All advisors want to work with wealthy clients, but targeting them is a challenge because every other advisor is pitching for the same business. Winners in this space go into a meeting with a high-net-worth prospect knowing roughly what kinds of services that prospect is likely to buy.

To take some of the guesswork out of it, research firm The Nielsen Company analyzed the investment trends of the wealthy and found that rich people fall into different brackets based on their interests and geography. Nielsen tracks as many as 15 unique customer segments, but there are at least four that advisors should be aware of in prospecting and expanding their business relationship with clients. For example, if you have a client who fits a described demographic, but only has a fraction of his money in annuities that the average suggests, perhaps it's time to dig deeper into the client's needs.

To track the financial purchase behaviors of each group, Nielsen looks into the wallets of 80,000 American consumers each year. This data is fused quarterly with Nielsen's demographics, lifestyle and media measurements to help financial institutions identify their best customers, quantify them in the marketplace, locate them on prospect lists and target them with effective marketing and advertising.

Here's Nielsen's take on four categories of wealthy investors. Each segment varies in demographics, lifestyle, media preferences and financial behaviors. The one thing all these segments have in common is their desire and ability to invest money.

THE FINANCIAL ELITE
America's financial elite are among the nation's most affluent households (think millionaires). Making up 4.3% of the population, they are typically in their fifties, married and living in pricey suburban homes. They are mostly empty nesters, with large sums of money to manage and invest. They are known for both making and spending money in grand style, including hiring a small army of financial advisors, estate planners and full-service brokers.

They invest in stocks and real estate and own annuities plus other investment-style insurance products to build up their nest eggs. Some have neglected those nest eggs in favor of lavish spending: This group tends to splurge on foreign travel and high-end stores. Members of the financial elite usually listen to classical radio, attend cultural events and read business publications, indicating that they are familiar with investment concepts.

This is the most diversified group of investors in the country. No matter what the investment vehicle, from stocks to annuities, the financial elite are among the most likely households to be interested in it. They are also the most likely to want to protect their wealth with insurance products.

The pitch: Financial advisors looking to woo the financial elite might want to encourage them to continue to diversify. If a particular household in this group is heavily invested in stocks and bonds, for example, it might be time to suggest an annuity.

How the Financial Elite Invest

• 15% own an annuity with an average balance of $250,000 (fixed) and $245,000 (variable)
• 74% have a mutual fund with average values of $700,000
• 66% own equities with total values of $500,000 and 40% are active traders
• 29% own bonds (seven times the national average) with average values of $137,000
• 60% have some type of individual life insurance, 38% have whole life and 16% have universal life
• 33% have long-term care insurance

WEALTHY ACHIEVERS
Wealthy achievers are mature couples in luxury homes who have moved into the empty-nest phase. They're not quite as wealthy as the financial elite, and more of them are retired, but they're still potential big investors. Making up 5.9% of the population, these well-educated couples aren't afraid of spending money, even when that meant taking out a second mortgage or a home equity line of credit. They enjoy cushy retirements, filling their days with golf (both playing and watching), the arts and public TV and radio. As with many affluent seniors, they leave their investment decisions to financial advisors.

While wealthy achievers have earned significant amounts of money in their lifetime, they have also spent significant amounts. Their participation rates in a variety of investment products is fairly high, but at this stage, it's time for them to build up the balances.

The pitch: If they want to achieve the same level of wealth as the financial elite, their financial advisors may need to encourage them to start taking a more active role in their investments.