The high-net-worth market in the UK is growing. Wealthy individuals (assets of more than £750,000) account for about 20 per cent of the population, yet around 80 per cent of them do not use an HNW specialist insurer or broker.
These people expect excellent service and are cash-rich and time-poor; as a result, they value expert advice. How can you tap into this?
Many advisers may have a healthy HNW client list without realising it. Think of clients with commercial mortgages, those who own business premises or who run their own business.
There are also a lot of mid-net-worth people who may be emerging into HNW territory. Watch for inheritances that suddenly lead to a client becoming HNW, and more general changes in buying patterns. An increase in art, jewellery and other valuable items on their home contents insurance, or the purchase of a high-end sports car or a more expensive property can present an opportunity to discuss a client’s changing insurance requirements.
Breaking into the HNW market is not difficult and the rewards are potentially great. If you do not address the opportunities on your doorstep, someone else will.