August 1, 2019

Business As Usual Has Its Risks

The likelihood of losing a very good client along with the ability to retain the assets of the inheriting generation is very real. What should advisors do now to protect their futures and gain competitive advantage?

 A cautionary tale

Jeff, a financial advisor with a large wirehouse, was not able to gain the full support of his two senior partners − both in their 80’s − of the importance of offering clients new generational wealth planning advice and tools beyond money management.

Jeff’s senior partners were content to continue to do business as usual and focus solely on asset management. As a result, the business lost a $60 million account to a competing financial advisor who had attended a workshop conducted by the Institute for Preparing Heirs that focused on Preparing Families to Prosper & Thrive Across Generations

Jeff learned that the client’s decision to change firms was solely because the competitor advisor showed a genuine interest in the client’s family and explained why it was important for the advisor to meet the children. Jeff’s senior partners learned a costly lesson that if they didn’t begin to bring up “family” with their best clients, a competitor might.

Advisors need new training and new tools to gain competitive advantage

It’s not enough to simply ask your best clients about their families, advisors need to be able to explain why it’s important to meet the entire family – children, grand children and spouses – before inheritance comes into view and share with them what the advisor does for the family and what the advisor can do for them when the time is right. 

Click here to learn more about the Institute for Preparing Heirs advisor workshops. 

By attending this hallmark workshop, advisors learn why and how to refocus their efforts to meaningfully connect with the entire family. Advisors leave with new knowledge, new tools and most importantly, an exciting new competitive advantage to break away from the pack. 




August 1, 2019

Sign Up For Insights & Workshop Updates

You’ll receive a copy of our white paper, “Advice Beyond The Money: Preparing Families to Prosper & Thrive For Generations,” & our Client Family Tree tool for your next client meeting.