Moriah Diedrich is a demand generation specialist at Advicent, the financial planning technology provider of choice for nearly 100,000 financial professionals.
With less than half of HNWIs having substantial conversations about aligning their wealth with important goals and values, there is a real need for advisors to broaden the wealth planning dialogue they are having with clients.
For the general population, charitable giving typically means donating time or small contributions and requires little planning, but for high-net-worth individuals (HNWIs), larger charitable donations can require the expertise of a financial advisor.
Differentiation is one of many pieces in the puzzle of developing a successful practice in the financial services industry. However, the reality is that most financial institutions behave the exact same way so it is difficult to attract highly sought-after clients.
Selling in service-based industries is often a monumental task compared to selling in product-based industries. Especially in the financial services industry, it can be difficult to create an efficient, repeatable process that demonstrates value to clients.
Within the next 30 to 40 years, an expected $30 trillion in assets will be passed down from Baby Boomers to their heirs in what is being called the “great wealth transfer”. What can financial advisors do to ensure they can secure the inheritors’ business and help them retain that wealth moving forward?