsley How to Build a 21st Century Financial Experience: Attracting, Serving and Retaining Wealthy Clients. www.oechsli.com