Goals-Based Wealth Management: An Integrated and Practical Approach to Changing the Structure of Wealth Advisory Practices

Part Four

Managing an Advisory Practice

Before jumping into Part 4, I must offer a disclaimer. The book is intended for both the wealthy and their advisors, whether these are specialized in the investment world or not. The point of this last part of the book is to observe both that the current structure of the industry appears flawed and that it should change. At some level, the wealthy reading these next three chapters might initially wonder: Why does this concern me? The short answer is that it concerns them directly because they are stakeholders in the way the industry that serves their wealth management needs operates and evolves. Thus, discovering what I think is flawed in the way the industry is structured is important, as these flaws might simply kill practitioners who are trying to “do the right thing.” Identifying what I think is needed for the industry to offer both a first-class service and one that is sustainable should also allow the wealthy to know which behavior or practice to support in their service providers and which to avoid. Making sure that those who are trying to do what is right are appropriately rewarded is one of the ways that the wealthy can play a role in the industry's evolution. I hope the wealthy among our readers will join me in this endeavor to help the industry reform itself so that it can truly and better serve their needs. After all, most wealthy families have multi-generational time horizons and making sure that the industry operates in a ...