Marketing to HNW Clients

Marketing Strategies to Attract $1M+ Clients

Financial advisors in Northern California (and elsewhere) need smart, targeted marketing to win households with over $1M in investable assets. Below is a data-driven list of strategies – each with a brief description – that top advisors use to grow their business and appeal to affluent clients.

Sources

Kitces.com Research
Schwab RIA Benchmarking Study
Cerulli Associates
Financial Advisor Magazine
BlackRock Advisor Center
Capital Group Practice Management

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Highlights

What the Research Shows Works Best

69%

of new clients come via referrals

Source: Cerulli Associates

95-96%

success rate for client referrals

Source: Kitces Research

58%

average client growth for niche firms vs 26% for generalists

Source: Kitces Research

On this pagev

Positioning
Client referral engine
Centers of influence
Content marketing
Client events & seminars
Additional channels

Section A

Positioning: Make It Easy for $1M+ Prospects to See Themselves as Your Client

High-net-worth prospects need to see themselves in your client profile. These strategies help you position your firm as the natural choice for affluent households.

Focus on a 'wealth-dense' niche

Even if you haven't specialized yet, identify a niche where high-net-worth prospects are common, and tailor your services to them. For example, in Northern California one might target pre-IPO tech employees with equity compensation, tech executives with RSUs, startup founders post-liquidity, medical specialists, or successful family business owners. Choosing a niche enables more relevant marketing and referrals – and data shows niche advisors grow faster (58% vs 26% client growth).

Define one painful financial trigger you solve

High-net-worth households often seek advice around specific life events or pain points – e.g. IPO or business sale windfalls, managing concentrated stock positions, sudden tax hits, planning an exit from a company, etc. Identify a triggering problem that your target wealthy clients face and position yourself as an expert in solving it.

Build a signature offering or process

Package your services into a signature program that addresses the niche and trigger you've chosen. Instead of selling an ambiguous "comprehensive plan," create a branded process or toolkit – for example, a "90-Day Post-Liquidity Event Playbook" for new millionaires, or a "Concentrated Stock Risk & Tax Mitigation Roadmap".

Emphasize outcomes, not just services

When marketing to wealthy prospects, describe the outcomes and benefits you deliver rather than a menu of services. HNW clients respond to messaging about what they can achieve or avoid with your help. Frame your value in terms of clarity, peace of mind, time saved, and financial confidence.

Use plain-English, emotionally resonant messaging

Don't drown $1M+ prospects in jargon or overly technical language. Research shows clients are 50% more likely to hire an advisor for emotional reasons than for analytical ones. Craft messaging that speaks to their hopes and worries in simple terms.

Be transparent about your minimums and who you serve

High-net-worth prospects appreciate clarity. If you have account minimums or typical client profiles, state them on your website or in introductory conversations. Paradoxically, publishing a minimum can increase trust – it signals that you're experienced with affluent clients.

Craft a 'Why Us' manifesto or story

Develop a short, compelling narrative about your firm's mission and philosophy in serving high-net-worth clients. This might be a brief manifesto on your site or a one-page "Our Story & Values" document. A genuine story helps $1M+ prospects connect with you.

Show your planning process visually

Affluent prospects often have complex situations and may procrastinate seeking help due to perceived hassle. Simplify that by illustrating your process in a visual one-page flow or diagram. When high-net-worth prospects see a clear roadmap of how you'll work together, it reduces friction and uncertainty.

Demonstrate specialized expertise with case studies

Without promising performance, showcase examples of planning challenges you've solved for clients in your target niche. By providing concrete (anonymized) examples, you prove you understand issues that $1M+ households face.

Differentiate with a clear comparison story

High-net-worth individuals often vet multiple advisor options. Prepare a concise explanation of what makes you different from those alternatives. Importantly, don't bash competitors; instead, highlight your unique value.

Section B

Client Referral Engine: Turn Happy Clients into a Systematic Growth Source

Referrals from existing clients (and their network) are consistently the biggest driver of new $1M+ clients. Rather than hoping for referrals, top advisors engineer a repeatable referral process.

Keep a 'replicable clients' list and update it quarterly

Make a list of ~10 of your best clients – those you wish you could clone. These are typically clients who: have $1M+ with you, value your advice, and are enjoyable to work with. Monitor this list (say, review it every quarter). The idea is to consciously focus your referral efforts on your happiest, ideal clients.

Use the 'How would you find more people like you?' conversation

Instead of directly asking for referrals (which can feel awkward), ask your top clients for advice. This approach – popularized by Michael Kitces and Carl Richards – is a non-salesy way to spark referrals. The client doesn't feel pressured to "give a name on the spot"; instead they're helping you brainstorm.

Ask for introductions, not 'referrals'

Language matters. The word referral can imply a sales situation or burden on the client. Instead, use the term introduction – it's simpler and implies a casual connecting of two people. Many HNW clients are more open to making an introduction (which they see as helping a friend) than making a formal "referral."

Create a smooth 'referral landing page' or process

Think through what happens when an existing client or friend does refer someone. Make it easy and reassuring. For instance, have a dedicated page on your website that says, "Referred to [Your Firm]? Here's What to Expect…" outlining how you'll take care of their friend.

Close the loop and say thank you – fast

Whenever you get introduced to a prospect by a client, acknowledge it immediately. Ideally within 24 hours, reach out to thank the referring client. Cerulli's practice management research found that expressing gratitude for referrals is one of the most effective ways to encourage repeat referrals (80% of industry professionals rated it as very effective).

Build a formal gratitude program

Take "thank you" a step further by systematizing it. For example, some advisors send a small thoughtful gift or personal note for each referral, or host an annual "Thank You Event" for clients who've referred others. Ensure any such gestures comply with regulations.

Use surveys or NPS to identify your promoter clients

Tools like Net Promoter Score (NPS) surveys can identify which clients are "promoters" (scoring 9–10) and thus more apt to introduce others. You can then focus your referral requests on that subset.

Manufacture 'referral-worthy' moments

Give clients memorable, shareable experiences in your service that they might mention to friends. This could be proactively sending a detailed tax-saving analysis out of the blue, or noticing an article about their company and reaching out, or delivering an awesome annual review packet.

Offer to hold family or multigenerational meetings

Wealthy families care about their children's and even parents' financial futures. By facilitating family meetings, you achieve two things: (1) You cement your relationship with the whole family, and (2) you naturally meet more high-net-worth individuals.

Time your outreach around life events

Rather than generic "We appreciate referrals" asks, reach out to clients when life events occur – both good and bad – because that's when people in their network may need advice.

Offer 'onboarding lite' for clients' children (next-gen)

A clever strategy to capture the great wealth transfer is to start advising your clients' children early – even if they don't have assets yet. This helps the next-gen build financial literacy and introduces you as "their family's advisor."

Create shareable mini-content for clients

Give your clients something so useful that they'll forward it to friends. For example, a one-page PDF checklist or tip-sheet on a niche topic. This way, your clients can refer people to your expertise simply by sharing content.

Teach clients how to describe you

Your best clients may love you, but do they know how to recommend you effectively? Spend a little time coaching them on referral language. When you arm clients with an easy way to articulate your value, you make it more likely they'll bring you up.

Section C

Centers of Influence (COIs): Leverage Professional Networks to Reach Bigger Clients

Partnering with centers of influence – typically CPAs, tax attorneys, estate lawyers, business managers, etc. – can lead to a steady stream of high-caliber client referrals. But COI referrals don't happen automatically; they must be earned through trust.

Adopt a 'risk-reduction' mindset with COIs

Remember that when a CPA or attorney refers one of their cherished clients to you, they are taking a reputational risk. The COI's worst fear is that you (the advisor) will somehow mess up or reflect poorly on them. Acknowledge this and make it your mission to remove that fear.

Treat COI relationships like a 12–24 month sales pipeline

Don't expect a new CPA acquaintance to start showering you with referrals next week. Top advisors approach COIs with a long-term courtship mentality. It can take a couple of years of building trust, demonstrating value, and staying in touch before significant referrals flow.

Use a structured first meeting script with a new COI

When you meet a potential COI, have a plan to drive the conversation. Ask about their practice and ideal clients, explain your own process and niche briefly, and most importantly, ask what would make them comfortable referring.

Have referred prospects circle back to the COI with positive feedback

When you do receive a client via a COI, go the extra mile to make that client happy, and then encourage the client to share their experience with their CPA/attorney. When the client tells the COI "Thanks for introducing me, [Advisor] did a great job," it dramatically reduces the perceived risk for the COI.

Create a formal COI service promise or agreement

To further ease a COI's mind, some advisors draft a short "COI referral promise" document outlining how they will handle any referred client. This can be communicated in writing or verbally, but the point is to explicitly assure the COI that their client remains their client.

Rate and prioritize your COIs (COI scorecard)

Not all COIs are equal in terms of referral potential or fit. It's helpful to keep a scorecard of COI relationships, evaluating factors like: Do they have the right client base? Do they seem inclined to refer? Have they referred anyone yet?

Form a 'COI mastermind' or working group

An advanced strategy is to curate a small group of complementary COIs and facilitate periodic meetings (quarterly or biannual). These meetings could be over lunch or as roundtables, where each professional brings a tricky client issue and everyone brainstorms solutions.

Co-host educational events with COIs

Leverage a COI partnership by running joint events targeted at your shared audience. For instance, team up with a CPA to present a webinar or seminar on "Year-End Tax Strategies for Tech Employees with Stock Compensation."

Provide co-branded tools or checklists for the COI's clients

Make the COI look good by equipping them with valuable resources. For example, create a handy one-pager like "Top 5 Financial Planning Tips After Selling Your Company" and offer to put both your and the CPA's logo on it.

Align with COIs who serve your niche

Just as you focus on a niche, look for COIs who do the same. If your niche is, say, doctors in Northern California, find a CPA firm that has many physician clients, or an attorney who specializes in physicians' practices.

Show up in the right rooms and forums

Be present where your target COIs gather. This could mean joining local professional groups (Estate Planning Council, Financial Planning Association events, local CPA society mixers, bar association financial committees, etc.).

Always follow up and keep COIs in the loop

Whenever you do meet with a referred prospect or mutual client, send the COI a quick update (without breaching confidentiality). COIs deeply appreciate advisors who communicate – it's a hallmark of professionalism that reflects well on them for referring you.

Section D

Content Marketing: Attract Wealthy Prospects with Valuable Insights

Content marketing – blogs, articles, videos, podcasts, social media posts – can draw in high-net-worth prospects if done strategically. The goal is to create content that answers the exact questions your $1M+ target clients are asking.

Build an SEO-optimized 'money page' for your niche

Identify one or two topics that a $1M+ prospect in your niche would likely search for when looking for help, and create deep, authoritative content on it. Only ~29% of advisory firms currently use SEO well, so doing this is a relatively underused advantage.

Answer high-intent questions through your content

Wealthy prospects often have very specific, technical questions (often related to taxes, investments, or complex life events). Create blogs or videos that address these with search-friendly titles.

Leverage local SEO and social proof for credibility

High-net-worth prospects often prefer someone who is active in their community. Ensure your Google Business Profile is claimed and up-to-date. Add location-specific pages or content to your site.

Use a 'pillar and repurpose' approach to content

Time is precious, so make every piece of content count. A great strategy is 1→6: take one major piece and break it into many smaller pieces across platforms.

Measure success by engagement and leads, not vanity metrics

It's easy to get caught up in chasing blog traffic, social media follower counts, or video views. But high follower counts don't necessarily translate to clients. Focus on metrics like: how many people join your email list? How many reach out or schedule a call after consuming content?

Write a newsletter that feels like a private client memo

Email is still one of the highest ROI marketing channels for advisors. Create a regular email newsletter that isn't generic market commentary, but rather bespoke insights for your target clients.

Use drip email sequences to nurture lukewarm leads

When a prospect isn't ready to commit yet, don't lose touch. Have a drip campaign – a set of emails over a few weeks or months – to stay on their radar. Kitces research found drip marketing was one of the top ROI tactics but underutilized.

Publish anonymized case studies or planning stories

Consider writing blog posts or short PDF "case study" stories that illustrate how a scenario can unfold. This kind of story content does two things: it attracts prospects searching for similar solutions, and it gives those considering you a clearer picture of what you actually do.

Offer a simple, valuable lead magnet

A lead magnet is a free resource that website visitors can get in exchange for their email/contact. For HNW niches, think of a one-page checklist, short guide, or calculator they'd find useful.

Stay consistent around 3–5 core themes

To build a strong brand in content, pick a handful of themes that matter most to your niche and hammer them repeatedly. Repetition is good – a prospect might need to hear your message a few times before it clicks that they need to act.

Section E

Client Events & Seminars: High-Touch Experiences that Attract High-Net-Worth Clients

Despite our digital age, in-person (or live virtual) events remain one of the most effective ways to connect with $1M+ prospects. In Kitces' research, client appreciation events and educational seminars produced the highest revenue per new client on average (often in the ~$7k–$10k range).

Host small, curated dinners for peers

An intimate gathering over a nice meal can spark amazing connections. For example, invite 8–10 clients and ask each to bring a friend (preferably of similar wealth/profile) to a private dining experience.

Run client appreciation events with a 'bring-a-friend' twist

Plan a yearly appreciation event for your clients (and their spouses/families) – something fun like a wine tasting, golf outing, holiday party, or even a virtual event like a cooking class. When inviting, encourage clients to bring along a friend or colleague.

Offer exclusive 'Ask Me Anything' salons

Position yourself as a thought leader by hosting periodic small-group sessions where people can pick your brain. For example, a "Financial AMA for Tech Professionals" held via a live Zoom or at a local coworking space.

Conduct invite-only workshops around urgent topics

Periodically host educational seminars or webinars that address time-sensitive planning opportunities. For example: "Year-End Tax Strategies for $1M+ Households" every November, or "What to Do When Your Company IPOs – 2026 Edition".

Co-host events with niche-related partners or premium brands

To attract wealthy prospects, sometimes who is associated with an event is as important as the content. Consider partnering with organizations or brands that cater to your niche's lifestyle.

Leverage webinars for wider reach

Webinars allow you to efficiently reach dozens of people at once, regardless of location. According to Kitces, webinars can drive high revenue per new client similar to seminars, likely because the people who take time to attend are fairly qualified.

Section F

Additional Channels: Directories, Partnerships, and Paid Marketing

Finally, consider supplementary channels that can expose you to more $1M+ prospects. These should be used intentionally – they can be effective but usually play a supporting role to referrals, COIs, and content.

Get listed in advisor directories where HNW clients search

Many high-net-worth prospects use referral websites to find advisors. Ensure you're listed on sites like NAPFA, Garrett Planning Network, XYPN (if fee-only), the CFP Board's Find an Advisor, etc. These online advisor listings tend to have success rates ~79% in yielding new clients.

Explore custodian/network referral programs (carefully)

If you custody with a major broker like Schwab, Fidelity, etc., see if they have an advisor referral program. Kitces data suggests these have extremely high success rates. The upside: the clients come pre-qualified. The downside: the costs can be significant.

Use targeted online ads for niche keywords

Paid search or social media advertising can generate leads, but to avoid wasting money, use them only after you've honed your niche messaging and have a conversion-friendly website. Start small and measure results.

Consider strategic partnerships or third-party solicitors

Beyond traditional COIs, there are other partnership avenues. For instance, some advisors partner with 401(k) plan administrators, VC firms or accelerators, or even concierge doctors who serve wealthy clientele.

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