How to Be Indispensable to the Affluent

10/09/2007 12:00 am EST


Steve Gresham

Author, The Gen-X Advisor

Steve Gresham of Phoenix Investment Partners Ltd., has developed a list of the services most valued by affluent households in three important categories: investment counseling, wealth advice, and relationship management.

In his workshop, he told advisors that risk is changing the financial advisory industry, noting that while clients and advisors often view their risks very differently, risk is becoming very important to both.

Advisors will have to focus on how to retain high-net-worth clients in the face of a risk event, as well as how to manage a profitable risk-management practice with the same personnel, products, and pricing.

On the bright side, Steve discussed how this focus on risk would open doors to alliances with insurance companies, banks, trust companies, and law firms.

Steve closed with a review of his four practice management priorities to prepare for this new approach:

  • Meet with every client, which is the most important driver of client satisfaction.
  • Conduct a risk audit by identifying the client’s chief concerns and evaluating options for protection.
  • Time the risk by reviewing all primary and contingent risks related to the client’s family and associates, as well as possible protective strategies.
  • Provide great ideas of what to buy now.
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