The behaviours and interests that characterize rich clients offer entry points for advisors wishing to connect with them
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Between analyses that espouse a focus on the coming millennial wealth wave to industry forecasts prescribing a shift to subscription-based financial advice, there’s a wealth of recommendations to pore through when it comes to strengthening or boosting their client base. That includes tips on connecting with a key segment: affluent individuals.
To that end, a recent article on ETFdb.com highlights some habits of wealthy clients that may help advisors create new affluent client relationships as well as deepen their current ones.
Citing a study by the Spectrum Group, the report noted that 68% of wealthy investors use Facebook, 47% use Twitter, and 46% use LinkedIn. Additionally, 58% said they would follow their financial advisor on Twitter if they were provided with the option.
“It is important that advisors are accessible through communication methods via social media channels, for example Facebook Messenger,” the ETFdb.com report said. It went on to note an apparent tendency for the well-off to communicate with their financial advisors: based on Spectrum Group’s research, almost 50% of wealthy clients have communicated with their advisor through Facebook Messenger, and 36% have done so via direct message on Twitter.
Another habit among the wealthy is a passion for reading. According to the work of Thomas Corley, the author of Rich Habits: The Daily Success Habits of Wealthy Individuals, 86% of affluent individuals love to read. He has also found that 67% limit their television consumption to one hour at most every day.
Other research has found that 88% devote at least half an hour each day to self-improvement or self-education through reading, and 85% read two or more books a month. Their literary fare consists of biographies of successful individuals, personal development books, and books about history.
All those findings point to a hunger to learn and seek information. That aligns with data from the Spectrum Group’s indicating that 73% of wealthy investors read financial blogs, and an equal percentage would read financial blogs by financial advisors they know. The upshot: advisors should consider educating prospects and clients through blogging and book recommendations as a way to form and enhance connections.
It’s been said that health is wealth, and there may be some truth to that. Corley’s research has found that affluent individuals take good care of their bodies, with 57% watching their calories every day and 70% consuming less than 300 calories of junk food per day. In addition, over 75% reportedly engage in some form of aerobic activity at least four times a week.
Advisors can consider hosting events that tie together both health and wealth for affluent clients and prospects. There’s a vast spectrum of possibilities, from workshops and seminars at yoga studios to cooking classes that also educate about proper nutrition and energy intake, as well as long-term planning that incorporates healthy living.
Finally, the wealthy are extremely goal-focused, as an estimated 86% are focused on a clearly defined goal with a plan in place to achieve it. Sixty-seven per cent take the time to write goals on paper; there’s also a general tendency among them to actively track and measure their progress toward their goals.
That means advisors seeking to build a high-net-worth base must be prepared to show genuine interest in their objectives, be thoroughly involved in the planning process, and provide expert knowledge that can be used to help them achieve those goals.
