Study Gives Advisors Clues to Understanding Rich Clients
National Underwriter (Life/Health) (09/11/00) Vol. 104, No. 37 p.3; Thomas, Trevor
According to J.P. Morgan's private banking service,
financial service advisors who want more business from wealthy
clients must fine tune their marketing strategies. Today's
affluent market is not defined by wealth. A typical wealthy
client in the 21st century, according to research, is defined by
behaviors reflected in lifestyles and trends. Iconoculture Inc.
conducted research on the way wealth affects the way people view
themselves. Throughout major U.S. cities, the findings indicated
that wealth helps people to define the life they want. From
observing the wealthy, Iconoculture perceived six prevalent
behaviors or attitudes that summarized the affluent market. The
behaviors or attitudes included the accumulation of material
goods, being empowered by the Internet, having an appreciation
for the arts, having the goals of health and happiness, being
concerned with their legacy, and embracing a holistic approach to
wellness. These ideas, admittedly, do not directly translate
into selling financial services. However, these ideas suggest
areas financial advisors can focus on when marketing their
products to a more affluent clientele.