Use Advanced Planning to Pick up Affluent Clients (w/webinar)
To view an “advanced planning for the wealthy” WEBINAR on recording, click on the following link:
It’s sometimes difficult to figure out what I’m going to talk about in my weekly newsletters.
It’s odd that I’ve not done a newsletter in years on “advanced planning for the wealthy.” Why is that odd? Because when I came into the industry my focus was solely on helping affluent clients grow and protect their wealth. It’s also odd because when I started the Wealth Preservation Institute, its focus was on teaching advisors….advanced planning concepts for affluent clients.
It’s odd because I have an advanced planning for the wealth sales platform called CALM (Comprehensive Asset & Liability Management). I don’t have time to cover CALM in this newsletter, but if you’d like learn more, click on the following link:
So, I thought it was time to do a newsletter and webinar on working with affluent clients.
Why do advisors want to work with affluent clients?
Because they have more money and, in turn, advisors can make more money by working with them.
Why do advisors think it’s difficult to work with affluent clients?
1) Many advisors think that affluent people already have good quality advisors and therefore, what could a new advisor bring to the table. As the author of Bad Advisors: How to Identify Them; How to Avoid Them I can guarantee you that this is false.
2) Many advisors are afraid to go after affluent clients because they don’t think they have anything of unique value to bring to the table. Generally speaking, I’d agree with this statement which is why it’s vital to have a team or network of experts you can look to for help when providing advice to affluent clients.
3) Many advisors are afraid that if they get in front of an affluent client’s “other” advisors, that it will be clear that the advisor is “out of his/her league.” This is total nonsense since most advisors who work with affluent clients themselves are over their heads.
4) Many advisors have tried to work with affluent clients and get frustrated that they have trouble pulling the trigger to move forward with planning.
When you know “advanced” planning, working with affluent clients is easy!
If you know advanced planning, you will have no problem picking up affluent clients. When you know advanced planning, you can instantly show value and illustrate why they need your help.
What is “advanced” planning and is it difficult to learn?
Advanced planning is NOT difficult to learn. If you have a good baseline knowledge of the following, you will know more than 95% of the advisors in our industry:
-Asset protection (domestic and international)
-Advanced estate planning
-Income, capital gains, and estate tax reduction
-Investment risk management
-Proper use of life and annuities
(Asset protection is the most powerful yet simple concept to learn. To view a webinar I did on asset protection, click on the following link: https://strategicmp.net/asset-protection-webinar).
Do you really have to know advanced planning inside and out?
Nope. You just need to be conversant in the concepts and you need to know more on the concepts than the client’s other/current advisors (which I guarantee you isn’t difficult).
Support-all you need to really go after the affluent market is a small support team or network you can plug into who can support and help you implement the advanced planning concepts. There are some high level support teams in the industry and, of course, I have my own team that supports advisors when it comes to advance case design and implementation.
But the bottom line is that learning advance planning so you can go after affluent clients is NOT the daunting task advisors think it is. With a little baseline education and a good support team, advisors can go after the affluent and significantly increase their annual revenue by working with a wealthier client base.
Roccy DeFrancesco, JD
144 Grand Blvd
Benton Harbor, MI 49022