One of the most critical factors for success in wealth management, private equity, asset management, and any other sphere that caters to investors is the ability to tailor strategies to meet the unique needs of different client segments by wealth size.
This is why Client Segmentation [read our article on producticizing your offering to various client segments] is a major component of the work we focus on at Select Advisors Institute.
For financial institutions, including Registered Investment Advisors (RIAs) and banks, effectively serving mass affluent and ultra high net worth (UHNW) clients requires a deep understanding of their distinct financial behaviors, expectations, and challenges.
At Select Advisors Institute, we specialize in empowering financial institutions to refine their marketing and service strategies to better serve these two crucial segments. With the leadership of Amy Parvaneh, who honed her expertise over the course of nearly 6 years at Goldman Sachs’ Private Wealth Management division working exclusively with clients holding over $20 million in assets, our firm is uniquely positioned to help institutions navigate the complexities of wealth management marketing.
Our team acts as 'wealth detectors,' identifying trends and money in motion to enable our clients to seize new opportunities and optimize their services.
Understanding the Mass Affluent Market
Who Are the Mass Affluent?
Mass affluent clients typically hold investable assets ranging from $100,000 to $1 million. They represent a broad demographic, often comprising middle-aged professionals, successful entrepreneurs, and dual-income families.
This segment is still in the wealth accumulation phase, seeking to grow and protect their assets while planning for significant life events such as retirement, education, or homeownership.
Key Challenges in Serving the Mass Affluent
For financial institutions, the challenge in serving mass affluent clients lies in balancing scalability with personalization. While this group may not require the level of customization demanded by UHNW clients, they still expect personalized advice and services that cater to their specific financial goals.
Mass affluent clients often seek accessible and straightforward financial guidance, focusing on investment growth, retirement planning, and risk management.
It's important to use the right fee strategies for this group. Although individuals and families in this segment might not have enough assets to be high-paying clients under your standard asset management fees, there are other fee structures that could work better for them.
We have outlined some other types of fee schedules in this article.
Effective Marketing Strategies
Marketing to the mass affluent requires a multi-channel approach that emphasizes accessibility, transparency, and education.
Digital channels are particularly effective, as this demographic is tech-savvy and often relies on online tools and resources to manage their finances. Content marketing that offers educational resources, such as blogs, webinars, and financial planning tools, can help institutions establish trust and authority in the eyes of mass affluent clients.
At Select Advisors Institute, we help financial institutions develop marketing strategies that resonate with mass affluent clients by emphasizing value, convenience, and expert guidance. Our tailored approach ensures that marketing efforts are aligned with the unique needs and expectations of this segment, ultimately driving client engagement and loyalty.
The Ultra High Net Worth Segment: A Different Set of Expectations
Defining Ultra High Net Worth Clients
UHNW clients are those with investable assets exceeding $20 million. This exclusive group often includes entrepreneurs, executives, and inheritors of significant family wealth.
Their financial needs are complex and extend beyond simple asset management; they require sophisticated strategies for wealth preservation, tax optimization, philanthropy, and legacy planning.
Challenges in UHNW Marketing and Wealth Management
For financial institutions, marketing to UHNW clients is about more than just offering services; it’s about building deep, trust-based relationships.
Read our article on Trust-Based Marketing.
UHNW clients expect a highly personalized approach, with bespoke financial solutions that address their unique challenges and goals. These clients are typically less concerned with product features and more focused on the overall value and exclusivity of the service provided.
One of the key challenges for institutions serving UHNW clients is the need for discretion and privacy. UHNW individuals often require additional security measures and prefer to work with advisors who can offer a high degree of confidentiality. Additionally, UHNW clients are increasingly looking for opportunities to engage in impact investing, philanthropic initiatives, and family office services that align with their personal values.
Tailored Marketing Strategies for UHNW Clients
Marketing to UHNW clients requires a nuanced approach that emphasizes exclusivity, discretion, and high-touch service. Relationship-based marketing, such as private events, personalized communications, and one-on-one consultations with senior advisors, is essential. Content marketing efforts should focus on delivering high-value insights and thought leadership that speaks to the unique concerns of UHNW clients, such as tax-efficient wealth transfer, estate planning, and charitable giving.
Select Advisors Institute works closely with financial institutions to refine their marketing strategies for UHNW clients. By leveraging our deep understanding of the UHNW market, we help institutions position themselves as trusted partners capable of delivering the highly specialized services these clients demand.
Our approach includes developing tailored content, creating exclusive event strategies, and enhancing the client experience to ensure that UHNW clients receive the highest level of service.
How Select Advisors Institute Enhances Your Approach to Wealth Management
At Select Advisors Institute, we understand that the success of financial institutions in serving mass affluent and UHNW clients hinges on their ability to deliver tailored, high-impact marketing and service strategies.
Our expertise in these markets is rooted in Amy Parvaneh’s extensive experience at Goldman Sachs, where she managed relationships with clients whose assets exceeded $20 million. Our team is adept at identifying and capitalizing on money in motion—whether it’s a liquidity event, a business sale, or the generational transfer of wealth—to help our clients better serve their customers.
Our comprehensive approach to supporting financial institutions includes:
1. Strategic Market Research: We conduct in-depth research and analysis to identify emerging trends and opportunities in the mass affluent and UHNW markets. This allows us to provide our clients with actionable insights that can inform their marketing strategies and service offerings.
2. Customized Marketing Solutions: We develop tailored marketing campaigns that align with the unique needs of mass affluent and UHNW clients. From digital marketing strategies that engage tech-savvy mass affluent clients to relationship-based marketing for UHNW individuals, we ensure that our clients’ marketing efforts are both effective and impactful.
3. Enhanced Client Experience: We work with financial institutions to refine their service models, ensuring that they can deliver the personalized, high-touch experience that both mass affluent and UHNW clients expect. This includes advising on client segmentation, service customization, and the implementation of exclusive events and communications strategies.
4. Ongoing Support and Optimization: Our relationship with clients doesn’t end with the implementation of a marketing strategy. We provide ongoing support to ensure that our clients continue to meet the evolving needs of their target markets. This includes regular performance reviews, market updates, and strategy refinements.
Why Partner with Select Advisors Institute?
Partnering with Select Advisors Institute means gaining access to a team of experts who are deeply invested in your success. We bring a wealth of experience in the mass affluent and UHNW markets, combined with a commitment to helping financial institutions deliver exceptional value to their clients. Whether you’re looking to enhance your marketing strategies, improve client engagement, or identify new opportunities in the wealth management space, Select Advisors Institute has the expertise and resources to help you achieve your goals.
At Select Advisors Institute, we don’t just provide advice—we empower our clients to thrive in an increasingly competitive and complex wealth management landscape. With our tailored approach, you can confidently serve your mass affluent and UHNW clients, knowing that you have a trusted partner in Select Advisors Institute.
Examples of our growth solutions for those who serve the Mass Affluent and those who serve the ultra high net worth:
Communications
Mass Affluent: Focus on clear, accessible messaging that resonates with their financial goals and values.
UHNW: Emphasize exclusivity and high-touch communication tailored to individual client needs and preferences.
Select Advisors Institute can help by crafting communication strategies that engage clients effectively, whether through personalized messages for UHNW clients or broader, informative content for mass affluent clients.
2. Public Relations
Mass Affluent: Build reputation through transparency and trustworthiness.
UHNW: Highlight prestige, exclusivity, and high-caliber service.
We develop PR strategies that enhance the reputation of financial institutions, positioning them as leaders in wealth management for both segments.
3. Digital + Social Media Strategy
Mass Affluent: Leverage platforms for educational content and engagement.
UHNW: Use exclusive digital channels to provide bespoke content and high-value interactions.
Select Advisors Institute designs digital and social media strategies that cater to the specific needs of each client segment, enhancing their online presence and engagement.
4. Integrated Marketing
Mass Affluent: Coordinate efforts across channels to provide consistent, accessible messaging.
UHNW: Integrate marketing efforts to reflect personalized, high-touch service.
We ensure a cohesive marketing approach that aligns with the expectations of mass affluent and UHNW clients, driving effective client acquisition and retention.
5. Digital Marketing
Mass Affluent: Utilize targeted ads and content to drive engagement and conversions.
UHNW: Implement personalized campaigns that reflect the exclusive nature of services.
We create digital marketing campaigns tailored to attract and engage both mass affluent and UHNW clients, optimizing ROI and client acquisition.
More than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m! How can financial firms leverage social media for branding, client acquisition, business development and marketing? Which social media is best for financial firms? Linkedin or Facebook? What is the best social media content strategy for financial firms, especially with so much compliance and regulations?