Attracting High Net Worth Insurance Clients

Independent insurance agents work hard everyday to serve a diverse client-base. They help people protect themselves and some of their biggest assets, so that in case something unexpected happens, they have help recovering, rebuilding or reacquiring whatever they lost.  Agents make a majority of their income off the commissions they earn when they sell new insurance products and successfully obtain renewals. The more expensive the policy itself, the higher the commission typically is.  That’s why attracting high net worth clients can be so valuable for independent insurance agents, as their insurance policies are generally larger than others’. Here are five tips for attracting high net worth clients to your insurance business.

Leverage the Trust You’ve Built

High net worth clients want to work with insurance agents they can trust. Oftentimes, when they’re searching for people to work with when it comes to their money, they turn to people who they’ve gotten a good recommendation from.  As an insurance agent, it’s important to leverage the trust you’ve built with some of your wealthy clients to attract new high net worth clients. You can do this in a number of ways.  First, you can ask your wealthy clients if they can spread the word about the services and products you’ve provided them to some of their friends and other family members who might also be wealthy.   Next, you could ask them to provide a testimonial that you would only share with certain prospective clientele.  Both of these could serve as good pipelines for future high net worth clients, as they would come with built-in trust.

Discover Places to Find These Individuals

No matter what audience you’re trying to target, it’s important to understand where those people can be found. Doing so will help you follow the right channels so that you can reach them.  The same goes for high net worth clients. Discovering some of the places you might find these individuals will help you better reach them.  Some of the places you could find them include gatherings that are centered around cultural and art events, charity events, at other non-profit organizations and fundraising drives, on the donor list to your alma mater and through working with other professionals in financial services, attorneys or others who do business with high net worth individuals.

Network

Once you’ve identified some of the places where high net worth clients can be found, it’s time to hit the ground and network. You can use some of the same strategies you’ve created for attracting clients in general to do the same for wealthy individuals.  Join local organizations and non-profit boards where you’d be likely to meet high net worth clients. Attend arts and cultural events, and figure out a way to give back to the community.  Build relationships with attorneys, financial advisers and others who work with this clientele, so that you can be a good referral source for them and their clients.   One thing to keep in mind when you’re networking directly to high net worth individuals is that you want to avoid soliciting them outright, as it could easily turn them off to you. Instead, community the value that you could bring to them, and how it differs from others who are making a similar pitch.

Offer Solutions That Are Tailored to Their Needs

High net worth clients are often very selective about the people they work with. Not only are they very protective over their assets and their family members, but they also often require solutions and products that are tailored to their specific needs.  You can stand out among this clientele as an independent insurance agent by offering solutions that are highly flexible and can be customized to whatever their needs might be.  By establishing good relationships with a wide variety of insurance carriers, you’ll be better prepared to meet the needs of high net worth clients. This will allow you to provide them with many different options they can pick and choose from, and to get adequate coverage at a reasonable price.

Establish Yourself as an Expert

Again, high net worth clients have professionals pitching to them all the time — whether it be insurance agents, financial advisers, bankers or others. Because of this, it’s important for you to set yourself apart from these other people by establishing yourself as an expert in your field.  This is a tried-and-true marketing strategy today for any business, but it takes a little finesse when you’re trying to target wealthy people. You need to show them that you can be trusted with their money and their assets, and that you have experience doing so for other people like them.  Testimonials can certainly help in this regard, as can highlighting your track record in the field. You also should discuss some of the insurance products you offer that would appeal to them, and show them that you understand their complicated and complex needs.  By establishing yourself as a true expert in your field serving other wealthy people well, you’ll be better positioned to attract high net worth clients.

Discover the Good Life

At Good Life Insurance Associates, our experienced insurance sales associates are here to provide support and training for both new and experienced agents. To learn more about us, remember to explore our business support services. Or, to speak with a member of our team about your journey to becoming an independent agent, contact us today!