The most important goal among financial advisors, in our experience, is to bring in more assets under management—preferably from wealthier clients.

The good news: Your ability to make that happen is stronger today than it’s been in years, and maybe even decades.

That said, not all actions you get will move you closer to capturing assets from the affluent. Some strategies are simply more effective than others.

Here’s a look at the enormous opportunity that’s in front of you right now—and some key steps that can maximize your success in the coming months and years.

The Opportunity To Attract Lots Of New Affluent Clients
Recent research by CEG Insights reveals that lots of affluent clients today are not getting what they need from their current advisors—to the extent that many clients are actively looking to work with new advisors capable of delivering a much better experience.

Consider these findings:
1. Affluent clients are dissatisfied. 19% of advisors’ clients overall rate their advisors as either “fair” or “poor.”

2. Affluent clients are ready to switch. Currently, 11% of advisors’ clients overall are motivated to replace their primary advisor. Usually it’s around 4% or 5%. What’s more, among the wealthiest clients out there—with $10 million to $25 million in investable assets—22% say they’re motivated to switch advisors.

3. Affluent clients want advisors who consider the whole picture. 26% of affluent clients say they’re either very or somewhat likely to move assets to an advisor who takes the time to do a diagnostic review of their other advisors’ performance.

4. Client referrals are great. 75.5% of financial advisors say that referrals from their clients account for most of their new business.

5. Centers of influence referrals are even better. When asked how they get their best new clients, 70.8% of financial advisors say they were introduced to those clients by COIs—other professionals such as CPAs and attorneys who both work with the affluent and have good relationships with the financial advisors.

Your Value Promise
Clearly, the opportunity is there. But how do you stand out from a crowded field of other advisors? One way is to position yourself with a promise of value that makes you unique in the eyes of the affluent.

For example, some advisors out there truly disappoint their clients—they don’t offer a great experience or even deliver on what they claim to offer.

Then some advisors deliver—they do what they say they will do. That’s nice. But it’s just nothing special.

A third group of advisors delights their clients. That means they do what they promise and then go beyond that level from time to time to wow their clients.

Finally, the fourth group of advisors—the one you want to be in—consistently go beyond even the delight level and actually defend their clients from financial mistakes that could derail their futures as well as from other advisors who lack the capabilities needed to help clients make smart decisions about their wealth. Advisors who defend empower their clients to create amazing lives of significance and take care of the people they love and the causes they care about.

We find that presenting the advisor landscape in this way really resonates with affluent prospective clients and effectively helps advisors differentiate themselves from their peers. The result: Advisors who show themselves as the advocates of their clients become much more effective at attracting the affluent to their doorstep.

Build Trust And Credibility
The next step is to build and nurture high levels of trust with the affluent clients you most want to serve. One of the best way to do exactly that is to become a thought leader—an advisor who the affluent see as a true expert in the areas that matter most to them.

Becoming a thought leader is one of the top methods for drawing affluent clients to you. The reason: The affluent want—demand, really—experts to help them navigate investment management, tax mitigation, estate planning and other key aspects of their financial lives. When you become seen as the go-to expert in such areas, you build all-important trust and credibility.

An effective way to become a thought leader is to regularly provide thought leadership content—articles, reports, white papers and so on—to your ideal clients and prospects as well as to COIs. Such content demonstrates your expertise and that you are paying attention to key issues of importance. You can curate this content by pulling it together or working with a content provider, or you can write this content yourself.

Offer Value To Get Referrals
The research above shows the value of referrals. To garner a steady stream of referrals from existing clients, don’t ask those clients for names. Instead, offer them something of significant value: a second-opinion service for people your clients care about and want to see succeed. At a second-opinion meeting, you’ll assess where the prospect is now, where they want to go, and the best ways you see to close that gap. If they could potentially benefit from working with you, you’ll say so. If you find they are already on the right financial path, you’ll tell them that as well.

Build COI Relationships
Given the value of referrals from COIs, you’ll also increase your client attraction power by building working relationships with other professionals that can lead to meeting prospects with the potential to become your very best clients. This is where offering comprehensive wealth management that incorporates advanced planning solutions in areas such as estate planning and asset protection (areas of expertise for many COIs) can make all the difference in your success.

Ultimately, by taking these action steps, you’ll put yourself and your practice in the best possible position to attract a steady stream of pre-qualified pre-end endorsed, high-net-worth wealthy clients—for years to come.

John J. Bowen Jr. is CEO of CEG Worldwide and CEG Insights. Join the "Play to Win" consultation; it's your guide to wealth management success. Capture high-net-worth clients, move upmarket, unlock your potential now!