Want to Move Upstream?
The Tactics of the Elite | Robert Montella
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FOR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.
Agenda
The Setup
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Strategies and Tactics
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Next Steps
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The Case and Why it Matters | Questions and Considerations
$5-10mm
$2mm-$5mm
$500k-$2mm
<$500k
What does wealthy mean?
Where are you today?
How well do you understand �the marketplace?
What changes can/will �you make?
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Finding Wealthier Clients�Overlooked and Undervalued Tactics
Implement subtle, yet significant adjustments to your messaging
Think differently about COIs
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What’s Your Brand? | Age-Old Concept, Done Right
Implement�Successfully
Expect �“single-story selling”
Develop up to 3 simple pieces of collateral
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Mind your �digital presence
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Development �of your Message
Answer the right questions
Packaging Matters
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Thinking Both Ways About COIs
Brand Visibility
Money in Motion
Core
Need to consider:
Clear line between strategies and tactics with an understanding of the marketplace
COI-specific collateral
Value-added services and thought leadership
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Servicing Needs of the Wealthy�Overlooked and Undervalued Tactics
Work “backwards” on the service model
Develop a cadence of soliciting feedback
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Service? We May Have it a Bit Backwards
Starting with segmentation
Focusing on activities versus outcomes
Operating in a vacuum
FROM
Starting with client input
Focusing on drivers of engagement
Building bespoke options
TO
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Develop a Cadence of Soliciting Feedback
Survey, �formal or informal
1
Advisory Council, targeted or general. Many or few
2
Single Practice Consigliere
3
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Why is This Important? | Alignment is Key
Career & Work
Community & Giving
Family Relationship Management
Health & Fitness
Lifestyle & Leisure
Succession Planning
Wealth Education
Industry & Technical Insights
Asset Allocation
Manager Selection
Financial Planning
Tax & Estate Planning
Cash Management
Trust Services
QUANTITATIVE
QUALITATIVE
FINANCIAL
LIFE MANAGER
Offer more than
ever before
What Moves the Needle?
Source: Russell Investments, 2023 Value of an Advisor Study
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Build your Menu in a Differentiated and Meaningful Way
Minding the Gap between Current and Desired State
What are the elite doing?
Develop COIs in a layered fashion to expand capabilities
Consistently solicit feedback to understand perception about what is offered and what is missing
Market your capabilities and clear and digestible way
Capability | Delivery Method | Of note |
Accounting (Preparation �and Planning)
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Lending (traditional and alternative) | Outsourced | |
Retirement Plan Consultation �for Business Owners | In-house: Hire or Develop �Current Staff | Need to meet with vendor to �understand market and size �of current knowledge gap |
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Keeping Clients “in house”
Follow the Money
Clarifying and demystifying Legacy
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Let’s Not Just Skip to the Children
1/20 people in the US are widowers/widows
Minding the Gap between Current and Desired State
What are the elite doing?
Developing a data-based, campaign-style approach
Communicating with transparency
Source: U.S. Census Bureau, “Marital Status of People 15 Years and Older, by Age and Sex,” 2022
Source: Merrill “Seeing the Unseen: The Role Gender Plays In Wealth Management”
77% of widowers are women
86% of widows are new to making financial decisions
82% of widows receive an inflow of assets
35% of women leave advisors they have negative experiences with
14% of widows say that they were making financial decisions by themselves before their spouse died
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The Legacy Conversation
Create
Facilitate
Ask
Strategy
Learn to separate legacy from estate planning
Isolate and expose the best place to start in the client base
Research examples of legacy gone wrong
Tactics
Elite practices have their own definition of legacy
Elite practices have developed a process for deeper �discover around the legacy and family dynamics
Elite practices do not dance around the uncomfortable conversation
Bringing clarity to something that is important, but can be vague
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