Ultra-high net-worth clients demand the best service, and they get it, says Jim Ruta, a business coach and president of Expertinstitute.com in Burlington Ont. To access this lucrative and selective market — those with $10 million or more of investible assets — you must have exceptional services and solutions to offer.
Here are a some tips to help you get started toward attracting super-rich clients:
> Know the market
Saving for retirement or a child’s education are not pressing issues for ultra-high net-worth families. Research the concerns of this wealthy niche and the solutions you can offer them.
Super-rich families often require help with family governance, Ruta says. Members of these families are interested in preserving capital, running their businesses and creating legacies through strategies such as charitable giving.
> Prepare yourself
To meet the needs of this market niche, you have to have the right expertise — or access to it.
Taxes are a huge concern for ultra-high net-worth clients, says April-Lynn Levitt, a Calgary-based coach with the Personal Coach. That’s why it helps to hold a chartered accountant’s designation, or have a working relationship with a CA if you plan to work with these clients.
> Work with specialists
The needs of ultra-high net-worth clients are too complex for one person.
Whether you’re dealing with charitable giving, tax planning or succession planning, you need to create a team of experts to properly serve this market, says Levitt.
> Create the right image
Craft the right brand and professional look for yourself and your business before attempting to woo the super-rich.
A polished and professional look to all your communications and your office — everything about your business — is vital in working with ultra-high net-worth clients, Levitt says. You should also be strategic in where and how you advertise.
Levitt gives the example of an advisor who made an arrangement to advertise with a private jet company to reach his desired market. “It’s a little bit different from putting an ad in the mainstream media,” she says.
> Network
Find ways to introduce yourself to the community and to start building a reputation. One method is to join the board of a charitable organization or community group.
Joining these groups will help you meet potential clients. But remember to put the needs of the charity or club ahead of your sales goals.
Board members can always tell whether an applicant is there to help the organization or themselves, Ruta says. If you try to force your own agenda “you’ll be pushed out, without question.”
> Take your time
Establishing your credibility in this group will take years, so it is important to be patient and work in the community.
IE