Ultra High Net Worth professionals make up about 20% of UHNW households (defined as have a net worth, not including the value of their primary residence, of at least $5,000,000), per Spectrem Group research. These highly educated investors are experts in their field and their investment-related attitudes and behaviors differ significantly from their affluent brethren, as do their expectations of and relationships with their advisors.

Professionals Will Listen

A recent Spectrem Perspective™, UHNW Professionals: Understanding the Unique Financial Needs of Doctors, Lawyers and Other Professionals shows that a majority of professionals consider themselves fairly knowledgeable but with a great deal to learn. Being experts in their specific and highly selective fields gives professionals a higher expectation of other “experts”. This makes high net worth professionals an ideal target market for savvy advisors.

Only 19% of the professional high net worth investors believe they can do a better job of financial planning than an advisor as opposed to the 36% of the non-professional high net worth who believe the same. Professionals do not rate themselves as financially knowledgeable as other affluent investors. Only a little over a quarter of professionals think of themselves as very knowledgeable about financial products and investments whereas 40% of the overall affluent market considers themselves very knowledgeable about investments.

Taking into account the many factors that make a relationship with a high net worth professional client different from a relationship with an high net worth client will help you capture business and maintain a long term and successful association. Proactive communication, expertise and staying on top of trends and industry changes, will establish you as an advisor that knows how to give the high net worth professional what they want and need and help them reach the upper echelon of their financial dreams.