Assets Fly: What Happens to Your AUM When Clients Die?

by Bill Good Marketing on April 25, 2014

 
 


Assets Fly: What Happens to Your AUM
When Clients Die?

If a substantial percentage of your clients are retired;
If a good percentage of them will be dead ten years;
If you will NOT be retired in ten years;
Then you need to attend this webinar:

When Clients Die, Assets Fly: A Preventive Strategy

Wednesday, April 30th
10:00 a.m. ET
Register Here

Thursday, May 1st
4:15 p.m. ET
Register Here


“Heirs Take Money and Run-from Financial Advisor”

That’s the headline of an article in the Nov 6, 2011 issue of Investment News.

The stats are grim if you are losing the assets, exciting if they are heading your way.
86% of heirs in global family offices intend to fire their parents’ advisor. Now you probably don’t preside over a family office, but there is corroborating data on smaller fortunes starting as low at $1 million. And there is your own experience.

A decade ago, in May 2003, Hannah Grove Shaw and Russ Alan Prince reported results of a survey done in conjunction with Merrill Lynch, “When we ask inheritors about their relationships with financial advisors, a full 97.9% said they wanted an advisor because they themselves weren’t up to the challenge of managing their own wealth…

The authors further state: “… 79.6% of inheritors switched primary advisors after inheriting their money.”

The implications of these two studies—nearly a decade apart—are consistent … and scary. Even if you have a client who will inherit, according to these data, it will likely go to a new advisor.

That’s why you should attend:

When Clients Die, Assets Fly: A Preventive Strategy

Wednesday, April 30th
10:00 a.m. ET
Register Here

Thursday, May 1st
4:15 p.m. ET
Register Here

In the next decade or so, baby boomers will inherit trillions from their parents. It will exit the investment accounts of some advisors and move to other advisors.Will you be giving or keeping?When you attend, “Assets Fly: A Preventive Strategy,” you will learn two interlocking problems.The branding problem: That’s really what it is, isn’t it? You are branded as “The old parent’s financial advisor.” You have to re-brand and become “The Family Financial Advisor.” You will learn a six-part strategy.The Strategic Partner Problem. If you are going to lose some clients-and you will-you better be in a position to pick up some of the assets leaving another FAs book. Their clients die too. Their inheritors take the money and run.

Hannah Grove and Russ Allen Prince wrote, “We previously recommended that one way to reach these clients was to create strong working relationships with the lawyers and accountants who manage estates. That’s because inheritors who are newly wealthy rarely know where to look for higher-end advisors, and they often turn to the financial professionals at hand for guidance. In short, it makes sense to build an extensive advisory network.”

Most likely, you don’t have a true strategic partner. You have a “strategic one-way street.” You send referrals to an attorney. The attorney sends back a trickle, or nothing.
So you will learn a process to develop strategic partners.

WHO IS BILL GOOD?

I’ll take credit where it’s due. In a survey by Wealth Management Magazine, I am one of the five top coaches for FAs. I design systems—clients marketing, prospecting, practice management—hundreds of them.
There is no one out there who has a plug to stick in the biggest hole in your business pipeline—inheritors who take the money and run.

When Clients Die, Assets Fly: A Preventive Strategy

Wednesday, April 30th
10:00 a.m. ET
Register Here

Thursday, May 1st
4:15 p.m. ET
Register Here

OK, Bill. How Certain Are You That You Have Nailed This?

I have a track record in designing prospecting systems.
While it is certainly true that past performance does not guarantee future results, past performance is worth a second glance, isn’t it?
If you want to keep what you’ve got;
If you recognize the problem;
Then please attend.

When Clients Die, Assets Fly: A Preventive Strategy

Wednesday, April 30th
10:00 a.m. ET
Register Here

Thursday, May 1st
4:15 p.m. ET
Register Here


Copyright 2014. Bill Good Marketing, Inc. All Rights Reserved.

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Bill Good Marketing, 867 E 9400 S, Sandy,UT 84094 (800) 678-1480

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