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What The Wealthiest Want
The wealthiest investors are looking for a life of significance and meaning .
By George Walper and Catherine McBreen
MANY OF YOUR CLIENTS ’ DEFINItion of success these days encompasses far more than simply having lots of wealth . Being successful increasingly means achieving important personal and professional goals along with possessing a deep sense of happiness , significance and purpose .
Do you understand what your clients want out of life ? Do you know what “ living their best life ” means to each of them ? Are you ready to help them achieve what really matters most to them ?
Your answer to those questions should be a resounding “ yes .” The reason : Research conducted by CEG Insights reveals that if you can dig deep and go beyond money to determine what each client ’ s ideal life looks like , and if you can then help them achieve both their financial and nonfinancial aspirations , you ’ ll position yourself to drive significant organic growth in your practice .
Helping Clients Achieve Their Vision Of Success
You have an excellent opportunity to organically grow your business by taking a holistic approach to client success — asking investors what that means to them in both financial and nonfinancial terms .
Consider , for example , that nearly one-fifth of investors overall ( 17.6 %) responded that they ’ d move more assets to an advisor who inquired about their goals and aspirations outside of finances . What ’ s more — as seen in Exhibit 1 ( see next page )— those percentages jump to 38.4 % for millennials and 34.6 % for Gen X clients .
The wealthiest investors in particular are interested in work- ing with advisors who help them lead a life of significance and meaning . Consider that nearly a quarter of those with $ 10 million to $ 25 million in net worth ( 23.3 %) are extremely or somewhat likely to move more assets to advisors who inquire about their nonfinancial definitions of success . Think about what that means for your own business if you added even a handful of clients with , say , $ 20 million in assets to manage .
This opportunity for growth doesn ’ t stop at additional client assets . Advisors who inquire about life outside an investor ’ s finances will also likely benefit from increased client referrals . Overall , more than a quarter of investors with at least $ 1 million in investable assets ( 28.8 %) would be at least somewhat more likely to refer contacts to their advisor if the advisor asked about various aspects of their life . Here again , the wealthiest clients stand out — 36.2 % of investors with investable assets of between $ 10 million and $ 25 million were at least somewhat likely to refer their advisor if the advisor took that action .
Action Steps So now you know why you need to learn about your clients ’ idea of success and significance . Here are some key strategies
JUNE 2024 | FINANCIAL ADVISOR MAGAZINE | 23