Top 10 Tips for Winning Wealthy Clients

For many financial advisors, the goal is to find clients with assets between $1 million and $5 million, which is somewhat of a sweet spot. But many older including high-net-worth individuals are used to managing their money in a certain way and might not be interested in a change.

Investors between the ages of 21 and 45 could offer more liquidity because they will likely experience life-changing events that require financial planning. This age demographic is also likely to be open to new ideas, though they tend to have less money than older clients.

Having a target demographic is a good idea, but you don’t want to close any doors. The main goal should always be to act in your client’s best interest. This alone will lead to the most long-term business. So how do you get the ball rolling??

Key Takeaways

  • High-net-worth individuals are those with at least $1.1 million in assets managed by an advisor or a net worth of more than $2.2 million.
  • One of the most effective ways for financial advisors to meet new clients is through introductions and referrals by existing clients.
  • Financial advisors can build their brand and establish their authority on a subject by writing blog posts or books and speaking at schools.
  • Hosting events, playing sports, getting involved in your community, and becoming active on social media are great strategies to meet new clients.

1. Attain Referrals From Existing Clients

Word-of-mouth is one of a financial advisor's best tools. It's still one of the most effective ways to reach new clients. Ask existing clients to introduce you or recommend your services to friends or family who may be interested in working with a financial advisor.

2. Establish a Referral Network

Get to know professionals—including doctors, lawyers, real estate agents, and CPAs—in your neighborhood and around your workplace. Sending business to each other via referrals is simple and effective. The best deals are ones where both parties win.

3. Use Social Networking

Using Facebook, LinkedIn, and X (formerly Twitter) to market yourself as an expert and find potential clients isn't as effective as often advertised, but any financial advisor not using these tools will appear archaic or not up to date with today’s technology. That's a turn-off, particularly to young investors.

4. Start a Blog

Blogging about financial tips and offering your thoughts on current market trends might seem time-consuming, but the key to success is consistency (and brevity). If you update your blog on a regular basis—at least twice per week—you will see your search engine rankings rise. This will start out slow, but the upward momentum will accelerate as long as you stick with it. This will lead to clients coming to you instead of you having to search for them.

5. Write an E-Book

If you want to be a respected authority in your field, strongly consider writing an electronic book. The easiest way to do this is through Inc. (AMZN) and its Kindle Direct Publishing (KDP) program. It doesn't cost anything and in addition to finding clients, you could collect royalties.

To find clients, leave your contact information at the front and the back of the book. Targeting the front of the book is important because readers using KDP can view the first 10% of a book for free with the “Look Inside” feature, which helps capture the browsers.

Once you have a few books centered around a certain niche, Amazon will see that you’re serious about writing, and your search rankings will improve. If you’re seeking high-end clients, write books on topics that interest them.

6. Get Involved in Your Community

If you want to meet more prospective clients, try getting more involved in your community. Consider volunteering for local nonprofits, participating in networking events, and attending community meetings. These events can be a great way to meet new people while building trust and establishing positive relationships with prospective clients.

7. Host a Party

Hosting events for clients—or even throwing a birthday party for a particular client—can be a highly effective way to impress existing clients and reach new ones. Encourage guests to invite their friends and family, and ask to be introduced. This is an excellent opportunity to make many new connections in just a few short hours.?

8. Buy Season Tickets

Take a page from corporate marketing departments and buy season tickets for a professional sports team, the opera, ballet, etc. It might be expensive, but it should be well worth the investment. You can take clients to games or shows, which will help retain them. And the more tickets, the better; a client is likely to invite a close family member or friend, which then allows you to form new relationships and land new prospects.

9. Talk at Local Schools

Contact high schools and let administrators know that you would like to talk to students about financial literacy and financial planning. This is valuable information that too many students don't have access to, and many schools will jump at the opportunity. You may not have the chance to pass out business cards and pamphlets, but you can encourage your audience to ask their parents about finances, saving for college, and planning for retirement. The teachers and administrators will be listening too.

10. Play Sports

We all know that golf is a great game for networking, but it's a sport usually reserved for a foursome. If you want to increase your exposure, consider joining a tennis academy, softball league, or local fitness center. You might not find as many qualified leads as you would via golf, but you will find lots of opportunities.

What Do High-Net-Worth Clients Want?

High-net-worth clients want what all clients want—to feel that the person managing their money understands them, understands their goals, understands the business they are in, and is capable, knowledgeable, and trustworthy.

Where Can I Find Wealthy Clients?

Finding wealthy clients can be done by word of mouth through your current client base, as well as participating in charity events, volunteering, and attending sporting events.

What Is Considered High-Net-Worth?

A high-net-worth individual is considered to be someone with at least $1.1 million in assets managed by an advisor or a net worth of more than $2.2 million.

The Bottom Line

Many methods for landing new clients are tried and true, from networking to golfing. But thinking creatively and going the extra mile—or spending the extra dollar—to find leads in unusual circumstances may be worth it in the end.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Harvard Law School Forum on Corporate Governance. "SEC’s Recent Decision Regarding “Qualified Client” Status."

  2. Amazon. "Self Publishing."

  3. Kindle. "Look Inside the Book."

Take the Next Step to Invest
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.