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

Last Edited by: LPL Financial

Last Updated: May 24, 2024

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By uncovering what matters most to your high-net-worth clients, you gain insight into how best to serve them.

In this article, Anna Howard, CFP®, SVP of LPL Private Wealth Management discusses how HNW-focused advisors can leverage deep discovery and a holistic approach to take their practice to the next level.

As an advisor serving high-net-worth (HNW) clients, it is essential to find innovative ways to differentiate yourself and provide exceptional value. Enter the whole client approach — a comprehensive strategy that goes beyond traditional financial planning and investment management and focuses on client values, entire family engagement, and networking. 

The Whole Client Approach

This strategy delivers real benefits to you and your clients. As your client’s trusted counselor, you guide them through complex financial decisions while also addressing their concerns beyond the strictly financial realm. You delve into their values, gain an understanding of their family dynamics, and take into consideration their overall long-term goals and well-being to appropriately tailor advice, financial solutions, and referrals to trusted resources. The result is a relationship built on trust and genuine understanding, leading to increased client satisfaction and loyalty. 

How to Embrace the Whole Client Approach

Deepen discovery: To truly serve HNW clients, you must use a structured discovery process that reveals the intricate tapestry of their financial and personal lives. Such a process allows you to facilitate meaningful conversations that delve into qualitative issues and help clients define their values and priorities. By uncovering what matters most to your clients, you gain insight into how best to serve them. 

To make your discovery process even more effective, it is important to create a space for clients to express their concerns and goals without judgment. Position yourself as a compassionate and supportive partner in their life journey, not just their financial advisor. This can help build trust and allow clients to discuss sensitive topics that lead to informed decision-making. 

Prepare the next generation: Financial decisions often impact the entire family. Engaging multiple generations is crucial to holistic management and service to foster a sense of understanding and shared responsibility. To support such engagement and open dialogue, encourage and facilitate regular family meetings where transparency, collaboration, and respect are required. 

By helping clients educate and prepare the next generation for financial success, you not only solidify your relationship with the current client but also increase the likelihood of retaining the next generation as clients. 

Develop your network: As the wealth of HNW clients grows, their financial situations become more complex. This means you must have the willingness and a broad perspective to provide guidance, even beyond your area of expertise. 

Establishing a network of trusted referral partners can help you provide clients with holistic advice and support. Foster relationships with professionals across a spectrum of disciplines, including tax experts, estate planning attorneys, and real estate professionals as well as travel concierges, healthcare consultants, and collectibles experts. Such a network can offer invaluable insights and guidance, empowering clients to make well-informed decisions about their wealth and position you as the well-connected, go-to advisor for all critical matters. 

LPL Private Wealth Management Can Help

At LPL Financial, we understand the complexities of advising HNW clients. That is why we developed LPL Private Wealth Management, an employee advisor affiliation model aimed at helping advisors like you grow your ideal HNW practice. 

LPL Private Wealth Management includes a variety of educational programs and workshops for both you and your clients. And our network of professionals can provide valuable insights and advice to help you serve your clients’ best interests. 

By adopting the whole client approach and leveraging LPL's Private Wealth Management platform, you can stand out among your competitors and deliver tailored solutions that cater to the unique needs of your HNW clients. Contact us today to learn more about our services and how LPL can help take your practice to the next level. 

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