The ClientWise Blog

How Successful Wealth Transfers are Built

Posted by Ray Sclafani on Nov 28, 2016 3:20:00 PM

It’s a statistic you’ve all heard repeatedly and one that understandably sends a shudder through most firms: 90-95% of inheritors fire their parents’ advisor once the intergenerational wealth transfer has occurred. However, what’s far less frequently discussed, and directly related to both asset retention, is that upwards of 70% of wealth transfers ultimately fail. 

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

Topics: Client Engagement

Benchmarking the Beach House

Posted by Ray Sclafani on Sep 7, 2016 11:29:23 AM


As an industry, we’ve made great strides over the years towards aligning compensation with client interests – steadily migrating from transaction-based to fee-based models. With the implementation date for the DOL Fiduciary Rule looming on the horizon, that pendulum will continue to swing even further. However, are asset-based fees truly the BEST approach to compensation?

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

Topics: Business and Operations Management, Client Engagement, DOL ruling, DOL Fiduciary Ruling

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 New 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

Wealth Management Advisors: Identify Your At-Risk Clients

Posted by Ray Sclafani on Jun 20, 2016 4:19:11 PM

Lately, in talking with financial advisors, I’m getting a sense that clients have finally settled down a bit after the heightened volatility that ushered in the New Year. Enough positive economic news along with abating fears about a China meltdown have served to calm the waters enough to fuel a bounce back that made quarterly statements a lot more palatable to mail.

Even despite one of the presidential candidate’s efforts to open a proverbial bag of snakes with pronouncements that “a massive recession” is looming, my sense is that most of your clients are back and becoming increasingly engaged. This may be an opportune time to pause and assess any relationship damage that may have occurred over time.

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

Topics: Client Engagement

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 Justify Your Value So Price Doesn't Matter

Posted by Ray Sclafani on Mar 18, 2016 3:17:23 PM

As the advisor industry continues to churn with speculation regarding the scope and extent of new forthcoming DOL guidance around the transparency of client fees, all indications appear that whatever mandates are called for, will require a significant amount of additional work to implement.

The underlying intent, however, is a noble one – to ensure that financial advisors are being totally transparent about the fees they are charging and the services being provided that comprise those fees. It’s merely another step in the evolution of an industry that has moved from brokerage commissions to asset-based fees. The challenge now lies in providing even greater clarity. 

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

Topics: Client Engagement, compensation, financial advisor value propostition

Financial Advisor Client Events: Making a Lasting Impression

Posted by Ray Sclafani on Mar 16, 2016 11:00:00 AM

Intimacy and engagement: those are the qualities that separate truly memorable client events from the merely enjoyable; they’re the qualities that resonate at a deeply personal level, strengthen relationship bonds and leave a lasting impression. But how do you go about raising your own client appreciation events from average to amazing?

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

Topics: Marketing Approach, Client Engagement

The Art of WOW: Improve Your Client Engagement Process

Posted by Ray Sclafani on Feb 12, 2016 9:18:15 AM

People will forget what you said. People will forget what you did. But people will never forget how you made them feel.” Maya Angelou

That’s the genuine essence of creating WOW experiences for your clients – finding deeply personal ways to make them feel uniquely special. Too often, advisors think of their clients as a group rather than individuals – striving to be thoughtful by sending them all a bottle of wine (whether or not they happen to be wine aficionados) or a holiday turkey (even if they’re vegetarians). It’s not that those gestures are necessarily a bad thing, but are they really personal? 

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

Topics: Client Engagement, loyal client advocates, client appreciation

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

Build Better Client Relationships: 5-Step Client Engagement Process

Posted by Ray Sclafani on Feb 3, 2016 4:26:09 PM

With tax season right around the corner, this is a time of year when many advisors are focused on annual and quarterly client reviews. The challenge, however, often lies in finding effective ways to use those important conversations as a means to uncovering new business opportunities. The solution can be found in establishing a predictable and effective partnering process.

At ClientWise, we’ve developed a proprietary 5-step client engagement process that help advisors have more successful and collaborative conversations with their clients.

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

Topics: Communication, Client Engagement

Take the Quiz: How Good Are Your Communications Skills?

Posted by ClientWise on Jan 28, 2016 12:00:00 PM

Communication skills are the most important skills that you need to be successful in any industry. For financial advisors specifically, being able to effectively communicate with clients or potential clients can make or break the relationships. When advisors take the time to focus on improving their communication skills, they witness better connections with clients and find it easier to differentiate themselves. 

So, advisor or not, we'd like to challenge you with this:

Just how good are your communication skills?

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

Topics: Communication, Team Development, Client Engagement

7 Tips To Make Your Client Meetings More Memorable

Posted by Ray Sclafani on Jul 30, 2015 5:21:00 PM

 

Depending on the size and scope of your practice, you likely only have one or two face-to-face meetings with each client annually. That fact makes those interactions exceedingly precious opportunities – to uncover new goals, hidden needs and growing concerns, and to reinforce the client’s trust in you 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 Engagement, Relationship Management, partnership,

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,