Benefit for advice businesses that offer general insurance to HNW clients goes beyond good service

MELBOURNE, Australia - Nov. 12, 2023 - PRLog -- I have read many articles about servicing High Net Worth (HNW) clients in the financial services; however, most businesses that put together a HNW Best of Breed service model do it without looking through the eyes of clients.

In fact, very few businesses have a model that effectively & comprehensively services the needs of HNW clients.

HNW individuals, professionals, families and business owners, typically have considerable estates with complex accounting and taxation requirements.

This complexity requires a broad range of services; clearly articulated value proposition and ability to work in tandem with the client's accountant, lawyer, life insurance advisor, etc.

HNW clients also tend to stay with their planner for the long-term and are often brand ambassadors for the business referring it to their network of peers, friends and family members.

HNW clients can be both challenging and rewarding as they want their planner to intimately understand their personal, business and family dynamics as well as their estate planning aspirations, cash flow, assets, liabilities, taxation situation, etc in order to manage their account holistically.

HNW clients own many valuable assets and possessions such as larger homes, art, antiques, jewellery, etc that require asset protection – and yet many accountants and planners fail to provide a GI service as part of their Best of Breed offering.

In these times where business growth is a scare premium – expanding the HNW client offering should be as easy as increasing your service offer!

I raise this perspective because over the last few years there has been an increase in M&A activity within the GI market from overseas businesses.  This mirrors past interest in accounting and planning businesses.

Recently, I have been approached by overseas buyers looking to purchase GI broking businesses from $1M - $20M in revenue. I have also helped to facilitate GI brokers into high net worth accounting/Financial Planning businesses to service their HNW clients.

At the present time, GI broking firm valuations have EBITDA multiples higher than both accounting and planning businesses.

Sometimes the best opportunities are simple and by offering comprehensive and holistic financial services that includes general insurance ensures all aspects of the client's financial picture are considered and integrated into a cohesive plan.

Not only does this comprehensively address each clients' unique challenges and goals – it increases the value of the practice and reputation of the business.

Issued by Connect Financial Service Brokers          www.connectfsb.com.au

Media enquiries        Mr. Joe Perri, Joe Perri & Associates Pty Ltd

Mob:    +61 412 112 545   Email:     jperri@joeperri.com.au