What High-Net-Worth Investors Want from Advisors

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What should financial advisors do to attract and retain high-net-worth and affluent investors? One word: personalization.

Two-thirds of high-net-worth investors revealed in a survey that they want more personalization in their wealth management relationships, particularly in financial planning. To create “sticky” relationships with your clients, offering additional services to create a more comprehensive financial planning experience is a necessity, especially given that 32% of millionaire investors would leave their advisors if they didn’t provide financial advice outside of investments.

But personalization on its own is vague. What personalization do these clients want, and how can advisors implement those services and features into their financial planning offering without stretching their time or budget?

Value-added services

One survey found that 89% of ultra-high-net-worth individuals prefer receiving value-add services from a single source. Additionally, 46% of high-net-worth investors revealed in a survey that they planned to change wealth management providers or add new wealth management relationships in the next 12 to 24 months, or both. And over the past three years, 39% of those same respondents said they had already switched and/or established an additional relationship.