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.” 

Content Marketing

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.

Two Audiences

For professionals focused on the ultra-wealthy, there are two audiences. One is the ultra-wealthy themselves. The second is “centers of influence”—usually non-competing professionals who can refer their clients to you.

The material you design for the ultra-wealthy should convey your expertise. They are being educated on the appropriateness and value of your expertise. The implicit message is that the provider of the content can deliver said expertise at the highest levels.

There are additional types of content that you can provide not as directly connected to your own proficiencies—for example, a detailed analysis of the issues and concerns of the ultra-wealthy, along with viable solutions. It’s also effective to identify trends affecting this cohort and their implications. In a well-orchestrated content marketing campaign, multiple types of content are common as they prove synergistic and, consequently, produce the best results.

But the development of content is not as great a hurdle as getting the content into the hands of the target clients. Shotgunning the material across a broad swath of media channels might make some wealthy people aware of it, but most of the audience will not be people you’re looking to connect with. You will introduce it to more of the right people, say, at select events attended by the ultra-wealthy.

Meeting other influential professionals is unquestionably the most effective way to find new, ultra-wealthy clients. That means a content marketing campaign with these professionals as the core audience can be very powerful. Just about any and all content created for the ultra-wealthy is applicable for centers of influence as well. Very often, such material simply requires restructuring.

Other professionals find the material significant if they can use it to enhance their own success. This means the material should address areas such as business development and practice management. While there are certainly areas of content overlap among the different professions, it’s better to cut through the clutter by creating content whose nuances address specific professions. Industry trend data is very appealing to other professionals if it’s provided with applicable insights.

It’s much easier to distribute content to other professionals, often at industry gatherings, than to the wealthy themselves. But that does not mean the quality of the content is less important. 

Know The Audience

With the democratization of media (anyone can have a blog, after all) and the fairly pervasive belief among many professionals that they have something important to say, content marketing geared to the ultra-wealthy is becoming common. The problem is that much of the material is not very useful and doesn’t raise advisors’ profiles. But even brilliant material is worthless if no one sees it. It’s a mistake not to consider distribution while the content is being developed. It might even be better to consider distribution beforehand. 

Attention to the audience is key—because not all the wealthy are alike. Hedge fund managers are different from tech entrepreneurs, who are different from celebrities. So the content should be customized.

The Need For A Campaign

An advisor who wants to become a thought leader to these clients requires a campaign. The wealthy do switch advisors, and when they do, they seek recommendations for the new ones. Campaigns let those clients and their other professionals know who is available. If a client or another professional can do some online research and run into your content, that strongly improves your chances.

But by approaching content marketing as an ongoing endeavor (a campaign) you will in time become recognized as just such a thought leader in a particular area of expertise. This will take time. But when a content marketing campaign is done well, professionals benefit greatly by generating considerable additional business with existing clients and helping to create a steady stream of new ultra-wealthy clients. So this type of marketing should be integral to the business development efforts of many—if not all—professionals who want to build substantial practices with wealthy clients.
 

Russ Alan Prince is president of R.A. Prince & Associates.

Brett Van Bortel is director of consulting services for Invesco Consulting.