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For more than 20 years now, we always look forward to Boston Consulting Group (BCG)’s annual flagship publication, the Global Wealth Report.
This year’s edition takes a very client-centric point of view, and it identifies “7 Sins” in serving Ultra High-Net-Worth clients (defined as $100mm+). In other words, it examines what advisors should not do.
We agree with many of them, and would add that several of the identified dynamics may not be unique to the uber-wealthy, but are also highly relevant to many families across the wealth spectrum.
In particular:
Don’t focus on transactions. Continuous client engagement matters. Leading Advisors seize the many moments where they can lead with advice, they don’t just focus on transactions
Don’t rely on (often well-intentioned) campaigns, where we hit up all clients on a certain topic at the same time. Instead, let’s be sensible as to where clients and prospects are on their particular wealth journey, and approach them at the right time for them.
Don’t ignore the data. Data, analytics and experience allow us to look forward, and predict client needs and business opportunities before they arise.
No matter where families are on the wealth spectrum, these three reminders can help advisors create deeper relationships with those they serve.
Financial Advisors who get this right will win. Bento can help.
How? By combining powerful SaaS technology with impactful content and timing expertise.
Bento helps Financial Advisors Scale Moments that Matter – everybody wins when you lead with advice!
