What if you could serve fewer but wealthier clients, do it faster than you ever thought possible, and build an amazing life of significance for yourself and the people you care about most? Our powerful combination of up-to-date research and field-tested, proven action steps is possible because of what each of us brings to the table. CEG Insights has been conducting research into high-net-worth investors and financial advisors for more than 30 years. CEG Worldwide, meanwhile, is the leading coaching and consulting firm for financial advisors that want to move up market and work with higher net-worth clients. Ultimately, The Preeminent Financial Advisor Audio and Video Podcast Series will show you how to race up the hierarchy of advisor success—and truly play to win.
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What if you could serve fewer but wealthier clients, do it faster than you ever thought possible, and build an amazing life of significance for yourself and the people you care about most? Our powerful combination of up-to-date research and field-tested, proven action steps is possible because of what each of us brings to the table. CEG Insights has been conducting research into high-net-worth investors and financial advisors for more than 30 years. CEG Worldwide, meanwhile, is the leading coaching and consulting firm for financial advisors that want to move up market and work with higher net-worth clients. Ultimately, The Preeminent Financial Advisor Audio and Video Podcast Series will show you how to race up the hierarchy of advisor success—and truly play to win.
Traditionally, your entrepreneur clients might deal with one or more people at a law firm on a specific project and once it’s done, they might not deal with those attorneys again for months or years.
The key is to recognize the major trigger events that tend to put clients’ assets up for grabs, and get out on front of those events by having discussions and presenting planning options.
Taken together, these three meetings clearly communicate to affluent clients that you are not simply someone looking to get and manage their investments. Instead, it tells prospects that you want to advocate for them—to help them navigate a broad range of financial issues, concerns and opportunities that they face. Take prospects through these three meetings, and you’ll show them how different you are from the typical financial advisor—and how much value you’re ready to bring to their lives.
At CEG Worldwide, we work with Roger Silk at Sterling Foundation Management as part of our Virtual Family Office Network of highly specialized professionals. Sterling is one of the nation’s leading authorities on the use of tax-exempt trusts—a solution that can be very helpful to affluent investors in certain situations, and one that too many financial advisors are unfamiliar with.
To help advisors better assist their affluent clients with cybersecurity, Sarah Rosen of Black Cloak offers four key action steps to make those clients aware of.
This strategy also involves your existing clients’ heirs and bringing them into the fold early on. Top financial advisors have, essentially, an “heir engagement playbook” that allows them to build relationships with clients’ children and grandchildren. Their playbooks call for conducting family meetings at which topics like financial values are discussed along with more typical financial issues.
According to the latest Wealth Confidence Report, confidence among investors with $1 million to $5 million was—on a scale of 0 to 30—at a level 3. They’re reduced their equity exposure and gone into protection mode, with an average cash position of 35% (versus a more typical level of around 15%).
Too often, financial advisors hire by reacting to their problem of the day or problem of the week. They put a body in place who they think is going to solve that problem. Or they meet someone who has skills and characteristics that intrigue them, and they think, “I’m going to invent a role for this person, because just having them in my organization will help us out.”
Not updating an asset protection plan can also invite unwanted problems. For example, given the soaring value of real estate in many areas of the country in recent years, an insurance policy’s replacement cost limits may be far too low today. That, of course, could lead to being paid far less than is necessary to rebuild.
Not every financial advisor is an ideal candidate for coaching—and not every type of coach is well-suited to help advisors thrive. With that in mind, consider these perspectives and insights from Val Chaney, managing principal of coaching at CEG Worldwide.
It’s not too late for any advisory practice to get started with AI and gain a competitive advantage. Despite all the activity going on in this space, it’s still an underused resource. Business owners all seem to have a strategic plan for using AI—but most have not started actually implementing their plan. Get going today, slowly and methodically, and you’ll very likely find yourself better positioned than the vast majority of your competitors.
This has HUGE implications for financial advisors. One example? Financial advisors need to offer more (and better) services across all wealth tiers—with a focus on holistic services including wealth transfer, estate planning, financial literacy and even elder care. That will create capacity constraints at many practices.
Financial advisors should consider educational tool-kits that include info-graphics and one-page explainers about alternative investments. They might offer short videos that break down key concepts, or case studies.
This research strongly suggests that the big value promise of AI will be about personalization. We know the affluent want customized, personalized solutions—and we know that being truly customized is challenging for advisors. Going forward, it’s likely that AI will empower advisors to be more flexible and design solutions around each client rather than trying to fit groups of clients into certain models or templates.
Hulett says financial advisors who want to build a dream team of top people should keep several key ideas and action steps in mind as they move forward.
Wealth managers look to CEG Insights where they have surveyed approximately 1300 investors, more than 84% of whom have over $1 million dollars of net worth, about their views on social media.
Perhaps the most surprising finding: Overall, 80.1% of these investors consider their advisor’s social media presence nonessential.
We know what financial advisors want for a website. CEG Insights surveyed approximately 1300 investors, more than 84% of whom have over $1 million dollars of net worth, about their advisor website wants and needs.
If you think there’s no way to break into this lucrative market, think again. In many ways, the ultra-wealthy aren’t getting the attention they want from their existing advisors. That gives you an opportunity to earn their business—if you have the right business model.
What if you could serve fewer but wealthier clients, do it faster than you ever thought possible, and build an amazing life of significance for yourself and the people you care about most? Our powerful combination of up-to-date research and field-tested, proven action steps is possible because of what each of us brings to the table. CEG Insights has been conducting research into high-net-worth investors and financial advisors for more than 30 years. CEG Worldwide, meanwhile, is the leading coaching and consulting firm for financial advisors that want to move up market and work with higher net-worth clients. Ultimately, The Preeminent Financial Advisor Audio and Video Podcast Series will show you how to race up the hierarchy of advisor success—and truly play to win.
