Angela Streba

You have a goal to reach high-net-worth clients with your marketing, but is your messaging really speaking to their wants and needs?

If you’re not sure about the answer to this question, this video is for you. Hi, I’m Angela Streba, director of advisor brands at Commonwealth. Today, I’m going to share four best practices that I recommend to our advisors who are trying to attract high-net-worth clients. Let’s get started.

Number one: Simplify the complex.

With wealth comes complexity, and no two journeys are the same—but there are some common threads among the high-net-worth set. 66% of high-net-worth investors want more personalization in their wealth management relationships, and 32% of millionaires said they would leave their advisor if they weren’t receiving financial advice beyond just investments.

High-net-worth clients value simplicity amid the many decisions that come with wealth. You’ll want to build a marketing strategy and messaging that clearly indicates you are the best choice to make their lives easier, provide financial clarity, and offer the holistic, personalized investment solutions they’re looking for.

Number two: Tap into younger generations.

You’ve likely heard of the “great wealth transfer”—the impending massive transfer of $83.5 trillion in wealth from baby boomers and the Silent Generation to Gen X, millennials, and Gen Z. The clock is ticking! A study from Capgemini Research shows that 81% of high-net-worth investors plan to switch from their parents’ wealth management firm within 1 to 2 years of receiving their inheritance.

So, what does this mean for your marketing efforts? You’ll need to make sure you prioritize the following: your company’s social media accounts, a user-friendly website, and a strong brand story to create connections, build excitement, and, most importantly, signal to this younger generation that you’re ready to grow with them.

Number three: Prioritize family dynamics.

A Fidelity study revealed that 7 in 10 women own investments in the stock market—that’s an 18% increase since 2023. To make sure you retain your client’s account after the primary contact’s death, involve both spouses in your regular marketing communications through emails, periodic check-in calls, and especially in-person meetings whenever possible.

Number four: Be the single source of truth.

Once you understand where your clients’ wealth comes from and what kind of lifestyle they value, you can build a brand and message that clearly communicates why working with your firm is the right choice for them.

For example, think about showcasing the value you bring as a true “family office,” serving as the primary point of contact for your client’s entire financial strategy and ensuring all decisions—tax, estate, or investment—pass through you. Knowing you will be the single source of truth who understands their needs will be a huge relief to HNW clients.

At Commonwealth, we’ve been helping advisors like you for over 45 years. By approaching HNW clients with competency, authenticity, and dedication, you will be well on your way to attracting and maintaining their business.

We hope you enjoyed these tips, and we encourage you to subscribe to our blog for more valuable Insights like these.

Please consult your member firm's compliance policies and obtain prior approval for any ideas discussed in this video before moving forward.