Estate planning is also of particular importance, Chahil says, and there is often more focus on multi-generational wealth. “Therefore, a financial planner may need more in-depth knowledge of estate planning.
“Plus, it often means working with other professionals such as tax specialists and solicitors, to create the best outcomes for the client. For example, as part of their planning, clients could require legal advice on areas such as prenuptial agreements and establishing trusts.”
Sammy Licence, head of commercial development at Quilter Cheviot Financial Planning, also highlights how HNW financial planners often collaborate with professionals such as tax advisers, solicitors and investment managers when delivering service to clients.
“The financial planner therefore needs to not only bring their ‘baseline’ level of exceptional client relationship skills and sharp technical knowledge, but also an ability to work with multiple other professionals to best support the client,” Licence says.
Loydon likewise recommends networking as a way for advisers whose current client base is predominantly the mass affluent to find HNW clients.
“Some advisers are really successful in the HNW because they target business owners, media and entertainment, and sportspeople. So you might want to decide that a target market is your way forward, so you can become an expert in that area.
“The other point I would make is that more than 50 per cent of new business in the HNW space comes off the back of referrals.
“So once you've had the opportunity to advise or pitch to a couple, generally you will find that most of the new business in that space will come off the back of that community, their network, their contacts.”
Chloe Cheung is a senior features writer at FT Adviser
