If the affluent clients are happy, you will have created a marketing and asset-gathering machine. We know from our own research that highly satisfied clients regularly increase the amount of assets under management they keep with their financial advisor—it might come from their business income, bonuses, options, inheritances or assets previously overseen by another advisor. And research shows they will increase the number of referrals they make regularly, bringing in
new clients.
Best of all, when you create a homogenous clientele cultivated for their personalities, you will get referrals of similar wealthy clients roughly 90% of the time.
Russ Alan Prince is president of R.A. Prince & Associates.
Brett Van Bortel is director of consulting services for Invesco Consulting.