Building and cultivating a wealthy customer base is an important initiative for many types of professionals, especially those that specialize in addressing the unique needs of the affluent.
Whether you’re a provider of luxury goods, a hedge fund manager or an international tax specialist, you’ve no doubt felt the competition from other specialists and experts. In a recent survey with advisory practitioners, we learned that the pressure is particularly acute for the majority of these professionals. Out of 466 advisors surveyed, 90.1% said that it’s more difficult to find high quality clients and 67.4% cited more intense competition as contributing to a worsening business climate.