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:

• “Misunderstood market”
• “3 easy steps for meeting HNW prospects”
• “Identifying hidden gems: Prospecting for high-net-worth clients” (MDRT member exclusive)