Voted #6 on Top 100 Family Business Influencers, most influential expert on Wealth, Legacy, Finance and Investments: Jacoline Loewen LinkedIn Profile

December 30, 2017

What sets top wealth management client advisors apart?

I work as a wealth management expert and get to observe many client advisors. I have noticed 4 key areas where top advisors set themselves apart:
1. Develop a defined value proposition.This has never been more important. Robo-advisors have set the benchmark for fees and services. You need to differentiate your services to allow you to continue to charge fees above what the robos charge. According to Cerulli Research, an attribute of the fastest-growing advisors is the ability to communicate their value proposition in a concise and compelling manner.
Jacoline Loewen
2. Lower fees.
Look to scale your operations by leveraging technology, people, and processes to more effectively support clients while driving down cost.
3. Develop specific services for targeted clients.
Don’t try to be all things to all people. The top advisors have told me they focus on serving one segment of the market (for example, high-net-worth clients). Without client segmentation, advisors tend to overserve clients on the lower end and underserve clients on the higher end. By focusing on one type of client, you’ll help drive down your costs.
4. Get to know your clients and their families.
Spend time early and often with clients and their families to build trust and lasting relationships. By getting to know your clients’ goals, you’ll increase your ability to retain their assets and generate business through referrals.
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