Planning for the future – the high net worth perspective


Have you made plans?

The series of posts on how to sell to high net worth individuals is attracting a lot of interest.

It continues now with a post about financial planning – a vital activity for members of this group.

Today’s post is by Paul Gorman, a chartered financial planner, who works with high net worth individuals directly and therefore understands their concerns and aspirations.

Working with high net worth individuals

A significant proportion of our clients are, or have been, business owners and in the main very successful too in building wealth ~ they fall into a category many describe as high net worth.

Over many years of working with this type of client certain characteristics do emerge that are quite common to all ~ similar issues and concerns crop up time and time again:

  • How best to optimise your business for tax;
  • How to incentivise and reward your employees most efficiently;
  • How much do I need to earn, save or sell my business for to give me what I want out of life?
  • When will I be able to retire, so I can spend more time doing the things I really enjoy?
  • How can we ensure that our families are protected?

Successful entrepreneurs do worry about money, and matters associated with it, but not having the time to do anything about it in a really constructive and effective way and entrusting someone else are key factors that lead to inertia.

Financial planning and high net worth clients

Building up a trust for what you do and why and how you do it and gaining their confidence that you understand their needs, wants and desires and can implement and manage them going forward is key.

Offering and presenting a service that is advice driven and not sales led with examples of how you’ve managed to help similar clients like them can be an excellent starting point to engender that trust you need.

Delivering solutions that release time for them to focus upon what they do best can remove the inertia as they are able to see and realise that improvements can be made and objectives and desires attained without it impinging on their day-to-day activities and workload.

We look to take a “helicopter view” of our client’s life to help them identify key issues, plan and desires along with concerns and issues and work with them to create and implement solutions.

Simple and straightforward financial planning

Our focus is very much on keeping financial planning straightforward and simple yet effective. High net worth individuals by their very nature often have complex financial lives ~ moving from a state of complexity to clarity can be an excellent driver for getting things moving and plans implemented and achieved.

But it’s not just about creating some order and setting the wheels in motion.  It’s equally important to support on an ongoing basis and re-visit and review.  Our clients tell us that they place a high value on the ongoing support we provide.

Entrepreneurs and the high net worth do experience financial paralysis, largely as a result of lack of time and no one to trust. Instead of doing nothing in the face of these concerns, they tend to continue to do what they are brilliant at and love to do ~ Build more wealth.

Paul GormanTherein lies the conundrum ~ solve it and great opportunities await.

About the guest author

Paul Forman APFS is a Chartered Financial Planner and Resolution Accredited IFA.

Learn more about Paul’s work at: Ifsproconnect 

Follow Paul on Twitter @IFS4Advice 

Selling to high net worth individualsThis article is part of our Success Tutorial for consultants and professional practices looking to sell to high net worth individuals. Click on the image to access the complete tutorial.

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