Is intergenerational wealth transfer a concern for your clients?
Well, it might be time to get all generations together in one room and have a family meeting!
This week on the Always On podcast, Duncan MacPherson and Tom Deans discuss how successful advisors use "facilitated family meetings" to help their clients with a smooth wealth transfer.
Tune in now, or download this episode for later by clicking here: paretosys.co/AODM_ep56
Worried a family meeting will trigger family drama? Fear not! This clip reveals why narcissists typically avoid these meetings. Discover how family meetings can actually strengthen your bond and how a client's resistance might be a red flag.
Listen to the full podcast episode to learn best practices on how financial advisors can arrange a family meeting with their clients: paretosys.co/AODM_ep56
This clip exposes a shocking truth: many advisors haven't created a will or held a family meeting. Discover a powerful interview question to uncover if your advisor truly understands the "intergenerational wealth game."
Listen to the full podcast episode to learn best practices on how financial advisors can arrange a family meeting with their clients: https://always-on-with-d-macpherson.blubrry.net/2024/04/04/transitioning-next-gen-wealth-with-tom-deans-ep-56/
The wealth transfer tsunami is here. As the first generation looks to pass on their legacy and the next generation looks to responsibly steward their inheritance, the advisor will play a crucial role in the process!
Tune in to the latest Always On podcast where Tom Deans and I share how you can be a valuable resource for your clients by clicking here: paretosys.co/AODM_ep56
Transitioning Next-Gen Wealth with Tom Deans - Always On With Duncan MacPherson, Ep. 56
Passing on a legacy and managing family dynamics can be overwhelming for first-generation business owners.
As their advisor, how can you help prepare their heirs and transition wealth smoothly?
I spoke with Tom Deans, Ph.D., who is an expert on passing wealth between generations. He is a speaker and author of "Every Family's Business" and "Willing Wisdom." Advisors can assist self-made first-generation business owners and professionals by focusing on continuity and succession planning. This can help boost client retention and referrals.
We also discuss:
Stream the new episode of Always On by clicking here: paretosys.co/AODM_ep56
When we launched the 'Practice Management Index' in 2022, we had no idea how quickly this tool would be adopted by thousands of Financial Advisors to quickly identify exactly what they need to do to make meaningful refinements in their business. As we step into 2024, financial advisors are witnessing a transformative shift, with the spotlight on embracing AI to refine operational efficiencies and enhance client engagement strategies; it is quite a time to be alive!
This year, success in the financial industry isn't just about the accumulation of years of experience or the size of one's team. It's increasingly about how effectively financial advisors run their business like a business.
Our 'Practice Management Trends Report for 2024' aims to dissect these evolving dynamics, spotlighting the pivotal "opportunity gaps" that we have identified from all the Financial Advisors that have completed the Practice Management Index Assessment in 2023...
Download the Report: Practice Management Trends Report 2024: paretosys.co/pmi-24
Want to see where you stand and identify specific areas for improvement in your practice? Take the free Practice Management Index Assessment today!
** Take the PMI Assessment: paretosys.co/pmi **
With messaging, the key is brevity, specificity, and proprietary.
This involves:
Learn more about elevating your brand in the "Always On" podcast, as Duncan speaks with Seth J. Diener, owner of Diener Money Management, and Alex Lerch, director of Oak & Stone Advisor Marketing.
They discuss how advisors can better focus their marketing efforts on their ideal audience " and then harness the power of AI during the implementation phase.
Tune in now, or download for: paretosys.co/AODM_ep55
Align your purpose with your platform for a fulfilling career & lasting impact!
Watch the full video on YouTube
Do you want to learn how to implement these financial advisor marketing & branding strategies? Speak with a Pareto Systems expert.
Or learn more about our financial Advisor business coaching at paretosystems.com
Is your business growing as fast as you'd like? Or is Client churn taking a toll on your practice? These are a major challenge for financial advisors, but it doesn't have to be this way.
Financial advisors often think of marketing as a tool solely for attracting new clients. But what if I told you that strong marketing is one of the keys to keeping your existing clients happy and loyal?
This article dives into the surprising truth about marketing for financial advisors: it's not just about acquiring new business, it's about nurturing the relationships you already have. Our experience from coaching financial advisors, has shown us that keeping your existing clients informed will also translate into client referrals in the future.
What is the number one reason that clients leave their advisors? Studies show that a staggering 71% of clients leave their advisors due to a lack of communication [source: https://www.cerulli.com/research].
They feel out of the loop and unimportant. By the time this issue comes to light, during that dreaded exit meeting, it's often too late.
Imagine this: Sarah, a young professional, finally felt confident enough to meet with a financial advisor. She met with Jeremy, who seemed knowledgeable and put together a solid financial plan. But after the initial investment, communication dwindled. Sarah received generic quarterly reports, but no explanation of market fluctuations or how they impacted her portfolio. Months turned into a year, and Sarah felt increasingly out of the loop. Feeling unimportant, Sarah started researching other advisors.
So, how do you prevent this scenario and keep your clients engaged? The answer is simple: consistent marketing.
Think of financial advisor marketing as a two-way street. Yes, it helps you attract new prospects, but it also allows you to consistently communicate with your current clients.
Imagine your client is saying this, "I never felt like I understood what was happening with my money. Then I found Ann, who shares regular updates explaining market trends and how they might affect my portfolio. She even hosted a client webinar on retirement planning that was incredibly informative. It feels like she genuinely cares and wants me to be successful."
Every marketing touchpoint, from emails and social media posts to educational content and client events, is an opportunity to connect with your existing client base. By consistently delivering valuable content and reinforcing your brand message, you're reminding them why they chose you in the place.
The same marketing strategy you use to attract new clients can be equally effective in retaining your current business.
Take this Client Testimonial: "I've been working with David for over 10 years now. He doesn't just manage my investments; he takes the time to understand my goals and concerns. He sends regular newsletters with financial tips and even throws client appreciation events where we can socialize and learn more about the market. It feels like a true partnership." - Michael L., Business Owner
The key lies in ongoing communication. Don't rely solely on annual meetings to connect with your clients. Regular marketing efforts ensure they see you, hear from you, and stay informed about your approach.
Imagine having a team of loyal clients who rave about your services and refer their friends and family. This is the power of effective marketing.
By consistently showcasing your brand, values, and process through various channels (email, videos, social media, events), you become a trusted figure in your clients' minds. This consistency builds trust and makes you the go-to financial advisor for their network.
By prioritizing consistent communication and building strong relationships, you can combat client churn and ensure your financial advisor business thrives. Let effective marketing be your secret weapon for client retention.
Contributed by: Duncan MacPherson, author, speaker and Financial Advisor Coach
Do you want to learn how to implement these financial advisor marketing & branding strategies? Speak with a Pareto Systems expert.
Or learn more about our financial Advisor business coaching at paretosystems.com
Discover the concept of Ikigai ("reason for being") and how to find your "blue square" - the intersection of passion, professional expertise, and economic needs. Learn strategies to identify and eliminate draining clients, creating a balanced and enriching career path.
If you like this video, check out out Duncan's YouTube Channel "Duncan MacPherson", and Subscribe for videos like this and much more. His channel is dedicated to helping Financial Advisors improve client relationships, create a steady stream of quality referrals, and optimize business strategies. Don't miss out on valuable insights to take your practice to the next level! YouTube Link: www.youtube.com/@Dmac8020
