| |
|
Practice Booster: From One-Time Transaction to Trusted Advisor
In this age of information overload, clients are looking to their advisors for
expert guidance concerning sophisticated financial products.
Advisors interested in attracting – and keeping – affluent clients (and their families
and referrals) have to change their mind-set from thinking of themselves as a
one-time transactions agent to wealth manager.
Transitioning to a Wealth Manager
Wealth management is more than periodic, sporadic, or reactive advice on specific legal,
tax, or financial issues.
Rather, it is taking into account the clients' unique and total situation. That means:
- Taking the time to really understand the client's personal situation. individual worries,
family issues, current and projected finances and objectives, among others
- Tailoring proposed solutions that are not cookie-cutter products and services,
but are recognized by the client as custom solutions to their unique situations
- Providing valuable resources and expertise by knowing how, when and
willingness to call in other identified experts
- Developing consistent communications and convenient access
Getting to know clients as individuals on a personal level – and not by their statements or
invoices - and doing right by them with quality recommendations generates their trust and loyalty.
The Benefits of Wealth Management
With an in-depth understanding of the “whole client,” a true wealth manager can uncover
and address true needs and identify real opportunities. The wealth manager has collaborative
resources who can identify and explain solutions with detailed product knowledge and unbiased recommendations. Better yet, this positions the advisor's recommendations as well-conceived
and well informed which further elevates the advisor in the client's esteem.
According to an industry article, advisors who are able to transition to wealth managers:
- Saw profits rise by at least 35 percent in the first year, after expenses
- Reduced dependence of transactions and stock market performance
- Reduced dependence on recruiting new clients
- Increased client satisfaction – and loyalty
- Increased high quality referrals from clients and from other sources
Clients reward their advisors who view them as individuals, have their best interests at heart,
and provide wise, informed counsel and resources. Take the necessary change in thinking
and practice to participate in these rewards.
Outsource Insurance serves as your trusted advisor on the use of insurance in wealth management, estate planning, tax-deferment, for annuity selection, life settlement,
second opinions, and policy comparisons and evaluations.
Contact Us
Outsource Insurance Services, Inc.
269 S. Lorraine Blvd.
Los Angeles, CA 90004
(323) 908-7726
www.outsourceins.com
Contact
|
| |
