One might think that financial planning is the same regardless of the level of wealth of the client – and that the only thing different is the numbers. The truth is that high net worth clients and families have particular expectations. These expectations make working with them something of a specialty, and a challenging field to move into. Given the amount of money involved, though, working with these clients can be worth it at the monetary level – and at the personal level.
A key difference is that high net worth families feel their worth and value is more than just the money. They expect their traditions and values to be respected. Additionally, wealthier families tend to have more challenges with wealth transfer down the generations, and those challenges are not just focused around estate taxes.
Because of this, regular financial planning tactics are not always sufficient. The techniques used by wealth management advisors differ from those used by ordinary financial planners.
Aspida360’s wealth management software is designed to help advisors manage those different techniques and keep these high net worth clients happy – happy enough to send their friends your way. It is a tool for helping you to convince high net worth individuals and families you appreciate those things which cannot be measured in dollars and cents, and also a wonderful prospecting tool to help find new clients. It is designed to encourage positive and meaningful dialog with families and to help you fulfill their needs.
High net worth clients do not just have more money – they often live in a different world, and an advisor who wants to work with them needs to learn to understand that world and the things which have meaning to people who might well lose count of how much money they actually have.