Principal Times How these advisors deal with wealthy clients

How these advisors deal with wealthy clients

In the latest series of Principal Times, we asked advisors to share proven practices that have helped them in dealing with wealthy.
Team Cafemutual Jun 22, 2018

The latest series of Principal Times, a joint initiative of Principal Mutual Fund and Cafemutual, we asked IFAs how they deal with wealthy clients to get practical and actionable insights on dealing with wealthy. This time too, the contest got an overwhelming response from the IFA community.

Here are the ‘proven practices to deal with wealthy clients’ that received the highest votes.

Winner on Website: Yogesh Ladhwa, Benchmark Financial Consultants, Belgaum

Be a consultant and earn their respect.

I feel wealthy clients are very sensitive about their finances. Also, given the sums involved they devote considerable time and energy in managing their wealth. To earn their trust and respect, I behave like a consultant and not a salesperson. I guide them on all aspects of personal finance such as tax planning, estate or succession planning, and merger and acquisition.

I also believe engaging more closely with wealthy clients helps grow business. I make sure that I ask for their feedback, stay in constant touch with them through regular meetings and under-promise and over-deliver. I think this approach makes them more comfortable with me and think of me as a well-wisher.

Winner on Twitter: Ramkumar Barchha of Vikalp Finvest, Rajkot

Resolve their queries in time and do not confuse them by offering too many schemes.

Wealthy clients keep meeting new people who give them investment ideas constantly. The most important thing I do to manage them is to give them a reality check on such ideas so that they do not make a mistake. I give them pros and cons of every decision they make. I also do not believe in confusing them with too many choices on schemes. To get across this point, I tell them there is a reason why people have only one family doctor!

I make it a point to respond quickly to their queries. HNIs do not like to wait for solutions. Hence, I make it a point to respond quickly to their queries. I have a habit of keeping notes of these queries. I have made a file in which I keep answers for the most frequently asked questions. I use this file whenever they have a query.

Winner on Facebook: CK Vanitha, C Profit, Bengaluru

Keep them well informed and maintain a relationship beyond business.

I keep my wealthy clients well informed. I make sure to be their first provider of information relating to market developments, global events, micro-economic events, product knowledge and so on.

Also, I prefer maintaining a relationship beyond business with my wealthy clients. I try to strengthen the relationship through a personal touch. For instance, I throw a surprise party to celebrate their birthdays at their office on a grand scale in coordination with their family members. This gesture really excites them and helps me in creating a bond with them, and mingle with their family.

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