Vic Preisser, published a new article The Children of the Wealthy Fire Their Parents' Advisors--Most of the Time, Registered Rep, Nov. 1, 2010.
A recent study showed that the heirs of wealthy people retain mom and dad's advisors only 10% of the time. How can an advisor position himself to become the new advisor that the heirs hire? A few tips are below:
A recent study showed that the heirs of wealthy people retain mom and dad's advisors only 10% of the time. How can an advisor position himself to become the new advisor that the heirs hire? A few tips are below:
- Differentiate Your Practice From a Mere Investment Advisor. Invest in yourself and your education. Get new certifications and look for opportunities to learn skills in communication, family issues, prospect development, and marketing.
- Develop Skills that Centers of Influence (COIs) Will Value. Develop relationships with attorneys, trustees, and CPAs so that they turn to you with questions.
- Market Your New Skills and Knowledge. "Become a spokesperson for preparing heirs for wealth and responsibility."
Click here to read the entire article.
Hat tip: Wills, Trust & Estates Prof Blog
Posted by Yi Song, Associate Editor, Wealth Strategies Journal.
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