Paul Lofties, CEG Worldwide
Co-host, The Preeminent Financial Advisor podcast
Cathy McBreen, CEG Insights
Co-host, The Preeminent Financial Advisor podcast
Key Takeaways:
• Offering comprehensive wealth management can greatly improve client loyalty.
• A key component of comprehensive wealth management is advanced planning that goes beyond investments.
• Skillfully managing relationships—with clients and with a team of experts—is crucial to effective wealth management.
Affluent clients today need great advice and guidance like never before. Far too many currently rate their advisors as fair or poor. Others say their advisors aren’t reaching out to help them navigate today’s volatile environment. And a shocking percentage of clients say they’re willing to fire their primary advisor and find a new one.
The good news: There’s one big step you can take that will empower you to attract new affluent clients seeking better advice and keep existing clients highly satisfied and loyal. The key is to deliver truly comprehensive wealth management to the affluent.
Here’s a look at how to do exactly that.
Face The Facts
To see just how important wealth management is to affluent clients, consider research by CEG Insights that assessed the impact that offering comprehensive wealth management services has on client loyalty:
• 77% of clients with $1 million to $5 million in investable assets say that getting wealth management services from their advisor has an impact on their loyalty to that advisor.
• Among clients with $5 million to $10 million, 75% said wealth management affected their loyalty to their advisor.
Clearly, high-net-worth investors value receiving wealth management services—and they’re very likely to reward advisors who deliver it with their loyalty and their assets.