How can financial advisors attract new clients in 2022

Why are these results happening? 

• 66% of adult children fire their parents’ financial advisor after they inherit their parents’ wealth
• 88% of those who chose not to work with their parents’ advisor never even considered doing so
• 75% of investors say their adult children have never met their advisors

I’ve been polling advisors, and I’m hearing 15-20% when I ask:

What percentage of your HNW clients do you have a relationship with their adult children?

Why are these results so low?

I recently read 8 Acre Perspective Survey conducted for Broadridge Financial of Advisors. Here, they cite a plan to add 20 new HNW clients in 2022 and indicated the following about Generational Wealth Transfer:

• 78% – Directly raise topic
• 59% – Offer financial literacy to adult children
• 56% – Recommend family planning meetings
• 25% – Market services direct to adult children

Why are the above results of Advisors that plan to attract new clients in 2022 as high as they are?

Before I answer this question, let me explain how I was inspired to write 7 Steps To Create Relationships with The Adult Children of your HNW Clients.

I work with my client to create a One Page Business Plan. That plan covers the following key points and questions:

• Vision: What are you building?
• Mission: Why does this business exist?
• Objectives: What results will you measure?
• Strategies: How will you build this company?
• Action Plans: What is the work to be done?
• Purpose: Why are you in business?

A Mission is created by answering the following questions;

• Who are our customers?
• What key customer needs do we serve?
• Is our selling proposition unique? Why? What is the key competitive edge or unique quality that we have in serving that need?
• What wants, needs, desires, pain, or problems do our product services solve?
• Which promises do we make to our customer?

Here is an example of one of my client’s Mission Statement of 2021

• Our mission is to help aspiring wealth-minded intergenerational households build wealth.

The next step is to write measurable Objectives. Here are examples:

• Add 5 new Intergenerational HNW Clients
• Increase # of ideal intergenerational referrals received per month from 0 to 5 by the end of 2022.

There is so much talk about adding new HNW Clients in the marketplace.

Why not create a seamless process to Create Relationships with The Adult Children of your Existing HNW Clients first before going to the trouble to market to cold HNW Clients?

How do you attract new clients in 2022 by creating relationships with their adult Children?

Before I tell you how, there is a little more to the story.

There is an old expression that says: “old salespeople never die; they just run out of commission”.

Segueing off of this expression, I offer this one as a speaker: “old speakers never die they; just run out of content”.

I never what to be one of those speakers that deliver the same presentation repeatedly, year after year.

For this reason, I have several unique and strong speaking presentations that include;

• 3 Superpowers To Solve The Top Advisor Service Trap
• Regenerate Your Self and Your Business Now Live or Virtual
• The Inspirational Tipping Point
• The Psychology Of The Client Interview
• The One Page Multigenerational Business and Marketing Plan
• The Ultimate Guide To Plan, Market, Prospect, Consult & Close – Live or Virtual Overview 2022

The above presentation titles are a result of asking Advocis, FPA, and NAIFA Association Board Members. I asked them the following questions in advance of speaking at Association Conferences to provide a current, custom and relevant speaking presentation;

• What are the three most significant improvements that financial advisors what to make to their businesses?
• What are the three most significant roadblocks that hold financial advisors back from making improvements to their businesses?

In 2022, I’m hearing Association Board Members from Chicago, Cleveland, Halifax, Phoenix, San Francisco, Toronto, and everywhere in between agreeing that financial advisors are not doing enough to;

• Attract a Successor
• Create Relationships with The Adult Children of their HNW Clients
• Switch to Fee For Service

Concerning the creation of relationships with the adult children of their HNW clients, I hear that financial advisors don’t know how to do it.

Another reason is fear driven limiting beliefs that include:

“It’s too challenging and time-consuming to create meaningful relationships with my client’s adult children.”

So to stay relevant, I have created a brand new webinar and step by step process.

Stay tuned for future blogs where I will be expanding on the new webinar and step by step process;

1. Create an Intergenerational Value Proposition to be used for Meetings / Speaking, Brochures, Direct Mail Letter / Postcard, Email Campaigns and Website
2. Implement 8 Steps to Segment Current Clients & Adult Children
3. Develop the All About You and Your Children Discovery Process
4. 7 Steps to help your Clients Understand the Value of Multigenerational Risk Management and Investment Planning that lead to Adult Children Introductions
5. Create Key Steps and Strategies for Successful Family Meetings
6. Upgrade Technology
7. Create / Research Intergenerational Clients Interest Content Marketing for Direct Mail Letter / Postcard and Email Campaigns
8. Implement a Personalized Intergenerational Social Media Campaign
9. Create a Client Gifting Program
10. Create and Implement an Educational & Theme Event Plan
11. Write Job Description & Hire Client Relationships Manager

Below is the link to register to our next Webinar on April 13th.

I really hope to see you there.

Simon