How to win ultra-high-net-worth leads?

Summary

What are the best strategies for targeting ultra-high-net-worth individuals?

The ultra high net worth definition refers to people with more than $30 million in net worth. While this group is small, it continues to grow, and the strategies you use to target ultra high net worth individuals(UHNWIs) must be tailored to this group. The following tactics are best suited to this audience:

Referral networks

As a financial advisor, you should never underestimate the power of word of mouth. When you provide excellent service and surpass your clients’ service expectations, they will happily refer you to other affluent acquaintances.

A referral system is a powerful tool for drawing in new business. You can use an incentive system or ask existing clients whether they know anyone who might be interested in your services. Establishing a revenue-sharing network with attorneys, accountants, and other professionals working with ultra high net worth individuals can also be lucrative.

Exclusive events

UHNWIs tend to frequent high-end events such as charity galas, art auctions, and yacht shows. Hosting or attending these events opens the door for you to mingle in circles where potential clients spend their time. Sponsoring or actively participating in luxury functions also signals to those with ultra high net worth that you’re well-connected and invested in similar values and interests.

Thought leadership and authority

Establishing yourself as a thought leader in the industry is essential in gaining the trust of ultra high net worth individuals. Publishing high-level content, like white papers or books, or speaking on industry panels demonstrates your expertise. Producing content that is insightful and relevant to UNHWIs will encourage them to seek you out as a trusted financial authority.

Partnerships with luxury brands

Ultra-high-net-worth individuals typically spend $1.1 million on luxury goods every year, with their top purchases being:

Collaborating with luxury brands can help broaden your network and reach UHNW prospects. Partnering with private aviation firms, high-end real estate agencies, or yacht companies aligns your services with the lifestyle choices UHNWIs value, making your firm a more appealing option for their financial management needs.

One-on-one personalization

A one-size-fits-all approach is not appealing to UHNWIs. These wealthy clients expect exceptionally high levels of personalization, so tailor each pitch to their specific financial situations, goals, and interests. 

How should I market to ultra-high-net-worth individuals?

The best ultra high net worth advisors use these marketing channels to reach their intended audience:

Targeted digital advertising

Online platforms like Google and LinkedIn make it easy to target UHNW leads by using criteria such as income level, profession, and geographic location. This way, you can craft ads that reach the right audience without wasting resources on clients who don't fit the demographic.

Content marketing for UHNW audiences

UHNWIs are not interested in generic financial advice. They expect original content that delivers real value, so publishing reports, case studies, and investment insights that meet their unique needs will build credibility and demonstrate your firm’s expertise. You could address topics like tax strategies for ultra-high-net-worth individuals or international estate planning.

Social media presence

It’s almost impossible to have a successful business without a robust social media presence. UHNWIs spend at least 90 minutes a day on social media. LinkedIn and private social media groups focused on luxury markets are powerful platforms for financial advisors to connect with UHNW prospects. 

LinkedIn, in particular, provides direct access to professionals likely to be UHNWIs or in close proximity to their circles. Posting authoritative, high-quality content and participating in relevant discussions can foster connections and improve visibility. 

Direct mail and private invitations

Luxury direct mail campaigns, such as sending personalized letters or high-end brochures, can make a strong impression on UHNW prospects. Invitations to private events or VIP gatherings are ways to connect with UHNWIs in their comfort zones. 

Everything about your direct mail campaign should point to luxury and quality. Use high-end paper stock; you could also include a small gift with your business name on it. A personalized approach also appeals to their preference for exclusivity.

What are some investment strategies for ultra-high-net-worth clients?

Alternative investments

Ultra high net worth individuals tend to have more complex financial needs. They often seek alternative assets, including hedge funds, private equity, venture capital, and real estate, to diversify and grow their wealth beyond traditional stocks and bonds. 

You will convert more of these leads into clients by understanding their needs and tailoring your niche to offer UHNWIs the solutions to their financial goals.

Tax optimization

Tax minimization is a key service that UHNWIs look for in financial advisors. Your firm should be equipped to create tax-efficient plans, such as utilizing trusts, offshore investments, and charitable giving, to protect and grow your client’s assets. Tax strategies can be highly complex, and offering this expertise can set your firm apart.

Philanthropy and impact investing

There is a rising interest among UHNWIs in socially responsible investing (SRI) and impact investing - investments designed to create a positive environmental or social effect. Many UHNWIs want to use their wealth to make a positive impact. It’s also a way of minimizing tax. You can set your firm apart by incorporating philanthropic strategies into your ultra high net worth investing plans.

Art, collectibles, and luxury goods

UHNW clients frequently invest in tangible assets like art, fine wine, and luxury cars, which can appreciate in value and act as a hedge against inflation. As a financial advisor, you can assist clients in managing these assets, understanding their market dynamics, and building them into a diversified wealth portfolio.

How can I build relationships with ultra-high-net-worth individuals?

Use these tips to establish and maintain relationships with ultra high net worth individuals:

Trust and confidentiality

UHNWI clients place a high value on confidentiality and trust. Transparency, discretion, and an unwavering commitment to their privacy and agendas are essential for a long-lasting client-financial advisor relationship. 

Taking a genuine interest in their lives, personalizing your services according to their needs and interests, honesty, respect, and understanding their concerns about security and discretion will go a long way in building trust.

Frequent communication

When you have immense wealth, you want to constantly be aware of what’s happening with your investments. UHNWIs appreciate proactive advisors who keep them informed of significant developments or adjustments to their financial plans.

Holistic financial planning

UHNWIs want more than financial advice; they often seek a holistic approach that includes estate planning, insurance, tax optimization, and lifestyle management. Offering a full suite of services makes your firm a one-stop solution for all their financial needs.

Exceptional service

Ultra-high-net-worth clients expect white-glove service. Being available when they need you, offering concierge-level support, and going the extra mile to address their needs will single you out as a financial advisor worth their time.

Top tools and resources for targeting ultra-high-net-worth clients

These tools can help to streamline the process of targeting and attracting those with ultra high net worth:

CRM systems

Customer Relationship Management (CRM) tools like Salesforce and Wealthbox allow advisors to track and manage UHNW client information effectively. These platforms enable streamlined communication and customized client profiles and can help deliver better service.

LinkedIn Sales Navigator

LinkedIn Sales Navigator is a powerful tool for identifying and connecting with UHNW prospects. With targeted search filters, it helps you find leads within relevant industries and locations, creating direct pathways to potential clients.

Client portals

Providing secure, personalized portals for UHNW clients where they can access their financial data and updates is a valuable service feature. It enables them to stay informed and feel secure about their investments.

Market research tools

Tools like Wealth-X and PitchBook offer insights into UHNWIs, including details about their interests and financial profiles. This information will help you tailor your outreach efforts and better understand their financial priorities and lifestyles.

Frequently asked questions

Who is considered an ultra-high-net-worth individual?

A UHNWI has at least $30 million in liquid investable assets. This group tends to include people in finance, tech, real estate, and high-profile industries, often concentrated in major financial hubs like New York, the San Francisco Bay Area, and Los Angeles. They are ideal clients due to their high-value portfolios, the long-term potential, and the valuable referrals they can bring to your firm.

What makes an ultra-high-net-worth individual valuable?

Compared to high-net-worth individuals, UHNWIs have more complex financial needs involving diverse asset classes that range from real estate to art to private equity. This requires specialized knowledge and more tailored and bespoke services, usually at a higher fee. Due to their wealth, ultra-high net-worth individuals also expect a higher level of customization, and the need for legacy planning and managing wealth across generations is prevalent. 

Additionally, UHNWIs value confidentiality and privacy when working with advisors, and discretion is key to retaining these valuable clients. 

Find ultra-high-net-worth individuals with Unbiased 

With a targeted approach, you can build strong connections with ultra high net worth individuals. By establishing good relationships, using exclusive marketing techniques, and offering personalized investment strategies, you can effectively attract and retain UHNW clients and build a successful business. 

If you want to grow your firm, join Unbiased Pro for leads delivered straight to your inbox and the tools needed to manage them throughout the sales process.