Getting to know wealthy clients: HNW conference

Advisor.ca live-tweeted the Strategy Institute’s HNW conference this week. During day one, David Friedman from Wealth-X talked about the traits of wealthy clients.

He provided tips on how to locate and charm these prospects.

Here’s a collection of our tweets:

Friedman makes a distinction between mass-affluent and ultra-wealthy markets. Latter is worth more than $30M ‪#HNW13

Wealth amplifies who people are; they are just like us, but have the means to fulfill more of their dreams ‪#HNW13

Don’t think of wealthy as single group that makes up top 1%, he adds ‪#HNW13

Read: Who’s Canada top 1%? It may not be you

You can read people’s characters by checking how they spend their money. Lack of confidence will be reflected in money management style, for example. And those who built wealth are are more thrifty than who inherited ‪#HNW13

Studies on wealthy done from top down (by third-party and disconnected groups), so learn about wealthy from your own clients and colleagues ‪#HNW13

There are more wealthy investors, and Asia is fastest-growing region ‪#HNW13

Read: Asia’s rich confident in advisors, regulators

More than 200,000 people with wealth of more than 30M across the globe (about 65,000 in North America) ‪#HNW13

There are 37 billionaires in Canada ‪#HNW13 Read more about Canada’s billionaires.

Rest of ultra wealthy in areas like South America, Africa and Europe ‪#HNW13

In the U.S., there are more women entering wealthy client segment. Almost 75% of global wealth is controlled by those over age 50 ‪#HNW13

Majority of these CEOs are getting set to transfer wealth and businesses, though, so offer succession, estate planning services ‪#HNW13

Read:

• Adapt to wealthy clients’ needs

• Help biz owners pass the torch

Wealthy entrepreneurs so different than those who inherit companies. ‪#HNW13

Read: Entrepreneurs will be your next big clients

Wealthy clients love to buy art, yachts and planes ‪#HNW13 For more, Read: Help clients protect prized possessions

So, how do you connect with wealthy investors? ‪#HNW13 They don’t respond to generic referrals, traditional marketing ‪#HNW13

You need to get direct referrals and introductions, as well as have clients boost your reputation ‪#HNW13

“A trusted referral is the holy grail of advertising,” says Friedman. You have to to get to know clients, their hobbies to better connect. Before approaching them, research their histories, affiliations, and habits ‪#HNW13

Also read:

Keep your wealthy clients

How top managers find alpha

How established advisors get clients

Balance your client book

4 tips to bring in new assets