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How do you convince a hard-core deposit client to look at Wealth Management Products?

For many Personal Bankers, Priority Bankers, Private Bankers and Wealth Managers, one of the most difficult and painful situation is looking at clients’ account with a large amount of money placed in deposits.

Many clients prefer to forgo what could be slightly better returns and yield in products such as bonds, insurance-linked products or structured products.

Perhaps you are wrong.  Investment products don’t necessarily provide better returns and yield.  But is Wealth Management only about better returns and yield?

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We look at 8 ways how you can convince a hard-core deposit client to look at wealth management products:


No. 1 Educate Clients

Currency Movements
Currency Movements

There is no quick solution.  You have to educate clients.  Deposits though safe, are not perfect as banks do collapse too.


  • Asian Financial Crisis 1997
  • Global Financial Crisis 2008

Educating clients on the importance of Wealth Management is like telling a young kid to stay away from sweets and fried food.  In both cases, they will almost never listen.

” Someone’s sitting in the shade today because someone planted a tree a long time ago ”

~ Warren Buffett

But if you constantly provide them with ideas, alternatives and the benefits of Wealth Management, when the opportunity arises, it is much easier to get them to listen to you.  Occasionally, they may also accept your proposed solution.

This is a long-shot, so you have to decide if your time is worthwhile spending.  If you feel it is important to share your wealth management knowledge, then time is always worthwhile.  Though you face practical challenges such as balancing revenue, sales, client management and time.

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No. 2 Build a Relationship

Financial Advisor
Financial Advisor

Money matters are sensitive.  Good Wealth Managers build close relationship with clients.  They get clients to share more about themselves, are great listeners and remember the little things.

If you don’t have a relationship with clients or feel a connection with them, it is hard for you to even share about wealth management products and solutions as they are not listening.  You will be spending time or wasting time sharing what you know to a person, who is really not listening.


No. 3 Provide Top-Notched Service

Wealth Manager working on Weekends
Wealth Manager working on Weekends

The perfect customer experience is someone who offers top-notched services.  All clients love a perfect retail experience.

Do simple things such as regularly updating client of surplus funds in current accounts, deposit maturities and birthdays or holiday greetings.  It is the little things that makes their day special.  And people tend not to forget such services.

They will feel obliged to give you some air-time in the future or will kindly refuse your outstanding services.  Which is not that bad.  You made them feel special.  But, where’s your sales?


No. 4 Their Family & Friends

Head of Wealth Management
Head of Wealth Management

They may be hard-core deposit fans, but they have family and friends too.  For each ultra-conservative, there is an exact opposite.

 ” Opposite Attracts “

They would have immediate family members, colleagues or friends with potential wealth management or financial needs. Wealth Management advisory is special.  The advice takes care of generations and an unpredictable future.

The reason why they safeguard their money so much, isn’t to spend it all.  Most of the time, they want to protect and keep it for their children or next generation.

Your top-notced service may just get a referral to their family members or friends.  And you wouldn’t be surprise that their immediate family members may want to do the wealth product in joint-name with your hard-core deposit client.


No. 5 90 / 10 or 95 / 5 Attempt

Portfolio Allocation
Portfolio Allocation

All the above approaches sounds like you are not going to get any sales soon.

But since the the easy sales will always dry up. Those are the seeds you planted that may bear fruit in the long run. Regardless, isn’t it great to know that you are providing great service and sharing useful wealth tips?

Perhaps you need to justify your time spent on providing great service to client?

You can try the 90 / 10 or 95 / 5 approach.  Getting the client to place a fraction of their funds to try a wealth product, usually isn’t impossible.  By illustrating clearly to client that it is not going to impact much of their capital, they may not mind trying.  The downside is the administrative work you have to do, and client may find it is a hassle since it is a small amount.  You can try doubling up the allocated amount then.

Proposed Allocation:

Financial Instrument Allocation
Fixed Deposit returns of 1.5% $95,000
Wealth Product returns of 1% to 2.5% $5,000


This approach allows you to build a relationship with client quickly, and you managed to introduce client the process of wealth management advisory.  This paves way for future wealth management solutions because you have earned the right to call your client for a future meeting or discussion.


No. 6 97 / 3 Attempt

Recommendation of Savings Plan:

Financial Instrument Allocation
Fixed Deposit returns of 1.5% $98,800
Savings Plan of $100 a Month $1,200


When all else fails, you can get them to park a even smaller sum into a savings plan (Insurance or Unit Trust) for themselves or for their children.  To further enhance your point, the interest earned from the fixed deposit at 1.5% p.a is $1,482.

So in a way, they almost get a free savings plan.


No. 7 Promotions & Free Gifts

National Park Visit
National Park Visit

Although regulators dislike financial institutions from running promotions and free gifts, isn’t Wealth Management about giving someone a peace of mind?

And what better way to do it than to give them special promotions or free gifts.  Just think about how successful credit cards and travel companies marketing strategies are.


No. 8 Everyone is doing it

Private Banking Event
Private Banking Event

One of the most effective way to convince clients is to share with them everyone is doing it.  Popularity and Peer pressure.

Sharing with them the most popular wealth products and what all clients had been doing in the last weeks is certainly a convincing sales pitch.  It works for most low-risk products.

These are 8 ways how you can get a hard-core deposit client to look at wealth management products.

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