While client referrals remain the single most important means of acquisition, wealth managers reaching out to high net worth (HNW) entrepreneurs should adopt inter-departmental collaboration to beat the competition, says data and analytics company GlobalData.

According to the company’s HNW Targeting and Retention Strategies report, more than one third (35.7 percent) of HNW entrepreneurs have been sourced through client referrals, making it the single most important channel of acquisition globally.

While this means that generating positive word of mouth is vital to be able to leverage client contacts, wealth m...