Why Being Satisfactory is Not Enough – An Invitation to Be Distinctive

Posted by on October 12, 2009 in Family Wealth, Financial Planning | 0 comments

According to a Prince & Associates survey, there is a disconnect between the value financial advisors believe they provide clients and the value high net-worth clients believe they receive. That is, while advisors tend to believe they offer high-value service, clients are not so sure. And, even those who are “satisfied” are not likely to remain loyal.

Survey respondents who rated themselves as “satisfied” indicated they are not likely to recommend the advisor to their friends, may reduce their positions with the advisor, and may leave the advisor. Nearly one-third of those “moderately satisfied” or “satisfied” were “very” or “extremely” likely to leave their primary financial advisor within the next year.

“Highly committed” clients are 12 times more likely than “lower committed” clients to transfer new assets to an advisor’s care and 5 times more likely to recommend their advisor to family or friends (J.D. Power & Associates).

On average, moderately satisfied clients added $17,000 in managed assets per year; satisfied clients added $23,000. Loyal clients added an average of $376,000 in additional managed assets (Russ Alan Prince).

In the highly competitive field of financial services, being satisfactory is just not enough.

So what are high net-worth clients looking for? According to Prince & Associates, they are looking for a “true wealth manager” who can provide comprehensive financial services and products, including tax and estate planning services.

Another survey by Prince & Associates also highlights the importance of estate planning. Almost 80% of “middle-class millionaires” tagged providing for heirs as a primary concern, while 94% of respondents with $3 million – 10 million in financial assets ranked heirs as a top priority. Surprisingly, the estate plans for the majority of these same respondents are out of date.

In addition to skill and knowledge, the advisor – client relationship is key. It’s simply impossible to provide high quality personalized service to a client you do not know and stay in contact with.

So now I ask you – what sets you apart from your competitors? What services or manner of service do you offer that distinguishes you from the crowd? What makes you remarkable or exceptional?

I’d really like to know, because I am assembling a team of financial and legal professionals with whom to collaborate – to provide exceptional service and thus garner the loyalty of highly satisfied high net-worth clients, who will gladly tell others about the tremendous value they receive as a result of this unique collaboration.

Just what does that mean and look like? Contact me, and we’ll discuss options and opportunities – including a live demonstration of a client retreat, a family meeting, and more!

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