Upscale marketing

But despite the growing number of possibilities out there, the Internet cannot replace face-to-face meetings with clients – an essential component in an advisor-client relationship.

"Trust is established through face-to-face meetings," Walters says, "and there is no substitute for clients, young or old."

A balanced approach
When it comes to acquiring new clients, however, a balanced approach is better than a sweeping one.

"You have to use a variety of channels," Haefele says.

And this is where High Net Worth Inc. goes to town. It provides its clients – 15 of the top 30 U.S. financial services institutions in the country – with quality marketing materials, from capabilities brochures to beefed-up PowerPoint presentations and software. High Net Worth Inc. ensures that all of its marketing materials are of the highest standard they can be. Why? Because HNW seniors expect quality. They want to see clean, concise and sleek marketing materials, and that's exactly what you should give them.

Another effective way to attract HNW clients is by starting a newsletter, whether in print or on the Web. Haefele claims wealthy seniors love great content. They want to read thoughtful, well-written, exclusive pieces that cannot be found anywhere else, she explains. Being recognized as a local expert in your field is invaluable, and this might be a great way to do it.

Making yourself stand out of the crowd is a basic rule you learn in Marketing 101 – a rule that is even more crucial when you're targeting HNW individuals. Wealthy people control $27.2 trillion in assets worldwide, and that number is expected to reach $38 trillion at the end of 2007, according to High Net Worth Inc. These numbers prove they are people who constantly strive for more. They demand quality; they want to know they're getting something different and working with someone special.

Through creative marketing techniques, you can prove you are that someone. Starting a newsletter, getting into the local newspapers and making yourself a point of contact for your local journalists is a great start. Jazzing up your actual marketing materials, from brochures to Web sites, is the next step. By showcasing professional materials that are well thought out and presented, you will portray yourself and your business in the most appealing way.

Seminars: yes or no?
As for more traditional forms of marketing, like the seminar, some advisors swear by it. But Haefele has an interesting take on this. In her experience, advisors say seminars are useful, but clients say they're not. "Seminars are useful for people with less money," she says. As for the high-net-worth or ultra high-net-worth (those with $5 million or more), they don't have the time and aren't interested in attending seminars. At least, that's Haefele's take.

Steve Delott, president of Delott and Associates in Rolling Meadows, Ill., credits his information-only seminars as the reason why seniors are the bulk of his practice. As for wealthy prospects, Delott says, "My seminars are absolutely the best way for me to attract high-net-worth clients. The seminar environment gives clients an opportunity to absorb information while in a relaxed frame of mind."

In fact, Delott requires all of his referrals to attend a seminar before having a confidential meeting and encourages existing clients to attend seminars throughout the year.

"I realize that for each additional seminar my clients attend, the stronger our relationship becomes," Delott says. "In addition, I conduct annual face-to-face reviews with my existing clients. Sometimes their situation changes and I will make the necessary adjustments. Sometimes the review results in no changes. Regardless, the face-to-face meetings reassure my clients that they can always count on me."

Seminars, newsletters and media attention are all ways you can expand your marketing. But to be considered a real player, you've got to be online. If you haven't done so already, get yourself a Web site. From there, the online possibilities to grow and maintain your business are endless.