“If you are lucky enough to find a way of life you love, you have to find the courage to live it.”
The term wealth management has become mainstream. It is used everywhere I travel, in leadership meetings of private client firms, in newspaper articles, and by advisors around the world. The term itself can be misleading. With more than 300,000 financial advisors in the United States alone, I have asked many professionals and clients over the past 10 years to describe what wealth management means to them. To no one's surprise, everyone describes it differently, and those descriptions often depend on what training you had, what firm you're with, and the business model you operate under.
There is a very wide spectrum of wealth management services depending on the level of one's wealth. Therefore, it's vital that before you start to think about the different ways to grow your business, you must think about what business model you want to build or expand. Will your firm support this model? For example, if financial planning is one of your core value propositions going forward, it's important to know the firm you're with has an appropriate platform. The $1 million relationships will have different needs and services than the $20 million relationships. As those assets grow, more complexity comes into play and, therefore, a highly competent and skilled team with specialized expertise is necessary. So, where is your sweet spot for your ...