Offering comprehensive wealth management service IS a unique differentiator… because most advisors aren’t actually delivering wealth management.
Many advisors dread having professional development conversations as it feels like a ton of work… for them. Advisors should create a culture of self-development, accountability, and self-awareness and encourage team members to own their own development.
What are the takeaways?
- The terms wealth management and investment management / risk management have become synonymous in our industry.
- Educate your clients about what wealth management actually is: investment management, risk management, cash flow & cash management, budgeting, philanthropy, estate planning, tax planning, family planning, emotion management, lifestyle management.
- If you realize you are still product and not advice oriented, completely change the way you run your initial meeting.