From a practical standpoint, providing an excellent level of service can be more difficult, meaning businesses that deal with HNW clients should prepare to adapt accordingly. It is unrealistic to expect very wealthy clients to fit their lives around the limits of your business hours and premises.
Having flexible staff and physical offices in a range of locations is hugely beneficial. Some of those specialising in this type of client have benefited from opening offices in Monaco and Dubai, following demand from clients.
Providing this level of personalised, convenient service can help overcome another challenge: understanding a client’s full situation and dealing with this information sensitively. Developing a thorough overview of a client’s situation is key when dealing with HNWs, but it is often a challenging process. Many wealthy clients are not simply looking for residential property finance in the UK; they might have buy-to-let portfolios, invest in commercial property and have a holiday home in Europe.
They also have a global portfolio of assets that they need to protect and insure. These assets are typically more complicated than can be covered by a conventional insurance policy. Such clients do not want to have to disclose their circumstances over and over again to different brokers, so it is helpful to be able to finance and protect all of their assets in one centralised location.
This also assists with the difficulty of providing a private and confidential service. When arranging a property transaction, it is important for a mortgage broker to have a thorough understanding of their clients’ backgrounds and asset structures. However, wealthy clients are understandably often extremely private, particularly those who run global businesses or are in the public eye. Creating the necessary level of trust can be a challenge, but the approach outlined above is a good strategy for building strong client relationships.
Creating the right relationships does not just apply to clients. Forging links with a trusted network of partners is another vital part of looking after HNW individuals. For brokers, lender relationships are obviously most essential – we need to be able to introduce our clients to the most prestigious private banks to ensure they receive a holistic, tailored service.
However, during any property transaction, clients will generally need to be directed towards a number of property professionals. Clients often prefer to deal with services and partners that have been directly recommended to them. A personal recommendation from a trusted existing source holds more weight than a search engine result or an advert. As such, HMW broker experts strive to develop a network of partners for foreign exchange, legal and tax services.