Being able to attract and retain the type of client you want is vital to a successful practice. If the ultra-wealthy are your target clients, you may need to focus more on psychographics rather than demographics. For example, self-made people tend to be more optimistic and risk-tolerant than those who inherited their money. Further, entrepreneurs have usually done research on their own and want to call the shots.
Pinpointing your clients’ personality, values, attitudes, and lifestyles can turn your clients into advocates.
See Psychographics and the Ultra-Wealthy, Financial Advisor, Aug. 31, 2010.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.
