In an article for SmartAsset, Wola Odeniran shared some lessons for advisors from working with high net-worth clients. 

The first lesson is that nearly everyone needs an estate plan regardless of their financial status. Many instinctively think that such planning is only necessary for wealthier individuals and families. However, estate planning is the foundation for attaining financial security. It can also help advisors build trust and differentiate themselves from competitors. 

The second lesson is that it is always helpful and valuable to get outside advice. Many high net-worth clients are very successful in their fields, yet they are willing to hire and defer to advisors. Advisors can use this as an example when explaining to potential clients about the benefits of working together. 

The third lesson is that index funds can be a foundation for portfolios. Many high net-worth investors stick to indexing given the low costs and forced diversification. However, these are a good fit for any portfolio regardless of net worth, yet many clients fail to take advantage of index funds. 

The final lesson is that money without financial planning does not lead to happiness. Many high net-worth clients see their wealth disappear due to a lack of planning, while those with fewer assets are able to live peacefully in retirement with little financial stress. 

Finsum: Here are some lessons that financial advisors can learn from high net-worth clients to improve their practice and convert prospects into clients.