Affluent Niche Markets | How to Attract Affluent Clients

When planning your marketing strategy, it never hurts to save time and energy by targeting affluent niche markets.  The fewer clients you have the less time you will spend servicing clients. If you are working with fewer clients but they belong to affluent niche markets you will be better off.

But how do you do that?

Hello. My name is Suzanne Muusers, Coach to Financial Advisors and Brand Strategist since 2004.

It takes time to build a financial advisory practice, so if you're looking for a quick fix or a magical solution, I don't have one for you. Sorry.  If however, you are willing to do the work, you can build a practice of value where you are working with affluent clients who love what you do for them, affluent clients who rave about your services, and affluent clients who tell all their affluent friends about you.

To attract affluent clients, you must INVEST in your practice. Any advisor off the street can pretend that they work with affluent clients, but if they have a brand and a website that looks like every other advisor, they won't get far. So take a long hard look at your own practice - if your service techniques are lacking, your clients won't be "raving fans" and they won't sing your praises.

Here are ways to attract affluent clients:

  • BRAND your practice with an attractive Value Proposition that speaks to the concerns of the affluent.  The affluent are not like the masses. They have different and more complicated needs. Speak to those needs in your marketing materials.
  • EDUCATE - Don’t try to sell your services. No one likes a pushy advisor. Take an educational approach with affluent clients and watch your results improve.
  • BE INQUISITIVE – Have a thorough interview process where you are asking questions about prospects' financial lives and their money values. What does money really do for them?
  • BE TRANSPARENT – Affluent clients know all about fees versus commissions and they tend to seek out fee only advisors. If this is not your business model, be very clear about how you get paid and be genuine in your recommendations.
  • BE PROACTIVE – Your model work week should include time to call your clients on a regular basis. Frequent communication is the cornerstone of the successful financial advisory practice.
  • APPRECIATE YOUR CLIENTS – Market inward rather than outward by holding client appreciation events frequently. Create a marketing calendar with a mix of events that are educational, fun, and social. 
  • ORGANIZE – Affluent clients are looking for someone to help them organize their financial affairs much like a family office. They want you to provide tools like a binder for all their financial documents – life insurance, wills, trust documents, long term care, and investment statements.

When it comes to deciding which specific affluent niche markets to target in your marketing, it's best to review your existing clients and search for patterns.  If you can develop a reputation for working with a specific affluent society segment you will attract clients to you rather than going out to find clients.  There's nothing smart about targeting anyone and everyone with your marketing. If you can narrow down the niche markets you work with you will become accustomed to solving problems for those same clients over and over again. You will save time and position yourself as an expert.

Want to learn more about affluent niche markets

9 Week Marketing Plan to the Affluent

Next Steps: Hire Suzanne as your Business Coach

Consider hiring Suzanne as your Business Coach to help you plan and strategize your brand development, your business plan, and your marketing plan.

Suzanne Muusers

ICF-Member
Business Coach
Prosperity Coaching LLC

Suzanne Muusers

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