Research shows that having a good relationship with your financial advisor is important. This means that you should trust your advisor and have a good plan.
Elite advisors who attract the highest net worth clients employ creative tactics that focus on building relationships that foster trust. Consider expanding your marketing efforts to include these tactics:
1. Find Your Niche
CEG Worldwide estimates that 70% of top financial advisors, who earn $1 million or more annually, focus on a particular niche market of clients. This is primarily done in order to differentiate themselves in a competitive environment.
You can focus on who to serve by defining your goals and understanding who your ideal clients are. In addition to setting financial guidelines, you might be able to narrow your niche.
There may be a number of firms in your area with high-level executives in manufacturing. You could also look at your current clientele.
For example, if you service a number of individuals in the medical field or you have a knack for relating to millennials, you should focus on attracting more clients within that niche as you build your marketing strategy.
You should be willing to provide your services to anyone who is a good fit, but it is a good idea to start with people or businesses that you already know something about.
2. Introduce A Loyalty Program
In exchange, they get 10% off all purchases, as well as free shipping on orders over $50. Loyalty programs offer special benefits to subscribers who may pay a fee for the program. For example, members of retailer Altitude Sports pay a lifetime membership fee of $34.99 and in exchange receive 10% off all purchases and free shipping on orders over $50.
Employees at Amazon get some great benefits like a 5% discount on most items they purchase, early access to sales, and free returns on any items they order.
Loyalty programs can also use a points system where a certain number of points earns customers different rewards, without requiring payment. For example, the clothing retailer Girlfriend Collective offers both points and perks like order discounts.
Loyalty programs are effective in getting customers to return to your online store because they offer incentives such as using points to get a free gift, free shipping, or a percentage off the purchase price.
3. Create An Email Win-Back Campaign
Email is a way to stay in touch with customers who have already visited your store and made a purchase. This makes it a good channel to encourage them to buy again.
It’s an effective way to engage customers who haven’t purchased in a while.
A win-back campaign is a type of lifecycle marketing that is very valuable for your product marketing strategy. This type of marketing seeks to engage a customer based on where they are in the customer journey.
In this case, the customer has already made a purchase, so the right message to send them is one that encourages them to come back.
Drew Sanocki calls this type of win-back campaign a one-two punch, because its goal is to convert first time customers (F1s) into repeat customers (F2s). Here’s how it works:
Who the email marketing campaign targets
Configure your email campaign to target new customers. Set the first email to send 30 days after their initial purchase, but only if they have not made a second purchase within that time frame.
After you send the first email, any customers who purchase will be removed from the list so that subsequent emails are only sent to those who haven’t bought yet.
Email 1
You’re receiving this email because you recently bought a product from us. Based on that purchase, we think you might be interested in another item that we have. It could be part of our core collection or it could be a limited edition item. Either way, we hope you’ll check it out.
This email is intended to remind customers of your other product offerings, rather than to provide them with coupon codes.
Email 2
You may be entitled to a small promotion if you take action within the next 30 days. This could include 10% off your next order or free shipping.
Email 3
The third email offers a promotion that is 15% higher than the last one. The new promotion could be something like 25% off or 15% off with free shipping.
Email 4
An email offering a discount to customers who haven’t shopped at a store in 120 days is a great way to bring them back!
The reason why customers are not interested could be found by including a survey in the email, asking what would lead them to make a purchase. An email leading readers to a survey, such as the one from vitamin company Ritual, could provide this information.
If you want to unsubscribe people who haven’t opened an email from you in the last 60 days, you can do that. You can also unsubscribe people who select one of the options.
You can use whatever method you think will be most effective in reaching your customers for this campaign. This could include email, pop-ups, paid social ads, or a direct-mail postcard.
4. Email Or SMS Sign-Up Coupons
Sending emails to potential and current customers is an effective marketing strategy for your product. It’s a great way to keep them engaged.
If you want people to sign up for your mailing list, you might want to consider using a pop-up that offers something in exchange for their subscription.
You can increase the likelihood of a first-time customer making a purchase by offering them a promotion, such as 10% off their first order or free shipping.
Postscript is a Shopify plugin that allows you to keep in contact with customers through text messaging.
5. Release New Items On A Schedule
If you are looking to release new products on your online store on a regular basis, you might want to consider having set days for product launches, such as every week or every month.
If you announce a new drop date to your customers, they will be more likely to visit your website or open the announcement email to see what it is.
The website Mejuri sells fine jewelry and launches new products every Monday that follow a design theme. Customers check back often for new releases.
For customers who are interested in the brand, each new “Monday Drop” creates excitement to see what is new. The new “Monday Drop” is featured on the homepage of the website and announced in an email.
6. Build A Subscription Model
While it might not be immediately obvious, offering a subscription to your products is a marketing strategy. By doing this, you are effectively positioning your products as something that will become a necessary part of your customer’s life.
Although it requires more effort, creating a subscription model is a very successful way of generating continuous income.
If your product needs refills, you can make a subscription that automatically renews on a regular timetable. Customers won’t have to come to your store or even think about needing more before you send them a refill.
Fresh Patch sells grass patches that are grown hydroponically. The company sees most of its revenue from subscriptions, with 80% coming from subscriptions.
Your company could offer customers a subscription to a bundle of monthly items instead of providing refills.
Package Free is an environmentally friendly store that sells home and body products. You can create your own subscription bundle from a large selection of products.
7. Mastermind Alliances
High net worth clients are used to getting things done quickly and easily. Having a network of professionals they can rely on is valuable to them.
An advisor who has access to a professional team of CPAs, attorneys, insurance agents and accountants will be able to offer their clients a higher quality and more integrated level of service.
You will stand out from the competition by taking a comprehensive approach to wealth management. It is not only important to develop deeper relationships with your clients, but also to forge relationships with other financial service professionals in your community. This will serve your clients well.
If each business refers customers to the other businesses, then all the businesses can grow together.
If you want to pursue your goals seriously, it may be worth having formalized discussions with those you want a solid alliance with, in order to grow your high net worth niche.
You can’t gain respect and trust overnight, so if you want people to want to work with you, you have to offer something valuable. Demonstrate that you’re helpful and knowledgeable in your area of expertise, and people will be more likely to want to team up with you.
Share your knowledge with other professionals and help them enhance their businesses. This will create bonds and trust that will be the foundation of your alliance.
There are a variety of non-traditional investment opportunities for the wealthy that you may not be aware of.
ADISA is an association of investment sponsors that provides educational materials for financial advisors. The videos are 10 minutes long and are located at the link above. You will need to check with your broker-dealer to see if you are eligible to offer alternative investments.
8. Strategic Networking
Now that you have a clear client persona, alliance partners, and quality communications, you can reach out to find clients. A smart way to do this is to go where wealthy people congregate.
The favorite leisure activities of high net worth males, according to research by Wealth-X, include sports, business, health and wellness, and finance. The favorite leisure activities of high net worth females, according to the same research, include philanthropic activities.
The two most popular philanthropic choices for wealthy individuals are health and education. To reach this demographic, consider joining a country club or sponsoring/volunteering for charity events that are popular among the affluent.
While it is important to be aware of generalizations, it is also important to consider the specifics of your community. Your community may have its own unique culture that should be taken into account.
It would be more beneficial for you to spend time at the target range. It is crucial that you are genuinely interested in the things you do because other people will be able to tell if you’re not.
9. Concierge Client Experience
The first is to be genuinely interested in the person with whom you are speaking. The most impactful way to build relationships is to talk to people face-to-face, and there are two key elements to make this a successful strategy. The first is to be genuinely interested in the person with whom you are speaking.
Listen to your clients and take notes. This way, you will be able to review what they said before any future meetings.
If your client has children, be sure to ask about their ages and interests so you can keep up with how they are doing. If your client enjoys art or wine, be sure to ask about their latest ventures. Finally, if they just returned from a trip, be sure to ask them about their experience.
If you want to be a skilled advisor, you should keep track of small details so you can use them later.
Advisors show that they care about their clients by asking about personal events in their lives. This demonstrates that they view each client as an individual, not just a source of income.
Aside from work, try to find ways to socialize with your clients and the people close to them. This way, you not only deepen your relationship with your existing clients, but you also have a chance to meet new ones.
It is always best to find ways to connect with high net worth clients that have meaning. Instead of giving physical presents, it is better to give the gift of time and experiences together during the gift giving season.
For the football fan, you could rent a party bus for his friends and family to attend an NFL or local college game. For the wine connoisseur, you could arrange for a small gathering at a local winery where your client is the guest of honor.
These experiences show that you care about your client and are willing to go the extra mile. They also create memories that will help you build a stronger relationship with your client.
Tell her that you would like to take her spouse out to lunch for his birthday and ask what day would be good for her. The surprise birthday lunch is when you take your best client’s spouse out to lunch for their birthday. You call their spouse a week or two in advance and ask what day would be best for them.
You can tell the birthday person that you would like to take them out to lunch with a few of their closest friends as a birthday celebration. The spouse can help to coordinate the event by handling the invitations and you can provide lunch for the birthday person and their friends.
Your friends will see you as a more reliable person if you are able to get your clients to trust you.
Instead, focus on making meaningful connections that can turn into valuable relationships. If you take the time to be thoughtful at events your client is attending, they will notice and appreciate it. It can be tempting to use these events as an opportunity to try to sell your services to other people who are there, but it’s more important to focus on making connections that could turn into valuable relationships.
Building a relationship takes time. It’s best to avoid talking about money unless your client or their guests bring up the subject first. People usually ask each other about their occupation, so it’s a good idea to have a short, concise explanation ready.
Make sure to keep things light during social settings, then follow up with people afterwards.
Hosting annual holiday or summer events is a great way to add some excitement to your marketing program. By choosing one or two special events to focus on each year, you can really make a splash and get people talking about your business.
There are many holidays other than Christmas and New Years that can be fun, such as golf outings.
An annual special cocktail hour and private tour at a museum or an annual charitable event where you can volunteer together with your clients and their families can be a great bonding experience.
Look out for special events that might be happening near you, like an aviation or sailing event. These could be once-in-a-lifetime experiences that you don’t want to miss.
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