Moving Up Market-Slide handout

Slide handout

Pdf Summary

The presentation titled "Moving Up Market" focuses on strategies for financial advisors to attract and retain affluent clients, particularly high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. It begins with cautionary messages for those who are complacent with their current results and introduces three realizations: HNW individuals are underserved and in need of tailored solutions; the largest wealth transfer in history presents a significant opportunity; and many advisors work harder than necessary for less reward. The presentation outlines the success of Homer Smith IV of Konvergent Wealth Partners, who saw significant increases in Assets Under Management (AUM) and client net worth from 2019 to 2024. <br /><br />Key strategies that contributed to this success included capitalizing on Centers of Influence (C.O.I) rather than traditional methods such as buying leads, excessive spending on client gifts, or networking at exclusive clubs. The presentation debunks myths that discourage action, such as the belief that UHNW clients already have advisors or that smaller firms cannot offer as much value as large wealth management firms.<br /><br />The key insights emphasized are discovering client needs intensively and articulating the monetary value of the advisor’s offering to clients. The suggested approach requires finding new and effective communication methods with potential clients and involves overcoming the internal limitations advisors might place on their practice.<br /><br />The presentation concludes by asserting that, although challenging, this strategy is effective for advisors willing to commit to the necessary work. The contents imply that understanding client needs deeply and forming connections with influential figures in clients' financial ecosystems are pivotal components of attracting and retaining affluent clientele.

Keywords

Moving Up Market

financial advisors

high-net-worth

ultra-high-net-worth

wealth transfer

Centers of Influence

client needs

Homer Smith IV

Konvergent Wealth Partners

Assets Under Management