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Many advisors want to move upmarket and serve wealthier investors in a national niche but find traditional strategies don’t work.
If you're an advisor looking to serve high-net-worth (HNW) investors nationwide, you might need help to succeed.
My proven, three-step system gains these clients and grows your business.
Don't let geography hold you back from achieving success in a lucrative niche.
Try out these non-traditional strategies and see the results for yourself.
1. Position yourself as the expert from afar
I had a marketing mentor in the 1990s named Jay Abraham.
Jay was known for being the highest paid marketing consultant in the world, and he charged a few thousand dollars an hour – a lot of money at the time.
While many of his competitors traveled around the country for seminars at inexpensive or free venues, Jay understood the importance of positioning oneself as an expert from afar.
He had thousands of business owners, professionals and entrepreneurs make the annual journey to a hotel near his home office, where they paid up to $15,000 (in 1995 dollars) for his marketing seminars.
It was truly remarkable to hear this marketing guru speak about how to grow any business or practice.
Advisors looking to gain HNW clients can adopt this same strategy without having to hit the golf course or join local networking groups.
Gaining HNW clients strategy #1 – Position yourself as an expert from afar.
2. Decide exactly which millionaires you want to serve
When it comes to target markets, I always advise my clients to be as specific as possible.
You don’t have to be as specific as left-handed MLB pitchers or first-chair violins, but having a well-defined target market is essential for any successful marketing plan.
Start with the typical demographics like gender, marital status, age, income, profession, assets, and location. And, add on psychographics like hopes, dreams, fears, political affiliation, frustrations, attitudes and money goals.
Have a clear picture or social media profile of your ideal client to reference when working on your marketing strategy.
By narrowing your target market or niche, you can tailor your services and delivery to the specific needs of this group.
This approach results in a more profitable practice and, ultimately, happier clients.
Gaining HNW clients strategy #2 – Narrow your target market to a composite individual or client avatar.
3. Embrace digital and social channels and create a marketing system
Fidelity CEO Abby Johnson recently said, "Marketing is digital marketing.”
Advisors must take note of the shift towards digital marketing for their businesses.
And without utilizing these channels, advisors will be shut out of today's marketing game.
Websites, email marketing, webinars, virtual meetings, and targeted social media are all essential components of the marketing mix that can help reach virtually any market.
To achieve a successful digital marketing strategy, it's crucial to remember the mantra, "The system works so you don't have to."
By implementing a digital marketing system tailored to your market, your brand can reach new prospects and drive meetings daily, allowing prospects to approach you when they're ready to buy.
Offering a free report or white paper to get potential clients on your email list and sending emails inviting prospects to an evergreen webinar (an online Ted Talk for your practice) nurtures prospects to meetings.
By embracing digital and social marketing channels, advisors scale their efforts and reach new prospects more effectively.
Gaining HNW clients strategy #3 – Embrace digital and social media channels and create a marketing system specifically for your target market.
You can attain the marketing skills needed to develop a $1 million practice without spending extensive time or money.
Fractional marketers are available for hire on a part-time basis.
Hire a marketer to help with your growth strategy, practice, and team building, attracting millionaire clients and providing exceptional service.
Unlike some "advisor marketing gurus" who travel to conferences and to be on-site with clients, fractional marketers prioritize their time and cherish their life with their families, wherever they live.
Bob Hanson is a fractional marketer and author of Marketing Power for Financial Advisors. Get his checklist, Nine Questions Advisors Must Ask Before They Hire a Marketing Agency, Fractional or Full-Time Marketer, click here.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.