One of the biggest problems for advisors is overcoming client stereotypes. Clients tend to put advisors in a “box” based on their preconceived notion of the service provided and only share what they think appropriate. When they need investment advice, they go to a wire house. When they need a CPA, they seek out an accounting firm. When they need insurance, they find an insurance salesperson. A predictable result of this approach is disparate solutions to isolated problems.
Enter the financial advocate for the family – this is the person or firm that pulls it all together. The advisor collaborates with all other advisors, creates cohesion, paints and unveils the client’s entire financial picture.
The financial advocate for the family does not threaten existing relationships, but instead collaborates with those professionals in the common pursuit of serving the client’s needs. In other words, the financial advocate for the family becomes the de facto leader of the advisory team.
You will never win 100 percent wallet-share of all of your best clients. It won’t happen. They will always have multiple advisors. You can, however, stand out in the crowd by helping clients organize their finances and their financial relationships. This will enable you to provide the kind of advice clients truly need – unbiased and comprehensive, taking into account the entire financial landscape. This is exactly what your clients want. In fact, according to Spectrem’s 2005 Ultra High Net Worth study of individuals aged 51-65, 93 percent want an advisor that knows his or her overall financial situation.