CEO Insights: Strategies for Client Engagement

Engagement is more than involvement; it’s about creating an emotional connection with clients and their families.

The Great Wealth Transfer in Australia will see the bulk of an estimated $3.5 trillion change hands in the next decade, according to the Productivity Commission. This presents an opportunity to redefine client engagement.

By prioritising the client experience and fostering deep, human connections, financial advisors can guide clients through this transition and help them achieve their financial aspirations.

Of course, building meaningful connections with clients and their families requires a thoughtful and personalised approach. No family is the same and in our experience, the wealthier the client, the more tailored the solution needs to be.

Here are some strategies that we’ve found can help accountants and financial advisers better connect with their clients, including younger generations and women – who stand to inherit two-thirds of wealth over the next two decades

1. Understand Individual Values and Goals:
   • Engage in conversations that go beyond financial metrics. Understand what truly matters to your clients, such as their personal values, life goals, personal assets and family dynamics. This insight will help you tailor your advice to align with their aspirations.
2. Facilitate Open Communication:
   • Encourage open dialogues about wealth and inheritance. Create a safe space for clients to discuss sensitive topics like estate planning and wealth transfer, ensuring that all family members feel included and respected.
3. Educate and Empower:
   • Provide educational resources and workshops tailored to different family members, focusing on financial literacy, investment strategies, and emerging asset classes. Empowering clients with knowledge builds confidence and trust.
4. Leverage Technology for Engagement:
   • Use digital tools to provide clients with easy access to their financial information and investment performance. Interactive platforms can make financial planning more engaging, especially for tech-savvy younger generations.
5. Personalise Communication:
   • Customise your communication style and frequency based on individual client preferences. Some clients may prefer in-person meetings, while others might appreciate digital updates or video calls.
6. Involve the Whole Family:
   • Organise family meetings to discuss financial goals and plans. Involving younger generations and spouses in these discussions fosters a sense of shared responsibility and transparency.
7. Focus on Purpose-Driven Investments:
   • Highlight investment opportunities that align with clients’ social and environmental values. Purpose-driven investments can resonate deeply with women and younger clients who prioritise impact.
8. Encourage Legacy Planning:
   • Help clients think about their legacy and how they want to be remembered. Ensure you document this to ensure that their wishes are first of mind during conversations and planning. Discuss philanthropic goals and ways to support causes they care about, which can be particularly engaging for women and younger family members.

To compliment enhanced engagement, Heirwealth offers the following features:

1. Comprehensive Wealth Support: By tracking all wealth items across family entities, Heirwealth saves time and provides a holistic view of family wealth.
2. Inheritance vs. Legacy: Heirwealth supports the recording of legacy items, allowing families to document important heirlooms and stories, creating a deeper emotional connection.
3. Passion Investments: Heirwealth allows clients to record and manage their passion investments, such as art and collectibles, with detailed metadata and documentation.
4. Usability and Transparency: Heirwealth’s platform is designed to be user-friendly and transparent, allowing data sharing across family members and trusted advisors.
5. Timing and Engagement: Engagement should begin early, not at the point of wealth transfer. Heirwealth provides tools for ongoing engagement, ensuring clients are prepared for the inevitable transition.