Elevate Your High-Net-Worth Advisory Business through a Whole Client Approach

Become a Trusted Partner to Your High-Net-Worth Clients by Adopting a Holistic Approach

The whole client approach is a strategy that goes beyond the numbers to focus on what really drives your clients — their values, their families, and their long-term goals.

Why the Whole Client Approach Matters

Advisors working with wealthy clients know they expect more than cookie-cutter advice. High-net-worth (HNW) clients, meaning individuals with $1 million or more in investable assets, typically have more complex needs than other types of clients.

Their primary concerns may center on developing strategies to preserve assets, minimize tax liability, and seamlessly pass wealth on to the next generation. In addition, their investment portfolios may hold more than the typical mix of stocks and bonds and include alternative investments such as private equity, real estate, precious metals, or collectibles. Adopting the whole client approach to meet their unique needs can deliver real benefits to you and your clients.

Why the Whole Client Approach Works

This approach helps you become more than a financial advisor — you become a trusted partner. By understanding your clients’ values, family dynamics, and long-term goals, you can offer advice and solutions that truly resonate. The result? Stronger relationships, greater loyalty, and a practice that stands out.

What Do High-Net-Worth Clients Want?

HNW clients seek:

• Personalized financial advice that reflects their values and goals
• Specialized expertise across a broad range of financial topics
• Client-centered financial advising that considers their family, legacy, and lifestyle
• Total wealth strategy that integrates tax planning, estate planning, and charitable giving
• High-touch service that respects their time and expectations

The whole client approach can also address long-term needs that a high-net-worth client might have. Consider these possible strategies you could offer as an advisor.

• Charitable giving. Wealthier clients who want to pass on a sizable portion of their estate to charity may benefit from a variety of strategies, including the use of donor-advised funds, charitable remainder trusts, and qualified charitable distributions from an individual retirement account.
• Business planning. Business clients may need help with establishing or maintaining retirement plans for their employees, developing additional incentives to encourage employee retention, or building out a succession plan.
• Legacy planning. Wealthy clients may have legacy planning needs that require the establishment of one or more trusts. They may also look to you for help with developing a more sophisticated approach to tax planning.

How to Put the Whole Client Approach into Action

• Start with deeper client discovery: Go beyond the balance sheet. Use structured conversations and thoughtful questions to uncover what matters most to your clients. Ask about their legacy, their hopes for their children, and their vision for the future. These insights will guide your advice and strengthen your connection.
• Create a safe space: Let clients share openly — without judgment. When they feel heard and supported, they’re more likely to open up about sensitive topics like family dynamics or charitable goals. That’s when real trust is built.
• Engage the next generation: High-net-worth clients may plan to pass on the bulk of their wealth to their children. Help your clients prepare their heirs by hosting educational sessions and encouraging family meetings. By supporting the next generation, you not only deepen your current relationships — you also lay the groundwork for future ones.
• Build your expert network: You don’t have to know everything — but you should know who to call. Establishing a network of trusted referral partners can help you provide clients with holistic advice and support. Surround yourself with trusted professionals in tax, estate planning, healthcare, and more. Having a trusted network reinforces your role as the go-to advisor for all critical matters.
• Think beyond finance: Connect with travel experts, art consultants, and other specialists who can support your clients’ unique lifestyles. Your network becomes part of your value proposition.

Let LPL Private Wealth Management Support You

At LPL Financial, we understand the complexities involved in advising HNW clients. That’s why we created LPL Private Wealth Management, a model designed to help you grow your ideal practice with confidence.

From educational workshops to a network of seasoned professionals, LPL Private Wealth Management gives you the tools to deliver personalized, values-based advice that makes a lasting impact.

Ready to take your practice to the next level? With the whole client approach and LPL’s support, you’ll stand out, build stronger relationships, and deliver the kind of service HNW clients truly appreciate.

Contact us today to learn how LPL can help elevate your advisory business.