1. Offer more than financial advice. Wealth management is no longer just about finances; it is about helping clients make sound life decisions - especially right now, with millions changing jobs during what's becoming known as the "Great Resignation." In many ways, advisors need to act as life coaches, guiding clients through critical decisions in life as they navigate a highly complex world. We are increasingly seeing advisors considering adding psychologists or life coaches to their staff to help clients make these difficult choices. By being able to talk more than dollars and cents,advisors not only enhance their value, but also demonstrate that they truly care about clients.
2. Build multi-generational relationships. To retain business for the long-term, advisors should broaden their relationships beyond the main client. Consider planning and engaging in family meetings to help achieve even greater success with the entire family, particularly the next generation of investors and potential clients. By focusing on the ongoing dynamics of all members of a client's inner circle, advisors can create actionable and effective roadmaps for wealth management. Building these relationships is all the more possible now given that many young adults are living at home with their parents.
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