Are you offering enough simplicity for HNW clients?

In working with the affluent — clients with a net worth between $5 million to $250 million — I’ve found they value simplicity, especially when they have complex financial planning issues.

Sometimes they have complicated financial plans or wills and trusts that an attorney wrote for them, and yet the clients don’t necessarily understand them. So, this is an area where I can bring value by simplifying their plans. This allows clients to see if their financial plans align with their goals and match what they want done for their families.

Streamlining plans

I streamline financial plans for clients with what I call a document review. I may say to clients, “I see that your will says this is who your executor is. This is who your trustees are. Is this what you really want?” It’s surprising how valuable they consider that and how often the clients respond with, “Nope, that’s not at all what I intended.” Now, you’re able to help that client and empower them to make those changes to reflect what it is they want to do.

Contacting the right people

I also offer value to my high-net-worth clients because I have strong relationships with centers of influence, such as attorneys. That’s huge for my clients because instead of them struggling to get ahold of an attorney to schedule a meeting, I pick up the phone and get it done. I was talking to a client who needed to reach a banker on a Friday. I called the banker while he was out golfing. Because I had a good working relationship with the banker, even though he was out golfing, he took my phone call.

The affluent have a lot of business relationships. It’s important then that you have even better ones with people such as attorneys, accountants and bankers. It’s going to greatly increase your value in working with them.

Elizabeth Dipp Metzger, of El Paso, Texas, USA, is a 12-year MDRT member as well as a Top of the Table member. This was excerpted from her 2023 MDRT EDGE presentation. You can view on MDRT’s website part of her presentation, Creating a process and a staff to match the needs of high-net-worth clients.” (MDRT member exclusive)

For more about working with HNW clients, read:

  • Mónica Cortés says:

    Excelente recomendación 👏🏼👏🏼👏🏼👏🏼👏🏼

  • I am simple person,but As Insurance Advisor,I suggest best solutions to my Clients,My Suggestions are With Vision and Benefited to My High Net Worth Friends and Clients,I clubb Short Term Benefits with Long Term Benefits and Tax Benefits with Retirement planning and Legacy creation and Higher Risk Cover with Security To their Family Members,Lucrative Returns and Multiplication of their Investment in Equity Oriented plans… Best plans for their Kids with periodical returns and Retirement planning for Senior citizens….I play High Profile-Low Profile Roles with My clients…If Clients are highly Intellectual and Analytical and Big Successful Industrialists,I talk with them from my highest levels of Intellectual abilities and With Perfect Statistics and Best comparative Financial Planning which created trust with them…and If Clients or Friends are simply trust me and ask for best Insurance Planning,I deliver Best Plans with simple Illustrations and all Hidden Benefits highlighted..My Perfect product knowledge and Market research support me to deliver best at both ends…Still I am learning from clients and their Demands and Needs..and studing Best Insurance Products…

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