How Advisers Can Establish Relationships With HNW Prospects

A financial adviser meets with a high-net-worth couple at a conference room in his office.

(Image credit: Getty Images)

By Jeremy Green, CFP®, CTFA, CLU®, CEBS®, AEP®, EA, MSFS

published 1 April 2025

Advisers often consider themselves to be in the relationship business. A more accurate description might be that they are ultimately in the business of influencing relationships.

Influence is defined as the capacity to affect someone’s behavior. Specifically, most advisers work with many prospects who are classified as the mass affluent. Advisers assist them with retirement planning, long-term care concerns and education funding. These prospects often have clear needs or pain points.

For instance, not knowing whether one can retire comfortably is a significant concern that an adviser can address.

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Occasionally, advisers meet individuals who fall into the high-net-worth (HNW) category, typically defined as those with more than $1 million in liquid assets. Many of these individuals do not have obvious problems or needs.

For example, HNW individuals often have more than enough resources to live on if they maintain reasonable spending habits.

This makes many advisers unsure of ways to identify a specific need or problem to address for this group. Often, the HNW prospects themselves have vague or undefined goals at higher levels of wealth.

For HNW prospects, the primary motivation to meet with an adviser is centered on possibilities. These individuals recognize they don’t know all that is possible, and they hope the adviser has insight into opportunities they might act on.

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Your mindset matters

Advisers must shift their mindset from addressing needs and pain points to focusing on possibilities and outcomes. HNW prospects rarely “need” assistance in the traditional sense.

Instead, their decisions are often rooted in pursuing certain outcomes or experiences rather than solving problems. For instance, many could live comfortably on fixed income alone but choose to take equity risks for higher returns and greater long-term wealth.

They typically hire advisers because they value the services, outcomes and experiences provided.

Advisers can gain influence with HNW prospects by avoiding common errors, which are sometimes made unknowingly. If an adviser frequently uses language like “you need” or “you have a problem,” they risk alienating the prospect. The word “need” may not resonate with these individuals, who may not perceive themselves as having a problem. Such phrasing could create dissonance and undermine the adviser’s influence.

To effectively engage HNW prospects within regulatory guidelines, advisers should consider establishing meaningful connections early in the process and avoid common pitfalls.

Standard sales processes, where initial meetings focus on gathering data and subsequent meetings revolve around presenting solutions, may not be as effective with HNW individuals.

Be strategic

Planning for successful interactions in advance is important for engaging HNW prospects. Here are a few key strategies to help improve outcomes:

1. Collaborate with HNW specialists

If you identify a prospect as HNW, consider engaging a person who regularly works with such individuals. This could be a colleague at your custodian, independent marketing organization or brokerage firm.

If possible, invite them to join you for the first meeting. Observing their approach in real time can provide valuable insights into effective techniques and client reactions.

Building a professional relationship early involves asking thoughtful, high-quality questions that demonstrate the adviser’s knowledge and commitment to the client's best interests. Avoid appearing as though you’re “fishing”; instead, make it clear that you have a defined direction.

Conclude the first meeting by setting clear expectations for the second, explaining that you will show how you can help and, based on that, discuss the potential relationship, including fees.

2. Address do-it-yourselfers thoughtfully

At the end of the first meeting, you may discover the prospect is a “do-it-yourselfer.” Conclude the meeting with an empathetic message, such as:

“I’ll be preparing for our second meeting to deliver on what I promised. While I’m doing that, I’d like you to consider one thing. The people I work with are typically either delegators or collaborators. They’ve reached a point where they’re ready to work with someone else. I’d ask you to think about what would need to change — emotionally or mentally — for you to decide to do the same, assuming I can show I can help you. There’s no need to answer now or even in the next meeting. It’s just something to reflect on because sometimes, even when I demonstrate I can help, a person may not be ready. Does that sound fair?”

Competence is a necessary component of building influence, but it is often not enough. When advisers rely on competence alone, it can lead to multiple unpaid planning meetings. They hesitate to gauge whether the prospect is emotionally ready to be guided.

By focusing on possibilities, avoiding forced errors and demonstrating knowledge and experience through meaningful questions, advisers can build stronger connections with HNW prospects. These adjustments increase the chances of converting these individuals into lasting clients.

The information provided is for educational purposes only. Producers are ultimately responsible for the use or implementation of these concepts and should be aware of any and all applicable compliance requirements. Investment advisers are strongly encouraged to obtain pre-approval from the broker-dealer and/or Registered Investment Adviser with which they may be affiliated prior to implementing.

Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. Our firm is not affiliated with the U.S. government or any governmental agency. 2/25-4225082

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jeremy is a subject matter expert in high-net-worth tax, estate and business planning with 22 years of experience. He collaborates with professional advisers, closely held business owners and other clients with significant assets to integrate and clarify their combined business, estate, philanthropic, tax, investment and life insurance plans.