By Mark Hannan, New Business Manager, Praemium
In today’s competitive private wealth sector, expanding the client book is essential for growth. Traditional methods such as referrals, acquisitions and marketing are only part of the equation. Sustainable growth now requires a recalibration of how firms engage both existing and prospective clients, especially those with complex and evolving needs.
The challenge: Personalisation at scale
High net worth (HNW) clients expect deeply personalised service. As client bases grow, advisers must maintain the intimacy that defines premium advice. According to Praemium’s Adviser Survey, 88% of advisers believe a high touch approach is essential for HNW clients.
Personalisation has always been the hallmark of successful HNW advice. However, legacy models built on manual, relationship heavy interactions struggle under the weight of a growing client base and rising expectations. Scaling without diluting quality requires a new approach. The solution is intelligent personalisation: leveraging technology, client segmentation and proactive engagement models to deepen relationships without multiplying effort. This means shifting from reactive service to predictive engagement, understanding not just who your clients are, but where they are in their wealth journey and what they need next.
Sophisticated segmentation
While advisers often know their top tier clients intimately, this insight does not always extend across the entire book. A structured approach to segmentation, beyond asset size, can unlock new engagement strategies. The survey found that 36% of advisers have a high HNW focus and are more likely to use bespoke engagement strategies and allocate more to alternative assets (9% on average, rising to 14% for portfolios over $20 million). By considering behavioural personas, investment preferences, life stage complexity and advice needs, advisers can tailor communications and services more precisely. For example, delegators may value ongoing reassurance and efficiency, while validators seek insight and co creation.
Turning client satisfaction into action
Many firms gather annual satisfaction surveys, but few translate that data into action. In today’s environment, passive metrics are not enough. Despite the importance of client satisfaction, only 19% of advisers have a formal system in place to manage or improve it, and less than half have refreshed their long-term client relationships in the past year. Progressive firms are implementing feedback loops that combine quantitative data with qualitative insight, capturing not just whether clients are satisfied, but why, and what is changing. This data can inform everything from onboarding journeys to event strategy, content personalisation and adviser client matching.
Refreshing long term client relationships
In the quest for new clients, it is easy to overlook those who have been with the firm the longest. Yet, long standing clients often represent untapped opportunity if the relationship is renewed with intention. Advisers who refresh relationships most often use personal reviews, regular contact and improved offerings such as strategic planning sessions, milestone notes and new service introductions. Notably, 69% of advisers with strong growth plans have refreshed long term client relationships, compared to just 39% of others. Creating moments of reconnection, through a strategic review, a personal note on a milestone or a curated invite to a thought leadership event, can remind clients why they chose your firm and what more is possible. These interactions, while simple, compound trust and encourage referrals.
Balancing high touch with high tech
Technology is not a substitute for relationships, but it can supercharge them. The right systems empower advisers to focus their energy where it matters most, while still delivering consistent and personalised experiences across their client base. Operational efficiency is essential for scaling a business and enriching the client experience. Leading advisers understand their cost to serve and seek technology that not only addresses today’s challenges but also adapts to future growth. A compelling tech stack must be flexible and modular, designed to meet the evolving needs of a growing practice and increasingly complex client demands. With 62% of HNW focused advisers viewing new technologies as a key growth strategy, and 73% prioritising brand and reputation, the demand for robust client view and reporting solutions is rising. When properly configured, CRM systems can prompt timely touchpoints, AI driven tools can summarise client preferences or generate tailored communications, while portals and apps enable clients to self-serve without feeling underserved. The key is intentionality: choosing technology that enhances, rather than replaces, human engagement.
Aligning engagement with growth
Ultimately, personalised engagement is not just about client satisfaction, it is a business growth strategy. Advisers who systematically invest in better client understanding, proactive service models and scalable personalisation are better positioned to win referrals, deepen wallet share and retain clients through generational transitions. As intergenerational wealth transfer becomes the dominant client need (74% of HNW advisers), those who make every client feel like the only client will thrive.
