Chartered Legacy Advocate
Legacy planning can help with client retention and grow your business. It allows families to preserve history and values while offering support to the surviving spouse.
The Formula for Success as a Wealth Manager Is Simple
Find and Acquire Clients with Assets to Manage
Manage Client Assets in a Competitive Environment
Retain Client Assets through Generational Transitions
Acquiring Clients
Seasoned Wealth Managers know two things: referrals are valuable, but acquiring them doesn’t happen overnight. To be successful, you’ll need to relentlessly network and build meaningful relationships. The public cares less about how much you know and more about how much you care.
Managing Client Assets
Managing client assets has been commoditized. According to Investopedia, Robo Advisory software promises competitive investment returns and low fees. Despite this innovative technology, the fallout from market corrections can lead to a loss of confidence and client dissatisfaction. Staying in communication in these difficult times is paramount to building client loyalty.
More info on the value of financial advisors during market turbulence.
Retaining Clients with Legacy Planning
Retaining clients is the greatest challenge of all. Losing clients is not a question of ‘if’ but ‘when’. Upon the passing of a primary client, successors (surviving spouse and family) routinely opt to find new advisors. A relationship based on family legacy and values can change this paradigm. Fidelity Investments as well as the Institute for Preparing Heirs noted that 90% to 95% of offspring leave their parents’ advisors upon receiving their inheritance. Additionally, 70% of the time the surviving spouse switches to another financial advisor.
Legacy training enables advisors to establish intergenerational relations to keep the account with you.
Since women outlive men by an average of five years and tend to marry partners who are two years older, a McKinsey study expects there will be a significant shift to women-controlled wealth.
By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess.
