6 Client Types You Need to Be Targeting in Your HNWI Prospecting- Part 2 of a 2 part series

Thanks for reading part 1 in our series that spoke to the need to connect uniquely with HNW prospects with CREATED wealth as their main characteristic. In part 1 I wrote about serial entrepreneurs, mature business owners and C-Suite execs and the pebbles in their shoes that Wealth Management firms can address. In addition to this client type approach, firms need to be ready for the millennial-like client who will be looking for their own brand of relationship with you... or with another firm.
 
So to continue our client acquisition glide path, let me share with you three more client types that should also be part of your HNW prospect segmentation. This set of client types can best be associated with INHERITED wealth. Source of wealth is hugely important when making distinct connections with HNW prospects:
 
Client Type # 4 – Family Office
Potential Problem Areas

• Most assets in Real Property
• Direct ownership
• Perceived need for institutional diversification
• Lacks a total snapshot of true wealth

Prospecting Opportunity

• Commercial Banking
• Structured titling (Real Estate)
• Experience with investors that have direct ownership
• PIMS – aggregating personal information and reporting
• Single view cash and payments management

 
Client Type # 5 – Large Asset Owners
Potential Problem Areas

• Concentrated in one subset (i.e. Timber)
• Need to pass on illiquid wealth
• Diversify away from real assets
• Complicated family dynamic across generations

Prospecting Opportunity

• Structuring of liquidity for real assets
• Lending against real assets
• Specialty asset management (purchase or ongoing management)
• Generational planning and wealth transfer

 
Client Type # 6 – Philanthropic Organizations
Potential Problem Areas

• Board of advisors – Investment Committee
• Focus on prudent management with need for annualized returns to break even
• Not big on change or adapting to new approaches
• Board engagement – varying tenures, decision making, impact stewardship

Prospecting Opportunity

• Investment policy statements
• Legal support for Fiduciary
• Outsourced CIO
• Real asset investment
• Targeted asset allocation

 
For more ideas to support an effective client-type prospecting strategy, sign up here for a link to the corresponding chapter in my book, Taming the Four Headed Dragon (https://www.4headeddragon.com)