Paul Lofties, CEG Worldwide
Co-host, The Preeminent Financial Advisor podcast
Cathy McBreen, CEG Insights
Co-host, The Preeminent Financial Advisor podcast
Key Takeaways:
• Large numbers of affluent clients are actively looking for new advisors or are open to switching their advisors.
• Offering prospective clients a second-opinion service can be a great way to build your business right now.
• When seeking referrals, don’t ask if a client knows someone—ask for the name of a specific person they know.
The next 12 to 36 months may very well be the best time that advisors will ever see in their career to really transform their business by taking on a significant number of higher-net-worth clients.
The reason: A truly shocking number of affluent investors are either actively looking to work with new advisors or are highly open to the idea of switching.
The good news: You can take steps right now to put yourself out in front of what looks to be a historic opportunity to grow your business and become a preeminent advisor.
Face The Facts
Typically, only about 7% or 8% of affluent clients are looking to switch advisors in any given year. But when CEG Insights recently surveyed more than 1200 investors with at least $1 million in investable assets, what they discovered should be a wake-up call for all advisors.
• 14% of investors with $5 million to $10 million are actively motivated to replace their primary advisor.