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?