Boutiques like Harper are cost-effective ways for advisors to deliver specialized services to ultra-high-net-worth clients, according to experts.
"For an advisor, it is difficult to give great service in a small niche," explains Richard Weylman president and CEO of the Weylman Center for Excellence in Practice Management, the only online university for financial professionals in the affluent marketplace. "The affluent are seeking out an elevated experience. By hooking up with a firm like Andrew Harper, you position yourself as not just a financial resource but a trusted go-to source for life issues."
Harper has made increasing use of intermediaries in its dealings with clients, says Ferreria.
"These days, we rarely hear directly from those traveling," Ferreria says. "It is usually a trusted associate who requests information about becoming a member. Once they join, it is also rare to book a trip directly with them."
Trips arranged by Harper can range from $100,000 to $350,000 in price and have included gorilla treks through Uganda, luxury mobile safaris in Tanzania and, in one case, a trip celebrating the birthday of a family patriarch that consisted of a two-week "cradle of civilization" tour through India, Turkey and Egypt.
A representative of a wirehouse, who asked to remain anonymous because of compliance issues, says services like Harper's are becoming an important component to serving affluent clients.
"Our firm considers more than just the financial health of our clients, and when appropriate, seeks to take an interest in their personal well-being," the representative says. "We frequently recommend Andrew Harper membership, as it provides the best in travel advice and planning services. We've actually seen two generations of clients become members."
Perhaps as a reflection of the money-is-no-object attitude of many of its well-heeled clients, Harpers does not list the actual prices of its posh getaway listings on its Web site. Still, during these tough economic times, cost concerns may be creeping into the picture. That's one reason Harper's online auction service is becoming more popular. The service, available to members only, can sometimes save members the cost of their yearly membership. As of February 2, for example, the opening bid for a stay in Bagnols, France, at the Chateau de Bagnols, stood at $1,425, compared to a retail cost of $2,588.
"Our private auction sales are definitely up, as everyone is looking for value, and our recommended hotels and travel partners are creating some of the best offers we've ever seen," says one of the anonymous Harper correspondents.