Serving affluent clients in deeper ways

Posted March 8, 2010 in Views

A good article just out from Financial Planning News outlines the opportunity that the financial crisis offers for financial advisors to broaden and personalize their relationships with their affluent clients. Many advisors report that The Wealth of Your Life guidebook on creating an ethical will is a helpful prop for easing into conversations with clients about legacy, values, purpose and intergenerational relationships. The article begins “…as we slowly begin to see the light at the end of this very dark and stormy tunnel, everything looks different. The wealthiest clients don’t want the same things. They’re more frightened — and much more aware — than they were before. And there may even be wealthy prospects walking in off the street that are disappointed by their previous advisors.

The question is: Do you know what these clients want now? Do you know what they’re afraid of? Do you know why those wealthy prospects were disappointed by their former advisors? Do you know what they want to see you do differently?

If your answer is “I’m not sure” to most of these questions, there’s good reason: The affluent mind has changed. What worked before doesn’t anymore. High net worth individuals are looking at details they never bothered to notice before. They’re looking for a connection they didn’t think they could ever have with their advisor. They are the new affluent mind.” Read the entire article