Establishing yourself as a wealth manager.
With files from John Stewart, Manulife Advisory Services.
Elite advisors are known to go above and beyond the ordinary limits of client service. They put in the extra effort to learn, develop, and provide the best possible client experience. And by doing that, they can consistently deliver superior service and build a highly loyal client roster.
Affluent clients want a trusted advisor who can bring this extra level of service to overseeing and providing solutions for multiple aspects of their family’s financial affairs, including:
- Advanced tax and estate planning
- Intergenerational wealth transfer strategies
- Wide-ranging financial advice
- Risk, cash, and investment management
Clients will appreciate the added value that you bring to the table, effectively acting as their wealth manager rather than their investment or insurance advisor.
Consider an example of a business owner whose business is their greatest asset. It’s common for one (or more) of their children to be involved in that business. The owner may want advice on how to equalize his/her estate with respect to the other children who are not involved in the business. It’s this depth of advice and the ability to problem solve and provide workable solutions that many affluent clients seek.
Focus on unique needs
Elite advisors know they must strive to have a working knowledge of comprehensive planning, a commitment to continuous learning and the ability to provide each client with timely, in-depth, and relevant advice.
On occasion, a client might also require some detailed advice on a particular subject that exceeds your level of expertise. In these situations, you may want to engage the assistance of various lawyers, accountants, and other professionals who can provide your client with the proper level of specialized advice.
Focused meetings can help enhance your value
To enhance your value as a holistic wealth manager, elite advisors can use focused review meetings to ensure clients’ needs are being understood and met. Hosting a meeting with a focus on estate planning, for example, can present the opportunity to drill down on the services, insights, and advice you’re able to provide in that area.
Three examples of focused review meetings
1. Financial planning review
- Update net worth statement
- Review the client’s goals and objectives
- Conduct a family discussion with children and/or parents
2. Tax planning review
- Review the client’s tax returns (interest, dividends, capital gains)
- Discuss tax planning strategies (RRSP, TFSA, income splitting)
3. Estate planning review
- Legacy objectives
- Intergenerational wealth strategies
- Taxation at death
- Insurance strategies
Clients may see you only as an investment advisor or an insurance advisor, but you can exceed their expectations by offering comprehensive financial advice, as well as other services that are important to them. By obtaining the proper knowledge, taking the time to fully understand your client’s needs (including bringing in experts when necessary), you can position yourself as a wealth manager and provide the right advice that can help them achieve their current and long-term financial goals.
