Over the past 20 years, we’ve held candid conversations with hundreds of high-net-worth RIA clients, firm leaders and COIs. Here are eight big themes we’ve encountered again and again.
1.
Even sophisticated, high-net-worth individuals and families don’t understand what wealth managers do. So it’s really hard for them to tell firms apart.
2.
Most high-net-worth prospects feel talked down to by wealth managers. They HATE it.
3.
Most RIAs want to look and sound like other RIAs. This is a waste of time and money.
4.
A lot of RIAs want to look and sound like big financial institutions. This is another huge mistake.
5.
Very few RIAs create truly emotional brands. For those that do, the potential rewards are massive.
6.
Most wealth managers want to be everything to every prospect. That don’t work. The more tightly you define your audience, the more impactful your communication will be, and the more results it will generate.
7.
Referrals from happy clients are still the most powerful source of organic growth. Digital strategies can bear fruit, but they’re additive. They require patience and persistence.
8.
It’s uncanny how often creating a standout brand leads to inorganic growth — whether your firm is acquiring or looking to be acquired.
We’ve learned a lot more, but just applying these eight insights will fundamentally transform your practice.