Old Money, New Money: Attract Both to Your Firm

Whether it’s old money or new money, financial advisors should always be striving to attract new clients. However, it’s not easy to draw in prospects with large investments – those with hefty, lavish nest eggs. So how can you follow the money trail?

A study conducted by SEI, Scorpio Partnership and NPG Wealth Management has found that wealthy individuals are interested in financial advisors who show a wide range of values. These groups took a survey of 3,025 participants to gather this information.

Approximately 74 percent of the respondents said that they seek wealth advisors who have strong reputations and character. Nearly 64 percent said that they also take the cost of products and services into account.

“What we're seeing from investors and what the study's findings support is that the process for selecting a wealth manager is not a random one, but rather an inquisitive, investigative, and exhaustive search for the best partner,” said Ryan Hicke, Senior Vice President of SEI Wealth Platform.

Boosting Your Appeal
You’re one of many wealth management firms swimming in a sea of competitive sharks. If you want to stand apart from the rest in grow your AUM, you’re going to need to spend more time investing in the customer experience.

But how can you pull extra time out of thin air?

Automating some of the manual processes at your company can give you more opportunities to focus on the client experience. Utilizing a content management system can help you keep collateral organized. Opting for software that can help you generate reports from external sources will also save you hours of time. In turn, you’ll give your sales team more opportunities to enhance client meetings, satisfy existing customers and woo prospects.

It can be challenging to target wealthy clients and sustain a higher level of ambition. However, making changes to your daily routine can help you achieve your goal to reel in affluent customers.