financial services

Targeted Outreach: Marketing to High-Net-Worth Individuals

high-net-worth client hnwi client vertical

Financial services firms have their work cut out for them in attracting high-net-worth individuals (HNWIs).

High-net-worth clients — typically defined as people with at least $1 million in liquid assets — are educated, sophisticated, and often used to the highest level of service. And they can be a significant boon to your business.

But they can also be staunchly loyal to brands that have treated them well in the past and unlikely to switch financial services firms without an extremely good reason.

So, how do you go about drawing in HNWIs? Here are our top tips.

7 Tips for Marketing to HNWIs

1. Provide Exclusive Offerings

The competition to acquire HNWIs is fierce among financial firms. As a result, these clients have learned to expect perks that aren’t offered to the average person. From special deals to personalized support to better rates and/or lower fees, exclusive offerings can help you attract the sort of clients who are used to being catered to.

2. Focus on Tailored Messaging

Emails addressed to “Dear Valued Customer” absolutely will not fly with HNWIs. If you want their business, you’ll have to earn it through tailored messaging that addresses their specific needs, wants and problems. This will require you to gain a deep understanding of who they are as individuals before you begin to solicit their business.

3. Offer Concierge-Level Customer Service

High-net-worth individuals are typically very busy people. They have little time to wait on hold, sit around in a lobby or navigate several different channels to get answers to their questions. A concierge-level customer service department should be established for HNWIs, effectively allowing them to “skip the line” and get their needs met as soon as possible.

4. Reward Referrals

High-net-worth individuals tend to associate with others in the same tax bracket, so a referral program is a fantastic way to bring new business in without much additional work on your part. If your firm is worth referring, your current clients should be more than happy to spread the word. Rewarding referrals (say, offering a bonus for the current client as well as the referred client) helps sweeten the pot.

5. Be Trustworthy

For HNWIs, transparency is key. To earn their trust, you need to lay all of your cards on the table. Hidden fees, shady business practices, irresponsible data privacy practices or poor handling of personal information are instant deal breakers that can cause you to lose not only the client, but your firm’s good reputation, as well.

6. Position Your Firm as a Thought Leader

Next to trust, knowledge is perhaps the most desirable quality in a financial services firm. Clients need to know that you know what you’re doing. And thought leadership is one of the best ways to prove it to them. By regularly keeping your finger on the pulse of the industry and creating valuable, educational content, you make it easy for HNWIs to put their faith in your firm.

7. Build Strong Relationships

Your clients are more than their net worth and they need to be treated as such. Everyone, regardless of their bank account balance, craves a human connection. Building strong relationships increases retention and leads to more satisfied customers. This tip does not just apply to your HNWIs — it goes for all of your clients!

Is Your Financial Services Firm Following the Laws of Attraction?

Attracting financial services clients is hard enough. Attracting high-net-worth clients can seem impossible. But by tailoring your marketing strategies to meet HNWIs on their own turf, your chances increase astronomically!

Whether you need help attracting more clients or keeping the ones you already have satisfied, Mischa Communications is in for the assist. As Cleveland’s premiere financial services marketing agency, we’re uniquely positioned to help your firm thrive! Let’s crunch some numbers.