In this episode, I’ll share with you the HNW client experience.

HNW clients are below ultra HNW clients and above everyone else. As the division between these three categories of clients is subjective, to keep things simple, HNW clients have something between $1M and $10M for this discussion.

When a client has grown her investments to $1M, she begins to benefit from additional strategic management services that apply to the structure of the accounts. This is because structural management contributes to the performance of your net worth.

When you are a HNW client, you want the best experience you can get. I’ll describe what this looks like using standard Fortune 500 business terms.

You will have three types of people working for you.

There are the directors, who are the people with the highest credentials. Each director introduces a unique specialized skill related to their designations. Together, they define the tax efficient and strategic structure of your account management as part of your net worth.

Sometimes you get introduced to directors before you give the firm your business. Thereafter, you talk to directors when there is a problem, when they want more business from you or when they fear you are taking your business elsewhere.

There is the account manager who looks after your investment accounts, the structure of your account management provided by the directors and your financial strategy.

In the investment industry, the traditional title for an account manager is a financial advisor or a financial planner.

The account manager is the person you speak with regularly who works on your behalf to keep things within your strategy. This person is accountable for managing your accounts within the strategic tolerances defined by the directors and engages the directors when there is a need to redefine the structure, like when the HNW client’s interests change.

Many HNW clients like the account manager to also invest directly in stocks and fixed income instruments. This is because they don’t want to feel like they are a commodity to the firm looking after their investments. They want the account manager to be accountable to them. HNW clients feel mistreated when the account manager behaves like a gatekeeper.

Lastly, there is the client service associate.

This very important person looks after the administration side of your accounts and many client interests. This person frees up the account manager’s time so that they together exceed your expectations when delivering your account management.

That is the ideal high net worth client experience. It is a glorious thing.

Contact me at informedcanadianinvestor@gmail.com

The High-Net-Worth Client Experience

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