The ultra-wealthy (defined here as those with a net worth of $30 million or more) are an elite cohort. They can be quite profitable for advisors, and even intellectually stimulating.
And with structural changes affecting all the professions—law, accounting and the like—the ultra-wealthy have become preferred clients for all different kinds of advice-providers. Many of these professionals want to “move upscale,” research shows, and build their practices with high-net-worth clients. Take, for example, the boom in accounting firm-based family office practices where the margins can easily be double that of a traditional audit practice.
But all the interest has caused the competition for these clients to dramatically intensify. With so many professionals attempting to work with them, it is becoming harder for any one to cut through the clutter and connect with them.
It doesn’t help that these clients often require a very high level of technical proficiency and service from those that want to help them.
One of the most effective solutions for professionals hoping to win this business is to structure and implement a “content marketing campaign.”
This is the mercantile version of “thought leadership.” As such, it is increasingly becoming one of the most powerful ways to drive and support new business development. “Content marketing” can be defined as the creation and distribution of meaningful insights, perspectives and best practices that are valuable to a specific audience. Its effectiveness can be calculated by increases in revenues.
One of the two key elements of content marketing is developing content that the desired audiences are very interested in. With many people’s attention span shrinking, content has to be captivating enough that it cuts through a barrage of competing information—much of it likely coming from other advisors. The content will be useful to the intended audience if it makes them look at situations or circumstances differently or helps them be more successful. The more it does these things, the more likely it will be embraced.
But the development of amazing content is, by itself, rarely enough to get a substantial payoff. The second key element is distribution—the essential ability to get the material into the hands of ultra-wealthy clients and prospects. There are usually a number of different channels that can be used, and disseminating through as many as possible is a good idea. Often when you’re developing high-quality content, the way you distribute the material will be determined at the same time.