The ClientWise Blog

Preparing Your Practice for NextGen Clients

Posted by Ray Sclafani on Aug 25, 2016 12:29:35 PM

While they may currently only control 4% of the nation’s wealth, there’s absolutely no doubt that if you’re not preparing your firm to address the needs and preferences of millennials, you’re destined to be left behind. By 2030 (less than 15 years down the road) the investable financial assets of U.S. households should approach $65 trillion. The millennial generation’s share of those assets will grow the fastest, tripling from its current 4% to 16%. That’s over $10 trillion in millennial wealth that will need to be managed. Combined with their Gen-X predecessors, the two groups will hold nearly half (47%) of the nation’s entire wealth. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement

Want to Attract More Female Clients?

Posted by Ray Sclafani on Aug 23, 2016 10:10:29 AM

Over the last few years, there have been many articles published about the increasing economic power of women both here in the U.S. and globally. By 2020 (essentially right around the corner) women will control two-thirds of this country’s $22 trillion in private wealth, along with two-thirds of our $12 trillion in annual spending. However, few wealth managers have made any efforts to meaningfully adapt their service model to the unique needs and preferences of women clients. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Team Development, Client Engagement

Putting the ClientWise Conversation™ to Work

Posted by Ray Sclafani on Aug 2, 2016 3:55:39 PM

The subtitle of my book You’ve Been Framed is “How to reframe your wealth management business and renew client relationships.” Before you can effectively undertake that process, however, you need to have a clear understanding of how your existing clients and professional advocates are currently framing both you and your practice. How do they perceive you personally? How would they describe your capabilities and service model? What’s their overall impression and assessment of your team and your firm?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement

Unlocking the Gate: 5 Key Referral Criteria

Posted by Ray Sclafani on Jul 29, 2016 10:13:21 AM

Why is it that some advisors seem so successful at building a Professional Advocate Network of attorneys, CFPs and estate planners, while other equally capable advisors struggle? Much of the disparity comes down to a simple matter of better understanding the audience, their needs and most importantly, their concerns. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Professional Advocate Network

4 Behaviors to Better Leverage Your Advocates and Team

Posted by Ray Sclafani on Jul 6, 2016 4:33:51 PM

Many successful financial advisors out there have found ways to cultivate centers of influence and build momentum with their wealth management team. Here at ClientWise, we are often connecting with wealth management advisors who are looking to create stronger relationships with their advocates in the effort to build a partnership that serves them both well. So, how can you better leverage your strengths as a leader to implement advocacy into your client acquisition strategy?

The following 4 tips are not only ways to better partner with potential advocates, but also smart ways to motivate your team members.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Team Development

How Top Financial Advisors Can Better Serve Clients' Heirs

Posted by Ray Sclafani on Jun 7, 2016 4:00:00 PM

While the statistics vary slightly, time and again they all point to the fact that unless you change your process, the likelihood of holding onto your current clients’ assets once they transition to the next generation are slim. In fact, for most accounts significantly less than 20% of those assets will remain with your firm post-intergenerational transfer.

It’s the elephant in the room that few advisors seem to want to talk about, hoping that somehow their practice is inherently different as they whistle past the graveyard.

So what exactly can you do?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement

How to Convert the Right Clients into Advocates

Posted by Ray Sclafani on Feb 8, 2016 12:31:08 PM

What exactly constitutes a “client advocate?” Advisors are often rather liberal in their definition, including those clients who, from time to time, provide an occasional referral to a friend or business associate who directly asks for it. Others include those clients who tend to provide a continual stream of referrals, even though those referrals are almost always the “wrong” types of clients – those who don’t fit your ideal client profile.

We define advocates as that select subset of your clients who...

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement, loyal client advocates, financial advisor introductions

What You Know Will Open More Doors Than Who You Know

Posted by Ray Sclafani on Sep 8, 2015 4:20:00 PM

Hopefully this doesn’t come as a tremendous shock, but your clients aren’t just sitting around thinking of friends and associates they could introduce you to. Generating a steady flow of client introductions, however, tends to be a significant challenge for most advisors – constantly concerned about crossing the line between proactive and pushy.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Communication, Learning

Catching Keyser Soze - Building a Powerful Reputation Starts with Narrowing Your Focus

Posted by Ray Sclafani on Sep 3, 2015 5:06:00 PM

For those familiar with the film The Usual Suspects, the name Keyser Soze will no doubt be immediately recognizable – and wholly unforgettable. Yet, while the illusive Soze is the driving force of the film, he remains an invisible phantasm throughout. As the character Verbal Kint explains it, “nobody ever saw him or knew anybody that ever worked directly for him, but…anybody could have worked for Soze. You never knew. That was his power.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Marketing Approach

How Successful Financial Advisors Find New Clients

Posted by Ray Sclafani on Aug 27, 2015 4:12:00 PM

Whether you call it “client acquisition”, “business development”, or “prospecting”, one thing is true. Successful financial advisors are becoming more creative and unique with regard to finding new clients these days.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Business Development

How Are you Connecting with Your Clients?

Posted by Ray Sclafani on Jun 19, 2015 1:47:11 PM

At ClientWise, we frequently address the importance of practice management. Practice management involves several elements of your business that are covered in our Professional Advisory Model™ (PAM™). The PAM™ includes areas such as organizing priorities, marketing approach, client acquisition strategy, team development and creating a professional advocate network. At its core, all of these elements work together in support of one thing—your ability to connect with your clients.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Communication, Client Engagement, networking,

Part I: Start Planning While You’re Still Growing

Posted by Ray Sclafani on Jun 11, 2015 12:23:42 PM

Succession planning is the buzzword of the year. People are discussing it in every office and reading about it in every publication, but so few of us are actually doing it. Statistics show that only one-third of financial advisors have even started thinking about succession planning for their businesses, while those who have are so close to retirement that their efforts might all be for naught.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement, Succession Planning, Business planning,

6 Social Media Secrets for Financial Advisors

Posted by Ray Sclafani on Jun 9, 2015 1:53:48 PM

The social media space can be an overwhelming environment, especially in an industry in which it’s just becoming “acceptable” or commonly practiced. Even our marketing team and digital community managers at ClientWise are constantly commenting on how much they do to keep up with the latest and greatest in the world of social media.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Social Media, Business Development, Client Engagement, networking,

Public Speaking for Financial Advisors

Posted by Ray Sclafani on Jun 3, 2015 2:27:00 PM

Financial advisors are generally viewed as a gregarious bunch. And while this is true for some, it serves as unnecessary pressure for those who don’t feel as comfortable in front of crowds. This is difficult in an industry in which public speaking and being able to think quickly on your feet has so much impact on your success.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement, public speaking,

5 Client Acquisition Techniques for Everyday Life

Posted by Ray Sclafani on May 22, 2015 1:23:04 PM

Sometimes we have to break the rut of our networking to find any new successes. If you’ve run into the same people at the past three networking dinners or non-profit events with little to no success, it might be time to diversify your approach a bit. These basic techniques and perspectives will allow you to capitalize on your potential for client acquisition (and hopefully with less effort than previously necessary).

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Business Development, Client Engagement, networking,, Center of Influence