Financial Advisor Strategies to Increase Assets and Attract Better Clients

How Do Top Advisors Bring High-Net-Worth Clients?

There are a lot of financial advisor strategies you can use to increase your assets and attract high-net-worth clients. Do you want to raise your minimums to at least $1 million? What would your business look like if you brought in an additional $25 million next year?  Are you offering the right services to help these clients achieve their financial goals?

Not only do you want to attract better clients, but you also want to nurture those relationships to the point that they refer you to their network.

Each year at our Mastermind Collegium, we honor the top-performing advisors and offices. Our top two advisors of 2021 were Bryan Bibbo and DC Chamberlin.

Both Bryan and DC sat down with us on the Rainmaker Multiplier On-Demand Podcast to discuss some of their financial advisor strategies as well as anecdotal stories of how they each saw success after raising their minimums and focusing on high-net-worth clients.

Bryan Bibbo, AIF, NSSA, is a Partner, Accredited Investment Fiduciary, and National Security Advisor at JL Smith. He brought in around $45-$50 million in assets during 2021.

DC Chamberlin, CFP®, CFF® is a Certified Financial Planner at The Chamberlin Group. He brought in around $25-$30 million in assets during 2021.

Click here to listen to the latest episode of the Rainmaker Multiplier On-Demand Podcast.

Raise Your Minimums

Several years ago, DC made the decision to accept clients only if they were willing to invest at least $1 million. Now, his requirement is $2 million or more.

Bryan recently raised his minimums to $1 million, and he’s increasing his investment requirements to $1.5 million by January 1, 2022.

“I realized that I should be working with people that are higher net worth and stop fishing in a pond, trying to scoop up as many as possible.”

-Bryan Bibbo

When you start to make these shifts, take a good look at your roster, and see which clients can be transitioned to another wealth professional as you focus on the upper echelon accounts.

DC often gets clients who come in investing at his minimum of $2 million. But he nurtures the relationships and builds trust, they continue to increase their investments year over year.

“I only added three new clients this year, and two of them were referrals. I’ve really been grinding out my existing clients.”

-DC Chamberlin

Alternatively, Bryan’s approach is more about getting his clients to go all-in and invest as much upfront as possible.

Although their financial advisor strategies differ, both DC and Bryan are meeting and exceeding expectations. If you’re ready to start attracting higher net worth clients, maybe it’s time to change up your approach.

Schedule a complimentary call today to learn about financial advisor strategies through C2P Enterprises.

Ask for Referrals

Let your upper echelon customers know that you’re a valuable resource. Offer your services to their friends and family. Encourage them to be an advocate for their community.

DC still accepts clients below his $2 million minimum IF they are referred by one of his existing clients.

“It’s hard for me to turn down a million-dollar client that just fell into my lap, but I target higher net worth customers.”

-DC Chamberlin

Package your pitches into easily repeatable, exciting stories that your clients can tell their friends over cocktails at a charity event. That’s how those referrals trickle in from your best clients.

Bryan suggests a private share fund to some of his wealthiest clients, which allows them to invest in private companies expected to go public soon. People love to hear about the innovative ways you’re using their money instead of just dropping them into an investment model.

Nurture Relationships with Existing Clients

On the Rainmaker Multiplier On-Demand Podcast, both Bryan and DC discussed how in the past, they worked every single Saturday and some Sundays. Now they reserve the occasional Saturday appointment for their highest earners and can devote more time outside of work.

Let the client choose how they want to interact with you. According to DC, 90% of his clients choose Zoom over in-person meetings. However, Bryan reports most of his clients still want to meet face-to-face.

So, ask your customers individually whether they’re more comfortable online, on the phone, or in your office. If they do want to meet in person, be sure to inquire about their COVID preferences.

Both Bryan and DC recommend communicating with your most valuable customers at least once per quarter to keep them updated on how their accounts are performing and inquire about what is going on in their life.

  • Do they have a milestone birthday coming up?
  • Are they having surgery?
  • Did a child go off to college?
  • Are they planning a vacation?
  • Was there a birth or death in the family?

Think about how you can create more intimate moments to further develop those relationships. Consider sending a card or flowers depending on the occasion. You can also send promotional products or corporate gifts around the holiday season to say thank you and stay top of mind going into the new year.

On the Rainmaker Multiplier On-Demand Podcast, Bryan recalled a client whose wife was turning 60, and he mentioned they were planning a trip to Tahiti for her birthday. Before the trip, Bryan’s team sent them a travel book on Tahiti.

Set Expectations With the Second Chair Advisor

It’s challenging to let go of the reigns, especially those customers who have been with you since the beginning of your career. Nobody wants to abandon someone they’ve built a rapport with, but when you’ve outgrown an account, or you’re ready to advance to the next rung of the Advisor Career Path Ladder, then it’s time to bring in your second chair.

The second chair supports more experienced wealth professionals. They often assist their superiors with administrative responsibilities and onboarding in addition to handling smaller clients by themselves.

What is your ideal client? Think about this—spend some time sketching out your perfect buyer persona. Now, compare that to your portfolio of clients. Which accounts don’t match your criteria? Can those be transferred to a second chair advisor?

“If you have the right people around—with a client-first mentality—it’s all going to work out.”

-Bryan Bibbo

Include your second chair advisor in your meetings so that when it is time for you to shift your responsibilities, your clients will already feel comfortable and confident working with your replacement.

You’re busy focusing on higher-wealth clients, as you should be. So, your second chair advisor will take better care of the smaller clients because they have time to give each account the attention it deserves.

“That’s just the natural progression of our careers.”

-Bryan Bibbo

Want to raise your minimums and attract high-net-worth clients so that you can gather $25 million in assets next year?

Click here to schedule a free 20-minute call with C2P Enterprises to learn more about our financial advisor strategies.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.