What Family Offices and Wealth Managers Can Learn From Ultra-Luxury Hotels

What do ultra-luxury hotels and wealth management firms have in common? More than it would appear. In addition to serving many of the same clientele, they both operate in a high-touch, relationship-driven world where lifetime loyalty is the goal.

Just like luxury hotels, most multi-family offices and wealth managers offer much of the same services — instead of stunning architecture, delicious F&B, expert concierges, and fluffy mattresses, it’s investment management, financial planning, tax & estate, risk management, philanthropic advisory, trust services, next-gen support, and so on.

So, how do the best ones stand out? Why do clients choose one over another, and why do they stay?

This article will go over what wealth managers, family offices, and RIAs can learn from luxury hotels that have been able to cut through the noise and generate almost cult-like followings. The takeaways are more relevant than one might think. If you’re a wealth manager or family office executive, here’s what you can do to borrow from hospitality experts:

1. Get clear on your brand story.

Aman, the pinnacle of luxury hotels, has inspired a cadre of “Amanjunkies.” It is not just the 6:1 staff:guest ratio, quiet yet anticipatory service, or gorgeous locations that inspire this — Aman is true to its brand DNA in every respect.

The word “Aman” means “peace” or “tranquility” in Sanskrit and Hindi, and “safety” or “protection” in Arabic, and when guests arrive, they can count on an immersion into a tranquil oasis. Of their 34 hotels, 15 are in or very close to a UNESCO heritage site. Their hotels typically have fewer than 55 rooms. Aman represents integration with nature, a serene way of life, and holistic luxury. This is expressed through all their brand touchpoints.

Wealth managers can create their own “Amanjunkies” by figuring out their own brand DNA and incorporating it into every layer of their client journey (I help with this at Élever Partners). Of course, exceptional service is the baseline — the brand should augment this.

2. Hire for emotional intelligence.

About four score and seven years ago, I took a redeye to Miami for a conference the following day. Instead of doing the rational thing and getting a hotel room for both the arrival morning and evening of the event, I thought I would just hang out by the pool until check-in. Great in theory, terrible in practice.

I arrived at the Four Seasons at 5:30 in the morning, completely exhausted. When I got to the check-in desk, instead of telling me that I was crazy or dismissing my arrival as an inconvenience, the front desk staff did their best to find me a room. 15 minutes later, I was in bed upstairs, at no extra charge.

I have remembered this interaction for years. Their kindness left an imprint, and it has made me a “promoter.” The Four Seasons does compassion well and prioritizes this culture fit in hiring. While some technical skills can be taught on the job, it’s harder to instill emotional intelligence.

In wealth management and the family office space, clients both come and stay for the relationship. While it’s important to have great access to deals and managers who understand the technical aspects of investment management, trust, tax, and more, it’s equally important to have employees who can relate to the client and make them feel understood. This should be prioritized just as much as expertise in the hiring process.

3. Anticipate needs and personalize experiences.

The best hotels make their guests feel special. The Peninsula in Beverly Hills will put guests’ initials on the pillowcase. The Oberoi tries to get guest details pre-arrival so they can create customized experiences when they land (eg. ready room service if it’s been a long day of travel, room preferences, etc). The Mandarin Oriental has a tiered “fans of M.O.” program where guests get perks and can share preferences directly. I’ve received gluten-free welcome snacks at hotels before because they’ve made note of my allergy, and it never fails to bring me delight.

Wealth managers and family offices can do this by asking their clients the right questions and making note of their unique aspirations and preferences. This makes it much easier to be proactive and align services to their needs. It’s that depth of understanding that creates lifetime loyalty.

4. Make complexity disappear.

When I worked on campaigns ages ago, before any big event, our boss would always say to “be like a duck.” This meant appearing calm and collected to guests, while rapidly paddling to address issues under the surface. The same philosophy applies to luxury hotels. Staff need to attend to guest concerns, anticipate personalized needs, and maintain elevated standards in the environment and F&B, all while making it look easy.

So much goes into making a great hotel — or great financial firm — run. But the best ones know that complexity is not a pass-through entity that’s imparted to clients. No matter how chaotic things get internally, presentation should be pristine.

5. Build community.

The best hotels don’t just offer guests a room for the night — they find a way to extend the experience long after check-out.

Aman and the Four Seasons both offer membership clubs and residences as well as hotel suites, which integrate the brands further into their guests’ lives. They create venues and host events that bring people together.

Janu, Aman’s sister brand, is built entirely around community. It “fosters joy and connection, curating experiences that excite and inspire” for people who “travel with intention.” Since it carries a similar holistic luxury brand ethos as Aman, its lower-priced and slightly less service-intensive offer can be an “on-ramp” of sorts. Aman likely hopes that this younger clientele will start staying at Amans when they reach their next tax bracket, and they’re setting themselves up for just that.

Wealth managers and family offices can channel this by thinking about different ways to connect their clients. This would make the firm not just a provider of a necessary function, but something that provides delight in a client’s life. When would an educational summit be appropriate? Or a curated summer social? Or a gathering of next-gens where they can share challenges and hopes? (I have friends who have chosen wealth management firms specifically because of this next-gen community piece.)

Clients will stay at a firm because of relationships. Why not give them more relationships to stay for?

6. Don’t fear change.

Some luxury hotels (I won’t name names) have received flak for not updating their interiors to match the 21st century. What worked in the 1900s is not necessarily a fit for today. Even though renovations can cost in the decamillions or more, hotels take them on because they know the consequence of not doing them is even more in lost revenue.

We are in the midst of a $84 trillion dollar wealth transfer, and the next generation has some different ideas from their parents. They are, at large, more impact and purpose-driven with their wealth. They view wealth more holistically (read Jennifer Wines’ insightful book Invisible Wealth for more on what this means).

This new client base will require a different approach to wealth management. Instead of pretending that the shift isn’t happening, firms would benefit from getting to know what the next generation is looking for in a wealth management firm and start building out those structures accordingly. No one wants to be the hotel that’s lost its lustre.

7. Elevate every touchpoint.

In luxury hotels, no detail is too small. The signature scent in the lobby, the light in the elevators, and the typeface on the room service menu all reinforce the brand.

All of these subtle sensory cues send a strong subconscious message on the aggregate, which defines what the brand is and who it’s for. And if guests feel at ease, they’ll believe the brand is for them.

In wealth management and multi-family offices, the brand needs to convey credibility and trust. That means making sure that your website, company overview deck, and client materials reflect your ethos (we help with all of this at Élever Partners). It means taking the time to define who you are, who you help, and how your brand touchpoints can better reflect that.

Ultra-luxury hotels have built the playbook for conveying trust, elegance, and care. Since they serve the same clientele, wealth management firms and family offices can succeed by emulating what these luxury brands have done so well — while also peering into how they’re innovating for the future.

The main takeaway is for firms to get clear on their brand and create intentional communication that matches the excellence of the service they offer.

If you desire more clarity on what makes your wealth management firm or multi-family office stand out and want to translate that into compelling marketing assets, Élever Partners is here to help. Please feel welcome to reach out to me on LinkedIn, or through our website.