arrow right

Keys to Wealth Management Strategies

An outline of top strategies for Wealth Managers

Get Looped In

Join our newsletter to stay up to date on features and releases
April 23, 2020

The essence of savvy wealth management strategies hasn't changed in over a half century. Client engagement still lies at the core of any pointed advisory plan. Such efforts focus on building personal relationships and establishing authority and trust between the investor and their advisor. That said, in the digital age, an increasing number of strategic wealth management advisors are employing modern strategies and AI in order to best analyze trends, find high-quality investments, and tailor their offerings to specific clients.  

These days, there are a few key components to any successful wealth management process.  

Read on to discover more in this outline of top strategies.  

Keys to Wealth Management Strategies

From client relations to market analysis, there are many aspects of wealth management that pose a serious challenge, especially when it comes to succeeding. As CNBC notes:

Financial advisors are experts at helping clients plan for their futures. It turns out that many of these professionals often fall short when it comes to their own businesses. For financial planners to maintain our competitive edge, we have to do for ourselves what we do for our clients. We must plan.

With the increased competition in the marketplace and the rise of digital personal investing and advice platforms, wealth managers have to step up their game or go the way of the dinosaurs. So, if you want to prepare your practice for success not just in the short-term but in the long-term as well, consider the following strategies for wealth management which are currently deployed by the best in the business:

  • Center your portfolio on high-net-worth clients - Assets drive revenue. This is why top earners focus on building fewer relationships so they can invest more of their time on profitable ones. When you play your cards correctly, this allows for both economy of scale and additional high-quality leads.

    Per Wealth Management: Wealth advisory services for high-net-worth clients is still considered the biggest opportunity for firms, despite an increasingly challenging environment. Last year, about 22 percent of wealth advisors reported they primarily focus on clients with assets greater than $2 million. That's up from the 13 percent in 2014, according to Cerulli Associates, which says it expects the trend to continue.  
  • Offer clients a diversified and robust portfolio - In the past, the vast majority of managers centered their advice, expertise, and financial strategies on traditional securities and fixed income investments. Savvy advisors have broadened their offerings in order to decrease risk, mitigate taxes, augment returns, and further diversify portfolios to help their clients achieve their financial goals. They've opened up their offerings to investments such as:
    - Private funds
    - Alternatives
    - Hedge funds
    - Private Equity
  • Embrace cutting-edge technology - Wealth managers recognize that new technologies can help enhance their practice; however, smart wealth advisors are early adopters that embrace state-of-the-art tech in order to drive efficiency, improve their services, and gain that edge over their competition. One such technology that the top managers are using, particularly those who work closely with private equity firms, venture capitalists, and investment banks, is a deal management platform for wealth managers like Sourcescrub.  

    This deal management software helps connects buyers and sellers all over the world and can be used by wealth managers to:
    - Stay atop big deals and gauge what's going on in various markets.
    - Connect their clients to other high-net-worth individuals, whether for investment or future dealings.
    - Help them find and then connect with owners, founders, and execs who will need a professional to help them manage their newly acquired wealth.
  • Build authority - The wealth managers at the top sustain their position by establishing their authority as a thought leader within their field.  But once you've built a successful platform, you can't stop, nor can you allow yourself to be complacent. Top financial advisors actively embrace and then pursue opportunities to demonstrate that they know more or know best. This can be done in a number of ways, including:
    - Writing books and articles
    - Creating videos
    - Pushing social media
    - Speaking at events and conferences
    - Appearing on news and television
  • Lean on influencers - Drumming up potential clients on a case-by-case basis isn't a cake walk, especially for those individuals with a high net worth. That's why premier wealth managers build relationships with influencers such as tax specialists or private client attorneys who have access to dozens if not hundreds of potential clients. By focusing your efforts on working through these types of professionals, your singular fishing line becomes a net capable of enticing various clients.  

Succeeding in Wealth Management  

From embracing new technology like Sourcescrub to opening up their portfolio, the modern day wealth manager must differentiate themselves and their offerings in order to entice clients and forge success. While we can't predict what the future holds, we can confidently say that wealth management strategies such as those discussed above can help you succeed where other financial advisors fail.


1. CNBC. Financial advisors need to change to succeed in the next decade.

2. Wealth Management. Top 10 High-Net-Worth Advisors in 2016.

3. Investopedia. What Advisors Can Learn From Ultra-Wealthy Clients.

4. Fiserv. 2019 Trends: Digital Strategies for the Future of Wealth Management.