Would you be surprised to learn that one of the best expansion opportunities for independent agents right now lives within personal lines? Adding high net worth (HNW) clients to your agency’s book of business brings tremendous potential upside, even in a hard market, but only for agencies that understand the nuances.
While HNW individuals aren’t immune to the pressures of the hard market, their predictable risk profile makes them more attractive to an agency’s carrier partners. They’re also less price-sensitive than other personal lines clients. And because only a few agencies currently serve the HNW market, agents that do it well can gain considerable traction.
The secret ingredient to servicing HNW individuals successfully is building a relationship of trust. Let’s explore the unique needs of these clients, how to break into the market and how to structure your agency for maximum benefit.
Read the full article, written by Steve Tombarelli, Senior Vice President, Programs & Services at SIAA, published August 16, 2024 in The Standard. Reprinted with permission from The Standard, Copyright 2024, Standard Publishing Corporation, Boston, MA. All rights reserved.