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Serving High Net Worth Clients At A Distance

High net worth clients have always occupied a rather privileged position in the banking service hierarchy. They are typically used to a very convenient, high contact, bespoke and personal service from their bank. So, how does a bank continue to offer this sort of service when face to face meetings are impossible?


Provide digital transparency and control

Most high net worth clients are used to being in the driving seat in all walks of their lives and banking is no exception. As your HNW investment managers come under increasing pressure to deliver their service at a distance, it’s worth thinking about leveraging digital channels, both to provide instant access to information and to hand over some of the control to the client.

As market volatility and downturns persist, there will be a growing concern from your HNW clients as to the effect this is having on their portfolio performance and the overall value of their investments. Providing an easily digestible and accessible view of their interests via a digital platform will not only provide them with the instantaneous transparency they crave, it’ll also help to alleviate some of the increased pressure we’re seeing on call volumes.

A more advanced digital platform that lays out various decision paths and allows the client some input into which is pursued is also advisable.

Revisit your contact schedule to adapt it to present day

What did your typical set of monthly communications look like, pre-coronavirus? What changes will you need to make to that to firstly make it feasible but also more importantly to recreate that bespoke, personal relationship that your client had valued before?

If you can’t meet in person, what other little touches can you add to ensure your client remembers how well you’d served them before all this happened? Unlike business clients, HNW customers usually bank from their home address, enabling you to leverage postal correspondence which can be a powerful physical reminder of your brand.


Communicate using their preferred channels

The world has gone wild for video calls these last few weeks, but not all forms of this communication are created equal. Giving your HNW client managers the freedom to use a client’s preferred app for communication will go a long way to providing the easy, accessible and seamless service you’re looking to maintain.

The last thing you want is to increase the anxiety and stress levels of your client because you’re only able to use Microsoft teams and they’ve never used that platform before, preferring to communicate via WhatsApp or FaceTime. This adapting to their choice of channels doesn’t come without risk, you’ll need to ensure you have a way of recording calls etc. in place no matter what platform is chosen.


Use thought leadership to provide reassurance

From letters indicating a fall in the value of their pension pot to profit warnings being issued from key investments, to the media constantly reporting markets falling through the floor, there’s a lot out there to cause financial anxiety for your high net worth clients right now.

In order to counter this and provide them with reassurance that they’re with the right bank, you should be proactively sharing thought leadership content with them, illustrating how you’ve invested in the best people and systems to support them and are making sound decisions to help them weather the financial storms of our present day.

Your high net worth clients are perfectly positioned to emerge relatively unscathed on the other side of the current crisis, and with a bit of extra thought will be as loyal as ever to your bank. If you’re interested in exploring digital solutions that will help you serve your HNW clients better, please do get in touch.

Key Ideas

  • HNW investment managers and advisors come under increasing pressure when delivering their service at a distance
  • Banks must find a way to continue to offer a high contact, bespoke and personal service for high net worth clients
  • There needs to be consideration of communicating using their preferred channels and using thought leadership to provide reassurance