Updated Saturday, September 5, 2015 as of 1:43 AM ET

Become Indispensable to Clients

Itís become more important than ever to keep your affluent clients happy and loyal to your firm. As Iíve pointed out before, there are more than 420,000 financial advisors out there vying to serve the high-net-worth market. And did you know that a significant number of affluent investors are looking to consolidate?

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Comments (1)
Great comments on bringing additional value to clients versus just trying to sell them wealth management services. It's a great way to build a deeper relationship and distinguish yourself in a crowded industry.

Another area of focus would be if your clients are business owners. Those clients are usually too busy to think about critical areas such as preparing themselves and their businesses for sale (or whatever exit strategy they choose). Interestingly, in an exit transaction, the one advisor that is with them before, during and after that transaction is their financial advisor. All the other advisors will participate in the transaction and then move on. Financial advisors are in a unique position to bring value to the business owners at each stage of their exit.

Holding events where you bring in experts that address aspects of exiting their business, including the "softer" side, are very effective - especially if you invite their spouse or significant other to attend with them. Figuring out "who they'll be when they're no longer the owner of their business" is a challenge and it's likely that no one is talking to them about it. Having their spouse understand the exit process will help nudge them along with the critical planning for exit - including preparing themselves financially.
Posted by Tensie A | Wednesday, June 11 2014 at 5:28PM ET
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