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…