for Advisors

My Background With Advisors…

Almost every day for the past 25 years I have worked with and for advisory professionals. I use the term broadly and include private bankers, asset managers, boutique wealth advisory firms, MFOs, private client attorneys, insurance agents, accountants, estate planning and tax specialists, philanthropic advisors, RIAs, brokers, independents and more in the definition. It’s not the differences, but the commonalities between these professions – the focus on working with affluent individuals and families, playing a central role in a broader wealth management experience and delivering specialized expertise – that interest me.

In addition to the extensive qualitative and quantitative research I’ve conducted with high-net-worth and ultra-high-net-worth households, I’ve also spent time understanding and evaluating what the core service professionals to those populations do that make them stand apart from the also-rans. To that end, I’ve developed an extensive pool of best practices information on how to find, cultivate, service and satisfy the wealthiest individuals in the world in the most effective and profitable ways.

That information, when used in combination with my unparalleled knowledge of private wealth, can be used to help advisors change and improve the following scenarios:

    • You have high retention among your current clients, but don’t get enough opportunities to land new business
    • You are responsible for servicing hundreds of identical client relationships that never expand or grow
    • You use static presentation materials or scripted conversations with prospects that aren’t easily distinguished from your competitors
    • You focus on a limited product range that accounts for 80% or more of your annual income
    • Less than 20% of your new business opportunities come from peers and specialists in the wealth management arena (more than 80% come from client referrals or one-off situations)

When Advisors Should Consider A New Approach…


Cultivating Loyalty

Every potential consumer unconsciously screen professionals for certain attributes that factor into their comfort level and willingness to do business. Do you know what those qualities and behaviors are? How can you make sure you’re exhibiting them in the right way to your prospects and clients?

Cross-Selling to Clients

The large majority of advisors stick to known disciplines – the products and services they understand and can deliver easily – but wealthy individuals have complex needs that require a cross-section of strategies and products. Who else do your clients rely on to address their overall wealth management goals? Are you losing income, share-of-wallet and potential referrals because you’re comfortable with your routine?

Tapping Your Clients’ Referral Networks

Asking clients for referrals is an awkward and fruitless activity for many advisors, often because the inquiry can be vague, impersonal and (frequently) apologetic. Are you honest about the health of your existing relationships? Can you name the people and professionals in your clients’ inner circles? Do you know any of them?

Repositioning Your Practice

Most of your clients probably have outdated ideas about the depth and breadth of your resources and intellectual capital, based largely on what was shared during your initial meetings together.  Do your clients know everything they need to know about you and your practice in order to take advantage of your capabilities? And refer you appropriate business? Do you naturally attract the types of individuals you want as clients now?

Developing Referral Partnerships

Leading advisors get nearly all their new business through strategic partnerships with influencers to the affluent, whether that’s a life coach, a physician or an attorney. Without fostering these types of arrangements, those referrals will go to other advisors. How do you get business now? Does anyone regularly refer new prospects to you? How much time do you spent talking to, learning about and helping the other professionals that have your clients’ attention and trust?
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