A prospect profile is the most important weapon you have when it comes to finding new assets. Use data mining techniques to map the DNA of your existing high-net-worth business first. Generations of advisors have begged their clients to refer them to friends, family and professional colleagues, but that approach meant relying on the luck of the draw...Read More »
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New survey shows that getting all the systems to work together is the top technological challenge advisors face. But simply bolting the passwords together won’t cut it. From all the buzz I’m hearing, systems integration is a hot topic among advisors right now. Let’s get ahead of the curve and talk about what exactly it means for your office...Read More »
Many trust companies have more success marketing their services to the professionals who already have the ear of wealthy clients. Lawyers, investment advisors, accountants, even art appraisers are all worth adding to your network...Read More »
Baby Boom clients still require active investment advice in the new retirement landscape. The challenges they face today still represent huge opportunities for advisors willing to work longer and harder. Now that Baby Boomers are hitting retirement age at the rate of 10,000 people a day, the moment the industry pundits promised us a decade ago is here...Read More »
Truly marquee-worthy clients like Lady Gaga add more than AUM. If you can figure out what makes them tick, the experts say you can parlay one household name into a high-powered referral machine. It really boils down to the way fame works, the star trackers say...Read More »
This summer is already starting to feel a lot like last year. If you’re not already watching every aspect of your clients’ finances, the time to start is now...Read More »
Mobile computing is a lot more than taking the back office on the road. Advisors who get their brand on other people’s iPads have a lot to gain...Read More »
Every advisor dreads the notion that his or her clients are looking to go elsewhere. And with 40% of investors thinking about making a move even though the market is nominally rising, nobody can afford to simply let them go. But by the time they’ve made up their minds to tell you, it’s usually too late to convince them to stay. Instead, the time to be alert for red flags is well before the formal relationship ends, forensic accountants say...Read More »
It’s one thing to divide the industry into advisors who give their clients a 360-degree view and those who don’t. Positioning yourself as one of the must-have relationships takes a little more work. At this point, everyone in the wealth management business is aware that investors would rather work with an advisor who exceeds the minimum expected level of service. As ByAllAccounts and the advisor benchmarking gurus at Paladin Registry discovered a few weeks ago in a national survey of investors, clients are increasingly inclined to move their assets if they find an advisor who goes an extra inch, much less an extra mile...Read More »
Big opportunities for wealth managers looking to gain referrals and add to their assets -- as long as they can keep their current clients happy. Years of Wall Street scandals, fiduciary failures and a sagging market have gotten under the skin of wealthy Americans. According to a recent survey, a full 60% of investors are currently considering firing their advisor and 44.7% have already terminated a relationship with an advisor in the past -- interestingly enough, the exact proportion giving referrals. These numbers reveal that if advisors are looking for an average of 16 new clients this year, they’re going to get them from each other -- and that they’ll have to fight for every prospect...Read More »
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