Michael Faust, president of Foster City, Calif.-based Bailard Wealth Management, said that his firm has been incorporating more technology into its marketing strategy and is working with high-net-worth investors and the next generation.
At AssetMark, Kim said the firm has highlighted more intuitive technology, including as a program called Portfolio Engine. It provides investors with a virtual picture of what a portfolio looks like in real time based on current market conditions.
To foster relationships with the next generation, Bailard has been encouraging investors to bring their children to their advisor meetings. It is even smart for advisors to hire younger advisors who can relate to the newer generation, he said.
Kim reiterated that the high-net-worth client base is available to those advisors who are willing to put in the effort. He said advisors need to target their needs and to address them and go above and beyond that of a traditional financial advisor.
“If an advisor is not thinking about how to provide the assurance, how to provide the confidence ... that client may be having conversations with another financial advisor,” he said.