Growing your business as a wealth management advisor can be challenging – and at this level, advertising is not going to achieve as much. In fact, the best way wealth management advisors get new clients is through referrals.


This means that every client you have is valuable not just for their direct business but as a potential source of client referrals and growth. Client retention also becomes key – one angry client can destroy your entire business.


It is, therefore, vital for advisors working with very high net worth clients to work toward and maintain a client centered approach to their business. This means treating each client as an individual – each client should feel, as much as possible, as if they are your only focus. This can be challenging – and the average advisor tends to fall back on tangibles, focusing on the client’s bottom line, income, and investments. To stand out from the crowd, you need to move beyond that. Which means keeping track of non-monetary assets and, above all, of your clients’ traditions and values.


By keeping data on your clients’ non-monetary assets and their values, you can appear to be more trustworthy and knowledgeable, and as if you care about the same things they care about. Most wealth management software will help you with the financial side of things. It takes something special to help keep track of relationships and traditions, but this is how you retain family clients through the generations.


This is also how you get those valuable referrals, by providing each of your clients with personalized service that shows that you understand and care.