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How High-Skill Professionals and RIAs Can Work Together

There is often a misconception that high-skill professionals likely don’t need the help of an RIA. After all, these surgeons, attorneys, engineers or others are so intelligent and so skilled that surely they could figure out how to manage their own money, right?

While it’s a reasonable assumption, the answer is far from the truth. Oftentimes, these high-achieving, high-skill individuals are so focused on their craft or business that they don’t have time to think about how their wealth could be managed efficiently. There are plenty of people who are sophisticated when it comes to their work, who still have a mindset that says “as long as there is money in the account, it’s ok!” Likewise, it’s not unheard of to have HNW clients living paycheck to paycheck when they reach out to a financial advisor.  


Big Earnings, Little Planning

High-earning individuals are obviously a great target for independent RIAs. While many have some form of investment strategy, there’s a high likelihood that they are not able to plan for tax efficiency or have a stabilizing force in their investment strategy to keep themselves in check when it comes to behavioral finance.

The question for your RIA is this: Which group of professionals can you specifically serve best by knowing the ins and outs of their financial nuance? Is there a large employer near your offices whose retirement plans you can help maximize? Do you already have clients in a specific field who you know how to serve with excellence? Those are great places to start. Reaching out and specifically marketing yourself to handle these clients can be a boon for your business.

Keep in mind that expanding into a niche like this may take time. You’ll want to carefully and thoughtfully understand their needs, social habits and any timely financial moments they may have. Give yourself enough time to understand their needs and then build in educational marketing pieces that you can share to help speak to their specific issues.


Make the Time and Look to Scale

For these prospective clients, you will have to carve out a special amount of time and give them the attention that’s worthy of managing their assets. Forcing yourself to make time for these individuals may open up avenues to make other parts of your practice more efficient.

Keep in mind that as you carve out your space inside of the niche or circle of specific professionals, it will work in your favor to reach out and target others in the same field as they may have overlapping assets or investments. It should also become an easy way to pick up referrals as you shape your practice toward serving a specialized group.

Having the time to create detailed prospecting plans only comes when your back and middle office duties are streamlined for efficiency. Click below to see how partnering with an tru Independence can give you the time your team needs to focus on reaching your niche.