Working with high-net-worth (HNW) clients offers advisors the opportunity to grow assets under management and revenue, but winning these relationships requires delivering more specialized expertise. Wealthy investors tend to prioritize education, performance and deep relationship-building, while focusing heavily on wealth preservation and legacy planning.

Surveys show that most HNW households plan to transfer wealth during their lifetimes, worry about healthcare costs and inflation, and are highly engaged in charitable giving, valuable insights that can help advisors shape their service models. 

To meet this demand, firms can expand into estate planning, succession planning, tax strategy and other complex services that align with affluent investors’ needs. Advisors who collaborate with estate attorneys, CPAs and other centers of influence may find it easier to build credibility and attract HNW prospects through referrals. 

Finsum: Ultimately, growing an advisory practice in the HNW segment comes down to offering sophisticated, personalized planning that speaks directly to the financial realities.