Working with and advising high net worth individuals (HNWIs) can be a very rewarding and profitable service, but how can accountants sign up more HNWIs?
Services for HNWIs
Working with HNWIs should go further than just routine tax and accounting compliance work. In order to add value to the work you do you need to offer services including one or more of the following:
- Personal tax planning
- IHT planning
- Estate planning
- Trusts
- Will reviews and writing
- LPA writing
- Probate and estate administration
- Wealth management – either as part of an in-house offering or through third-party IFAs who you are happy to work with.
GDPR and HNWIs
The first thing you need to be mindful of is the marketing restrictions imposed by the GDPR. As you will be targeting individuals, i.e. not businesses or ‘corporate subscribers’, you can only send direct communications to them (mailings, emails or telemarketing) if they are already clients of yours and they have previously given consent for you to send them marketing information. If they are not a client, they should have previously opted in to receive such marketing communications from you.
Ways to target HNWIs
Below are several ways in which you can target your marketing towards HNWIs:
Work your client list
The quickest way to target HNWIs is to review your current client list and to identify suitable people who you think would benefit from your HNWI services. Then as part of your routine client conversations offer them a free personal tax planning review.
Client Referrals
Be proactive in asking your existing HNWI clients if they know anybody else who would benefit from your services. They are more likely to know other people in similar circumstances to them, who could make use of your expertise.
Website
Create a separate section on your website, perhaps called ‘Private Client Services’ or something similar. Showcase all the relevant services that you offer on this page and how you can help. Also include on your website:
- Case studies and testimonials from current clients who have benefited from your services. Their story and how you have helped could be shared anonymously with others.
- Blogs that highlight the key issues HNWIs could face now and in the future when it comes to saving tax, preparing for long-term care, leaving money/assets to future generations etc. Give general tips on how to overcome these issues and how you can help.
- Key search words and terms that your target HNWIs are likely to use in Google searches. This will help to channel these people in the direction of your website.
Social media
The likes of LinkedIn, Twitter and Facebook can be useful for raising your practice’s profile and the type of private client services you offer. Do not just promote your services. Also use social media to share links to the blogs which people will find useful and to case studies you have on your website.
Newsletters
Whether you do email or printed newsletters, use this as an opportunity to include articles about issues that will affect HNWIs and how you can help.
Adverts
Identify what publications the HNWIs in your area are likely to read (ask existing HNWI clients if you are not sure). Look to place regular adverts in these publications. Regular adverts (say one a month) are likely to gain more enquiries than adverts which appear as one-offs). Also, speak to the editors to see if they would be interested in receiving articles on key tax and wealth planning points their readers would be interested in.
Free tax clinics
Re-brand your free consultations as ‘free tax clinics’ and offer these to existing clients and people they are happy to refer to you. You should also promote these clinics on your website, social media pages, in local adverts and in your newsletters.
Leaflets
Providing your existing clients have not ‘opted out’ to receive any marketing communications from you, create a leaflet that promotes all your private client services. Send this to them, either as a printed leaflet through the post (with a covering letter) or as a PDF which is attached to an email.
There are many ways to target HNMIs, most of which can be done without breaking the marketing budget. If you would like to discuss any of the above ideas, or other activities that you may want to consider, book a free marketing review call.
