High-net-worth clients need a team—how are you maintaining yours?

Most advisors are seeking growth in high-net-worth markets. These clients by nature have more complex needs, which means they’re rarely well-served by a single professional.

So for many IAs, alongside the task of attracting and retaining HNW individuals is a parallel process of attracting and retaining quality team members. Below are four brand strategies to help you strengthen this process.

To attract quality professionals, project all the same qualities that attract HNW clients.

The financial professionals and support staff needed to deliver HNW services have similar expectations to your target clientele about the kind of team they want to be aligned with. Professionalism, sophistication, deep roots and expertise should be immediately apparent as they begin to learn about your firm.

Potential recruits want to be part of an organization that is well-established and well-positioned to serve a growing book of wealthy clients, and this is something your outward brand needs to convey before you have the opportunity to communicate with them directly.

To help your team work cohesively, implement a central process.

It’s not just about the quality of individual talent within your team—it’s also about their ability to collaborate and contribute collectively to a service geared toward HNW clients. This collaboration comes much more easily within firms that have clear, step-by-step client processes.

With a documented central process, new hires can be integrated more easily, and your team can continue to deliver a high-end client experience even as it grows.

To minimize turnover, establish a common vision.

High turnover can compromise your growth in the high-net-worth space, but a strong internal brand can help advisors and associates get behind common goals. Take steps to clearly define your vision for the firm and the culture that drives it, so that team members can become more invested in their contribution to that future.

To secure your extended team, do all of the above from a distance.

External partners may not be part of your team in the same way, but you can use the same principles to secure those relationships. Project to current and potential COIs that you are a well-heeled professional team, establish a process for COI collaboration and referrals, and use tangible tools to convey to COIs the opportunities this relationship can create for them.

If you’re looking to strengthen your recruitment and retention strategies, reach out to us for ideas and recommendations specific to your practice.