The Great Heir Leak
Advisors! Stop Losing Assets When Clients Die
Do You Have Dozens or Hundreds of Clients Over the age of 75?
IF NO: in Five or Ten Years, Will You Have Dozens or Hundreds of Clients Over the Age of 75?
IF YES: Attend this powerful, recorded webinar featuring Bill Good. He has not only discovered the magnitude of your problem, but he also has a solution.
If you do not have an aging clientele, you just need more clients.
To get them, you need a prospecting plan.
Click below for a free prospecting plan customized to your practice.
If you do have an aging clientele (or if you will), watch this webinar for the solution.
Date: Any Date
Time: Right Now
What it Costs: 43 Minutes
What You Get: An effective strategy to plug your heir leak and a Goodie Bag with the resources you need to implement it.
Who Should Attend?
Veteran Advisors
Veteran Advisors
Advisors With Aging Clientele
Advisors With Aging Clientele
Junior Advisors
Junior Advisors
Your Webinar Leader
Bill Good first sounded the “heir leak” alarm in 2014 with his webinar “When Clients Die, Assets Fly.” Since then, some of his early adopters have drilled down five generations. They did it with a strategy Bill created to “Become Family Financial Advisor."
Bill has been in this industry for a long time. He has written 392 articles in major trade magazines in the industry and published the two books on prospecting for ideal clients. He is qualified to give you advice on how to solve your heir leak.
Your Leak-Plugging Strategy has Three Thrusts
Yogi Berra, the great philosopher and baseball giant once said, “You’ve got to be very careful if you don’t know where you are going because you might not get there.”
Probably Yogi was very careful. He had a plan, perhaps even a strategy for his career.
And, you, a great financial advisor need a strategy for this phase of your career. You need to know how to plug your heir leak.
1. Build a New Brand One Client at a Time. Right now, you are known as “Bob and Liz Jones’s financial advisor. When Bob dies, you are Liz’s financial advisor. When the last client dies—usually Liz—her kids are no more going to keep her financial advisor than her dentist. You must re-brand as the Jones Family Financial Advisor.
2. Engage the Kids and Pull Them Closer. Let’s cut right to the chase. To build the family financial advisor brand, you need accounts open with other family members. Let’s start with the kids. But to get accounts open with the kids, they need to know who you are. You will learn ways to build the relationship with the kids.
3. Build or Strengthen your Strategic Partner Network. Face it. If some advisors—probably including you—are losing clients, other advisors are gaining clients. The heirs you lose need legal, accounting, and investment advice. How do they get this advice? Usually through an attorney or accountant who recommends their preferred financial advisor. Let’s build or strengthen your strategic partner network and pick up some of the heirs leaving your competitors.
Would learning these three skills be worth 43 minutes of your time?
The Stats are Grim...
In How Advisors Can Stop Losing Clients as Heirs, (Thinkadvisor.com, March 1, 2016), they wrote,
“The numbers tell the story: in a survey of 1,000-plus investors conducted by MFS Investment Management in 2013, 75% of clients said their children had never even met their FAs. No wonder only 2% of children stay with their parents’ advisor, according to a PriceWaterhouseCoopers Global Private Banking/Wealth Management Survey in 2011."
“Those stats are old,” you say. “Times have changed?”
Really? How about this?
“Advisors could be in trouble. Over the next 25 years, baby boomers are expected to pass $68 trillion on to their children in the largest generational wealth transfer in history. Any advisor who has not considered what will happen to their AUM when those assets transfer could be in for a rude awakening. Analysts estimate that anywhere from 66% to 95% of children fire their parents’ financial advisor after they receive an inheritance.” Wealth Forge Solutions, October 16, 2019
Do you want something even more recent?
"$30T in Inheritance Moving to Millennials: How to Prepare Your Business for This Great Wealth Transfer" OpenInvest, June 3, 2021.
The implications of these three studies are consistent … and scary.
When your clients die, their assets will likely go to a new advisor.
That’s why you should watch this webinar.
Webinar Fee
This is an educational presentation. There is no cost or obligation. You will see two one-minute ads about our services. We can help you implement the strategies to plug your heir leak. But the strategy is yours in exchange for allowing us to tell a bit of our story.