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2.22.12 | High Net Worth Marketing

by InKnowVision on Feb 22, 2012

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In this session you will learn how-to: ...

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In this session you will learn how-to:

Grow a sizable loyal network of quality relationships that brings HNW opportunity to you.

Identify and connect with key influencers that will attract HNW clients.

Develop content to fill your HNW funnel.

Create a communication plan filled with strategies to attract your ideal HNW prospect

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Run first poll
We have a few goals for you today. So get out a paper and write these down because you will need to reach them if you want to work in the HNW market. The first is toGrow a sizable loyal network comprised of quality relationships that results in a continuous stream of leads, very happy clients, publicity, larger case sizes, opportunities, profits and more. This is my LinkedIn Map. You should take a peak at yours when you have a moment.
Goal 2Easily identify and connect with key influencers, clients and friends in a natural way that created instant rapport.
Goal 3Build more robust, lasting relationships that foster more business.
Goal 4Blow away your prospects, clients, and colleagues with your creative and highly personalized new communication strategy that wants to keep them coming back for more.
Goal 5 Become a significant center of influence who is know for being an approachable, accessible expert who is gracious and warm to everyone – but who manages to do so without pouring all your precious time down a black hole.
Know exactly what to automate and delegate while still giving everyone in your network that special personal touch.
Many financial advisors dream of catering to the most elite investors seeking advice on how to invest their great fortunes. With thanks to the Spectrem Group, which surveys ultra-high-net-worth investors–those with $5 million to $25 million in assets to invest–on a quarterly basis, here is an inside look into the attitudes and characteristics of the denizens of elite advisors’ mahogany-paneled executive suites.The ultra-high-net-worth are young retirees, who amassed their great fortunes as managers, business owners and senior corporate executives. Their average age is 61; only 24% are still working full-time. The fully retired (63%) vastly outnumber the semi-retired (13%). 
Most of the ultra-high-net-worth seek the help of a professional advisor. A third of UHNW investors enjoy regular advisory relationships and another 27% seek an advisor’s help when events impel them to–for example, when they want to plan for retirement or diversify an overly concentrated portfolio after a corporate liquidity event. There is plenty of room for advisors form new relationships or expand existing relationships with UHNW investors. Further 40% of UHNW assets are untended by advisors.
And while UHNW investors express the highest level of satisfaction with their advisors (80% are satisfied), a smaller percentage (70%) were pleased with their advice during the recent recession.
How does an advisor impress one of these coveted clients? By being honest and trustworthy. That is the preference of 99% of UHNW investors choosing a new advisor; in comparison, only 83% said fees were a key concern, less than those who identified the advisor’s track record (93%), transparency and communication (93%) or depth of products and services (86%) as key criteria. Evidently, this is where an advisor’s reputation, built over many years, counts the most.
How does an advisor lose his UHNW clients? Poor communications is the key reason identified by UHNW clients, including not returning phone calls in a timely manner (57%), not proactively contacting the client (49%) and not returning emails in a timely manner (42%). In contrast, not providing the client with good ideas and advice (49%) and long-term portfolio losses (29%) were of lesser significance.
Most UHNW clients hear from their advisors on a monthly (49%) or semi-annual (33%) basis, and are satisfied with the frequency of the advisor’s communications tools (account statements, newsletters, face-to-face meetings, etc.).
However, UHNW were less than impressed with the quality specifically of newsletters (23% satisfaction) and blogs (11%).
How loyal are UHNW clients? Most (62%) have just one advisor. In the event an advisor separated from his firm, 60% of clients would follow the advisor whereas the safety and brand name of the firm would keep 40% of clients in their place. Two-thirds of UHNW are comfortable with the fees they pay their advisors, and they prefer fees over commissions by a two-to-one margin.While little in this report should come as a surprise to those familiar with ultra-wealthy investors, the very low satisfaction with advisor blogs may provide the best clue as to how advisors may prospect among this client segment.
Two-thirds of UHNW are comfortable with the fees they pay their advisors, and they prefer fees over commissions by a two-to-one margin.
Results are in from the 5th Annual Industry Trends Survey, which drew a record 1,085 respondents. This year’s survey had a broader focus, inviting participation from all professionals involved in estate planning and wealth management. More importantly, the survey probed into the mindset of clients as seen through the eyes of their professional advisors. This report includes detailed findings from a nationwide surveyof estate planning attorneys conducted between Sept. 2011and Oct., 2011. Survey was conducted for WealthCounseland Trusts & Estates.DO survey – motivating factors
While clients are still motivated to plan for non-tax reasons, nearly one in three respondents indicated the 2010 Tax Act has all but eliminated “estate tax avoidance” as a motivating factor for estate planning (Figure 1). Thirty-six percent do indicate, however, that clients are concerned about future tax increases.
The post-2008 recession has caused serious concern among business-owner clients (Figure 2). One in five survey respondents report that many of their clients have simply gone out of business. About 40 percent of those surveyed indicate that business clients have postponed the hiring of new employees and have taken on a “bunker mentality,” waiting for an economic recovery.
Many of InknowVision’s advisors’ clients are sitting on tons of cash, growing in many sectors, preparing for transitions, preparing for tax increases..
And Many have liquidity and cash flow issues. But none have gone out of business.
The Upside to a Down Real Estate Market? Some respondents noted that clients have taken advantage of declines in real estate valuation for gift tax purposes. Many view the decrease in real estate values as an excellent estate planning opportunity for estate tax avoidance as clients structure creative gifts of real estate to children. Now if I am looking for a new referral source for business I would want to call on real estate brokers both residential and commercial and educate them on how this will help there clients. Also commercial lenders should see the value in how this strategy can help there clients as well.
Taxes will Increase Due to the Budget DeficitMost advisors (Figure 6) believe that the budget deficit will necessitate future tax increases. Many respondents indicated that they are already working with clients to prepare by taking advantage of current planning opportunities before tax increases take effect. While a most of our advisor realtionships are focusing on the tax increases we are taking the a first look at cash flow and then looking to see where we can make the largest impact on increasing cash flow while also reducing tax liability.
Professional Profile and Five Year Focus Eighty-seven percent of survey respondents were estate planning attorneys, while the remaining professionals were comprised of CPAs, CFPs, registered reps and insurance professionals. As indicated here, respondents plan to focus on basic estate planning, trust administration/estate settlement, and probate over the next five years.
Why Do Clients Plan? Motivating Factors Changed in 2011 While the top reasons clients plan had remained fairly consistent over the previous four years, things changed when this survey was conducted in fall 2011 – in large part due to the 2010 Tax Act. Clients perceive estate tax to be less of an issue from a planning perspective. This illustrates, clients are most motivated by a desire to minimize chaos and conflict among family members and beneficiaries. Clients are still concerned about avoiding probate, and generally express a desire to protect children from mismanaging their inheritance. Minimizing estate taxes dropped to fourth.
Most Estate Planners Expect Business to Grow Over the Next Five YearsWhile clients may have shifted focus in terms of the factors motivating them to plan, the good news for professional advisors is that clients have not stopped planning. While 43 percent of respondents have seen revenue decline or remain the same in the past year, 89 percent expect to see their practice grow over the next five years. The 2010 Tax Act Has Had Little Impact on the Way Most Professionals PracticeNearly 60 percent of estate planning professionals have not made changes to their practice as a result of the 2010 Tax Act (Figure 13). However, some noted they have added new specialized areas, such as business planning, bankruptcy, creditor protection, asset protection, elder law, etc.
New Business is Generated Primarily from Networking with Other ProfessionalsAs shown here, 46 percent of respondents indicated that networking is the primary method for generating referral business. This number represents a 14 percent increase over last year’s survey. In the 2010 survey, the top source for obtaining new business was referrals from existing clients followed by referrals from non-attorney practitioners. Respondents who provided written comments noted a variety of activities as their primary methods for generating clients, including:• Client maintenance programs• Speaking engagements• Internet searches• Involvement with charities• Writing newspaper columns • Church activities• Reputation in the community• Listings in Martindale Hubbell and Avvo• Referrals from senior centers
Respondents who provided written comments noted a variety of activities as their primary methods for generating clients, including:• Client maintenance programs• Speaking engagements• Internet searches• Involvement with charities• Writing newspaper columns • Church activities• Reputation in the community• Listings in Martindale Hubbell and Avvo• Referrals from senior centersRun third poll
Here are the primary resources for obtaining new clients. Social media and writing blogs are among the least-used methods. This may be due in large part to regulatory organizations that have not yet addressed the ethical issues concerning social media. I would say that if you are writing artlcles for a newsletter, newspaper, doing seminars, and posting your bio in Martindale Hubbel and you are sticking to your states advertising and ethics rules then you can use social media platforms to deliver content. In an age where the internet and social media have touch every industry some expect their business to grow by as much as 40% a you saw on the previous slide and only 7% stated social was included in their business development. So if you’re not using it for business development then you loose out on obtaining new clients.
Making Time to Network is a Challenge for Most ProfessionalsEstate planning professionals struggle to find time to nurture professional relationships. The majority indicate they spend a minimal amount of time each week doing so.
Many Professionals Are Motivated to Be the Best in Their FieldWhen asked their primary reason for pursuing continuing education, the majority stated they wanted to reinforce their knowledge in their areas of expertise.Some professionals indicated they are motivated to expand their knowledge in advanced topics in order to handle more sophisticated strategies and to serve more high net worth clients. At InknowVision,education is one of our best marketing strategies. Not only do we think it is valuable but our colleugues do as well. We have many offices throughout the country that host program around our monthly webinars. These events have proven to be lucrative for the host who often is looked upon as the goto person in their area for advanced planning in addition to attrtacting their bread and butter client so to speak.
Not only do we teach the technical we also give purpose to why strategies are used through our redacted case studies and how effective marketing plays key role in attracting HNW clients
Social Media Remains a Controversial Topic for Many More than one in three estate planning professionals have added social media to their marketing efforts. Of these, LinkedIn is most preferred. While social media for business purposes has gained some traction over the past year, we were curious to know what the obstacles were for others who choose not to use it. This year the survey was designed to facilitate write-in comments so that respondents could provide greater clarity to this issue. Next to the number of comments regarding financial literacy, this topic drew the largest number of written responses (more than 400). Specific comments include: Institution’s compliance officer prohibits it. • State bar advertising limitations. • Clients are not comfortable with the medium. • Concerned about privacy issues. • Do not wish to mix personal interactions with business. • Do not have knowledge of how they work and research has shown it is not profitable. • Don’t have the time. • Don’t think it is effective, and annoyed by others who use it. • Social media seems impersonal. • Inappropriate use of personal contacts. • My target audience (i.e. wealthy individuals aged 60-80) does not use social media. Use a mix of photos here
While many are still trying to improve their websites others have left the gate and moved into mobile. If your website is not viewable on a mobile device then I suggest you find a way to get it done. Ok so now we know what clients and advisors are telling let’s move on to discussing strategy and creating a HNW marketing plan.
Let’s talk about the UHNWWe serve them because they are Niche Market LucrativeMultipliersFearful and I will talk about this in particular in a minute.
They have mixed asset that lend themselves nicely to be planned for and gathered to be managed. BusinessesInvestmentsIncluding Real EstateArtAlternative Fine CollectiblesForeign
They are multipliersOwnerExecutive TeamEmployeesFamilyFriendsAdvisors
FearsTaxesDepletion of wealthLoss of controlFamilyHealthBusinessEmployeesCommunity
You need to write these down so when you craft your message it is clear and concise.
Here is a list to get you started.
We’ve adapted the new relationship marketing strategy. We’ve build a large, loyal, proftable network using the “social web” . IN our relationship marketing we use all types of marketing both online and off.
We’ve taken LinkedIn to a new level. Wherever we travel to we looked for people in our network to meet face to face. If we are are looking to meet people in our geographic area then we use linked in as the catalyst.
I want my network to know where I am so I can leverage my time and relationships when and where ever I can.
There is a whole online universe that allows us to forge ahead in establishing new relationships. ThisConversation Prism gives you a whole view of the social media universe, categorized and also organized by how people use each network. Use the Conversation Prism to see what you're missing! You can get a better view of this prism at www.the converstionprism.com. We’ve been focusing on conversation and converting at IKV and in turn it has helped us forge new relationships. In this new paradigm shift, our social platforms help to nurture and expand our opportunity to find more HNW clients than ever before. We’ve been able to move into new markets that previously would have taken thousands of dollars and years to cultivate. Run 4th poll
This is your job too. Go offline and optimize your marketing online
We are tracked, recorded, viewed and archived. We are in control of what we share. At any given time we can look to see who is viewing what, if they have downloaded materials, how long they stayed, it they went to our website from another social platform. Well you get the idea. This was a recent presentation Scott did on Private Annuities and Self Canceling Installment Notes. Which also lead to people viewing other materials on our website and slideshare account.
Our visibility and findability have landed some of our best opportunities. No longer are we just optimizing our website for our Google rankings, we are expanding our reach using content and tools that get attention. Even our vendor appreciate us.
Our followers can easily see the size and quality of online “digital footprint” and use it as a key factor in decision making. People can choose to contact you for example on how many LinkedIn relationships you have. We have significantly enhanced and accelerated the growth of of our relationships by blending offline and online strategies .Our in person meetings are a result of our online marketing. We expand these relationships by using all of our tools to nurture and grow these relationships
Conquering Fear is the first step. Removing the mental barrier to social marketing is the next.
Focus on people-“In the end, the reality is that you get out of social media what you invest in it”. Brian Solis- Engage
Let’s talk about some of the issue facing your ability to market HNW services. I don’t have time to build relationships with people I don’t know. Our relationships learn the basic and then they engage us to take them to the next level. We know how to attract and build relationships through our content which in turns leads to credibility and trust in our marketplace. We can not use time as an excuse. Not making time will cost us more money.
Social Media seems like a full- time job. I am already maxed out doing what I do.Lindked in can be a full time job if you don’t know how to leverage it.
This is where a good publishing schedule and and egg timer will help.
I don’t; want to have to learn it all. Just give me the basics – you can’t I just outsource it all. You can outsource. We do HNW market for several firm wanting to get into this space. We have also hired several interns to help us get projects started. They have been an enormous resource.
We have also hired several interns to help us get projects started. They have been an enormous resource. As a matter of fact, the fastest growing segment of Linkedin is college students and recent graduates.
I want to protect my content. I am afraid of people plagiarizing my material. The more links the merrier.
Permission based marketing can not only save you time but a ton of money. We encourage our colleauges to use our tools. We know that they do not have the ability to spreadsheet and solve for complex problems individually. The least we can do it arm them with the tools to attract and engage the client in the first place.
I am not sure how to measure my results. If you can’t measure it then you shouldn’t be doing it. We know when people come to our site, when they leave and how long they stayed.
We even publish our results offline!
Can I really make money using social media. If you can effectively communicate then you can make money. Social Media is a platform to communicate, engage, and share content. If you can take an introduction from linkedin, as we have, and turn it into a meaningful relationship and the chances are you will make money. Now I can’t guarantee it and maybe you could use some sales training but there is a pretty good chance that your network will produce some gold.
LinkedIn FactsAs of February 9, 2012, LinkedIn operates the world’s largest professional network on the Internet with more than 150 million members in over 200 countries and territories.LinkedIn members did nearly 4.2 billion professionally-oriented searches on the platform in 2011.
LinkedIn and BusinessAs of February 9, 2012, LinkedIn counts executives from all 2011 Fortune 500 companies as members; its corporate hiring solutions are used by 82 of the Fortune 100 companies.
More than 2 million companies have LinkedIn Company Pages. So if you don’t have your company page on linkedin this is your weekend assignment. It takes less then 10 minutes.
LinkedIn represents a valuable demographic for marketers with an affluent & influential membership. 411,000 Supervisors, 445,000 CEOs, 962,000 Presidents, 1.2 million Vice Presidents and 4.8 million Managers.
As of December 31, 2011, there are more than 300,000 unique domains actively using the LinkedIn Share button on their sites to send content into the LinkedIn platform. Referrals were also sent from LinkedIn to publisher sites around the world.
LinkedIn members are sharing insights and knowledge in more than one million LinkedIn Groups.
As of December 31, 2011, mobile page views account for more than 15 percent of total unique member visits to LinkedIn. This is another reason need to have your prospect base in the palm of your hand.
This is a posting on our blog. Once this hits the internet it travels to our linkedin pages, twitter account, facebook account, google plus page and other online platforms in seconds.
This is a stark reminder of what your marketing can cost you. I am a firm believer of leveraging time and money so we can grow our business.
Repurpose your content For example lets say you have 10 steps to improving your cash flow. You could expand on the 10 steps and put a tip under each one. Then this becomes an article which you can then upload to eZinearticles.com – which by the way can gain you great search engine optimization and visibility. Take the same article and alter it by adding a different beginning and ending, a few photos or graphics, maybe embed a video then publish as a blog post. Now turn the article in a ppt, narrate the slides and record with screen cast- Now you have a video!Talk into the camera on your copmuter and narrate the 10 steps. Take the 10 steps and make them into 10 status updates for your social media accounts such as twitter, facebook and linkedin.
Get your head out of the sand.

2.22.12 | High Net Worth Marketing

by InKnowVision on Feb 22, 2012

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