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What Wealthy Clients Find Important

Advisors are good at the soft skills, but hard skills are lacking

The September, 2006 issue of Investment Executive had a great booklet included entitled, “Courting the high net-worth client”. The booklet was a summary of the responses to a range of questions asked to wealthy clients. Most significantly, it compared what wealthy clients found important to how they rated their advisors. Since your big clients are the ones who really make you money, it is very important that you deliver what they consider important. If you make your business work for your big clients, you can flow these concepts down to your smaller clients and truly focus your business on what your clients find important.

The table below shows how advisors rated relative to what wealthy clients found important:

Langton, James, “Courting the High Net-Worth Client: A guide to Building a High-End Business”, Investment Executive, Special Supplement, September 2006, pp. 3-7.
Research: Advisor Impact, Sponsored By: Franklin Templeton Investments

Advisors rated quite highly on communication and relationship items but poorly on more substantive issues, such as performance, planning, and risk levels. What you should notice is that the worst categories for advisors (top of the list) are the same items that our Portfolio Service is designed to improve. All together, our Portfolio Service addresses 5 of the top 7 areas where wealthy clients think their advisor is deficient! Obviously, stressing how your new portfolios will address these issues will hit the mark with all clients, not just those with a lot of money.

Our Portfolio Service is specifically designed to let you thrive in these weak areas, and that will give you a huge competitive advantage over other financial advisors and even many institutions!