Capture Assets - Practice ManagementDocument Transcript
Proven Solutions for Financial Advisors
Finetooth Consulting has developed a unique consultative approach to market research
and business execution. This niche strategy, coupled with our retail and corporate
background in the Broker-Dealer space assures our clients of a solid business
transition. Our goal is to develop profitable business solutions for Financial Advisors
& Registered Investment Advisors. The members of Finetooth have managed the
transition of over $169,000,000 in GDC in the past 6 years.
Capturing additional assets from current clients is always a Message From
topic which many Wealth Advisors shy away from. Time has Saliq Khan
never been better to hold conversatoins with clients to uncover
assets and grow your practice.
This edition emphasizes the importance of meeting with your clients to help them
overcome the challenges of this market, while mangaing a larger portion of their
wealth. We sincerely hope that you enjoy this edition and can utilize it to better your
Director of Research
Wealth Advisor Letter: July 24, 2009
Capture Assets From Current Clients
Practice Management | Asset Management Saliq J. Khan, CRPC® | Director of Research
Current market volatility and the everlasting recession have spurred questions in the minds of your clients. Increased
tensions between you and your clients have caused you to lose assets which you know you deserve to manage. You’ve
been managing these assets for at least the last five years and have done everything right so, how can these clients get
up and walk away? If there was a poster child for a Wealth Advisor, it was you!
Of the hundreds of thousands of individuals who call themselves ‘Advisors,’ many of them are feeling the same way as
you. Some don’t have the capabilities which you can provide, some hid from their clients when the markets collapsed,
and others didn’t engage the clients in conversations which built comfort and ongoing trust. Regardless of the scenario,
they all lost clients and are wondering what went wrong. Finetooth Consulting has built a five step model to help you
uncover additional assets from current clients and resolve this issue.
Portfolio review Loyal clients
Offer solutions Uncover assets
& ask for
The most important aspect of any respectable and successful financial planning entity is to have loyal clients. Building
such clients entails more than managing their wealth; it involves calling them when the markets are down, when the
wife gives birth to a child, when it’s their son’s birthday or when it’s their anniversary. You have to understand your
client’s personal needs to truly help them with their wealth. You have to connect with them and build long lasting trust.
If you are able to build such a bond with your clients, you will not lose them to another Advisor who claims to provide
Many Advisors believe that building loyal clients will magically ensure that all of the assets of that client will trickle
down to them. Don’t assume that because you have a strong relationship with the client that you will receive additional
assets without asking. The clients believe that in order to be truly diversified they need to have their money spread
across several Advisors. Majority of the wealthy individuals, with investable assets of a million or more, have more
than one Advisor and chances are that they will give the capital to the person who approaches them, provides a
solutions and then asks for the funds.
If you know that a client is receiving help from Advisors other than yourself then you should take this opportunity to
approach the client and ask to provide an all-inclusive portfolio review. You want to ensure that your client isn’t overly
diversified in a certain area and taking risk which they are unable to stomach. After reviewing the overall portfolios,
you may find that the client is well diversified and you should tell them that. They will appreciate your service and
respect your integrity. Many times you may find that the client is not diversified properly and you should address this
issue to the client. It is your fiduciary responsibility to tell the client what is right for them and what is not, regardless
of the benefit which you may or may not receive.
If you find that the client isn’t diversified properly than this may be an opportunity for you to explain to them how they
can adjust their portfolio and either reduce or increase their exposure to a certain asset class in order to achieve their
ultimate goal. Providing unbiased solutions and knowing that you were the Advisor who approached them with a
solution, this would be the ideal time to ask the client if you would be able to manage additional wealth and execute
what you had just showed them. Many clients would appreciate the constant support which you provide them and
would be willing to give you access to more of their wealth.
Now that you have captured the wealth which you had been going after, your responsibilities as a trust Advisor doesn’t
end. You need to ensure that their portfolios are balanced properly and that you are performing routine portfolio
reviews. As hard as it was to earn the client’s trust, uncover assets and then ask for additional assets, it will be just as
easy to lose them to another Advisor if you don’t do all you can to ensure the well being of the client’s future.
With all the turmoil we are facing in this economy, there are hundreds of thousands of individuals out there who are
waiting for you to approach them and provide the solutions which they need. Don’t get consumed by the negativity of
your peers lack of success and go talk to your clients!
Ryan Shanks Dan Lovelace Craig Enderlin
Founder & CEO Managing Director Managing Director
Massachusetts Texas Texas
413.754.3254 214.641.9207 830.456.1443
firstname.lastname@example.org email@example.com firstname.lastname@example.org
Ned Van Riper Aaron Hasler Saliq Khan
Managing Director Managing Director Director of Research
Ohio Minnesota Ohio & Indiana
614.210.0237 612.208.0653 614.975.6312
email@example.com firstname.lastname@example.org email@example.com
Proven Solutions for Financial Advisors
The opinions expressed here are solely that of the original author. This is not intended to be relied up as a forecast, research advice, recommendation, or solicitation to buy or sell
any securities. The opinions expressed are as of the date above and are subject to change. The information is derived from sources deemed to be reliable, and are not guaranteed
as to accuracy. The information contained in this paper is based upon or derived from information generally available to the public from sources believed to be reliable. Past
performance is no guarantee of future results. Reliance upon information in this material is at the sole discretion of the reader.