What solutions are you providing? These are your deliverables and they must be inextricably linked to your role; you don’t want to be viewed as a commodity where price is an issue at every turn. 

Our research tells that 28 percent of affluent clients report that they have a financial plan that they’re following. On the flip side, 74 percent of financial advisors tell us financial planning was a core part of their deliverables. That’s a huge perception gap!

This suggests that many clients aren’t aware of all the deliverables their financial advisor provides. To be relevant with today’s affluent, financial advisors should always be looking for ways to expand their deliverables, such as: reviewing insurance documents, updating estate plans, providing financial document organization solutions. 

Growth Disruptor. Have you added any new deliverables in the past year? What new deliverable could you provide? As you answer these questions, strategically plan one new deliverable you will add.   

You need a team of client-focused knowledgeable workers who are dedicated to professional excellence: “A” players that enable you to meet the expectations of today’s affluent.   

This requires a thorough assessment of every team member.  Ongoing growth and improvement should be the team mantra.

Growth Disruptor. Identify underutilized talent, underperformers, and specific needs of the team. Then make your adjustments: promoting, training, hiring, and/or career counseling.      

Few wealth management teams have all the expertise necessary to meet the needs of their affluent clients. Therefore, they’ve developed strong working relationships with outside experts: estate attorneys, divorce attorneys, CPAs, bankers, insurance specialists to serve as virtual members of their team.

As the primary financial advisor, you’ve vetted these professionals, personally introduced them to your client and always follow up to ensure the related services are delivered.

Growth Disruptor. Identify needs that require outside expertise.  Do you have healthy, working relationships with the appropriate professionals? If not, get busy. If you do, you’re in good shape, but make certain that every affluent client’s outside service needs are addressed. This is all about being indispensable.

Many financial advisors have culled their client base to a manageable number, yet many still have too many clients.  It’s virtually impossible to provide the deliverables to today’s affluent client needs and serve as their primary financial advisor if you have too many disparate clients. The objective is to have a niche, an ideal client profile, to whom you’re committed to being the end-all-be-all and have the bandwidth to deliver on all promises. 

Growth Disruptor. This goes beyond segmenting your client base. This is all about playing without a net. Are you willing to jettison clients who are holding you back? I’ve never witnessed a financial advisor who didn’t experience Quantum Growth from embracing this growth disruptor. 

This is obvious, which is why I’ve placed it last. Everybody has access to the latest technology, whether they’re working with a financial advisor, going robo, or doing it alone. The message here isn’t that you need to have superior technology, rather it’s that your technology is current, and both you and your clients understand the functionality of it. 

Today’s affluent want their financial advisor to be using current technology, they want access to current technology, they want statements they can understand at a quick glance.  

Growth Disruptor:  Keep your technology current, which requires updating when necessary.  Keep clients apprised of your technology and how to use it on their end.  Make certain that clients understand their statements, and are using the technology you’re providing.