As the needs of HNW investors grow increasingly complex, they want their financial lives to be understood deeply and managed holistically. This requires an in-depth understanding about not only their assets and liabilities, but also their fears and aspirations. The greater their investment portfolio, the higher their expectations are for personalised solutions. This means more robust financial planning software will be required to handle more complex strategies and portfolios.
Through more effective communication, advisers have the opportunity to build closer relationships with their clients and adapt their strategies as needed. Regular communication also helps to remove any sense of concern they may be feeling with their investments and prevent issues before they arise.
Research suggests they prefer to receive information about their investments through online reading materials via email, videos and live webinars. They also want more access to tools that can help identify and compare investments.
Access to a wide range of investment options is paramount for this investor segment.
Their level of wealth and unique requirements for diversification, hedging, or capital protection, need a broad menu of investment options.
In fact, many HNW investors do not believe their current products help them achieve their investing goals – 21% want greater access to specific global markets, 19% domestic sectors and 14% socially responsible investments1.
The growing barriers to seeking advice among HNW investors are a lack of trust in advisers and fee transparency.
As HNW investors are highly sceptical, advisers need to demonstrate why they should trust their advice and at the same time, show that they understand what the client wants out of the relationship. This is the cornerstone to sustaining a productive relationship.
1 Investment Trends – September 2020 High Net Worth Investor Report 2020
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