Wealth Managers: Are you Ready for 2024?

Dive into the transformative world of wealth management, from surviving disruptions, aiding high-net-worth clients' global migration to the heartwarming approach of tapping into family stories.

November 28, 2023

In today’s Finance Pulse, gain insight into how:

  • Wealth management's value proposition is best-in-class, allowing for wealth managers to weather disruptive changes better than other professionals.

  • With millionaire migration on the rise, wealth advisors' pivotal role in enhancing the financial transition of their high-net-worth clients comes into focus.

  • In a revolutionary approach, wealth managers embrace family-centric discovery, fostering deeper client relationships through family stories and history.

Each of these articles is penned by members of Forbes Finance Council, key luminaries shaping the future of finance.

Discovering the Value of Wealth Management 📊

A steadfast value proposition can mean the difference between retaining valued clients or experiencing painful losses. The wealth management value proposition distinctly outranks others in this regard.

Why? Well, it's best in class for weathering disruptions, both large-scale events and personal upheavals.

Here are the top reasons why the wealth management value proposition stands out:

🤝 Client Intimacy: Wealth managers forge deep, long-term relationships with clients, often extending across generations.

🕰️ Long-Term Partnership: Unlike other models, wealth management persists for the long haul, ensuring a stable relationship.

📚 Comprehensive Approach: Wealth management offers a rounded focus going beyond mere investment returns.

🎯 Objective Alignment: Wealth managers work to eliminate gaps between a client's wealth aspirations and realistic outcomes.

In unstable times, the wealth management value proposition offers stability, longevity, and an intimately tailored approach.

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Guiding High-Net-Worth Clients Through International Moves 🌍

A new wave of global immigration among high-net-worth individuals has emerged, with the expected number of millionaire relocations in 2023 surpassing 120,000.

Wealth advisors have a significant role in buffering these transitions, and here's how:

💼 Financial Plan Updates: With the impending overwhelm of an international move, clients can lean on advisors for key financial insights. The focus should be on strategic discussions related to the client's relocation, long-term plans, asset management, and shifts in their tax regime.

🔒 Protecting Assets: Legal protection should be a priority. Advisors can provide clarity on how asset ownership may be impacted in the new country. For instance, clients might need to establish offshore trusts offering legal and privacy protections.

🧠 Mitigating Behavioral Biases: Recognizing and correcting cognitive biases affecting moving decisions, such as anchoring bias, confirmation bias, and optimism bias, can result in rounded and grounded financial planning.

Helping high-net-worth clients manage their relocation can strengthen client-advisor relationships and build unprecedented trust.

Crafting Family Stories: A Wealth Manager's Unique Approach 👪

Wealth managers are moving beyond mere number crunching and embracing family stories to forge deeper relationships with their clients. The power of client familiarity is massive.

Discover why this approach is revolutionizing wealth management:

📖 Numbers vs. Stories: Unlike financial advisors who jump straight into financial details, wealth managers first strive to understand the family dynamics and future dreams of their clients. This approach centers the family, carving out strong bonds and trust.

🔍 Mitigating the Inquisition Feel: Instead of an exhaustive one-time questioning, wealth managers gradually build client familiarity, reciprocating with personal information and creating a two-way trust-filled relationship.

🤝 Client-Intimacy Litmus Test: Knowing your client's spouse's name, their work, their anniversary, and recreational pursuits, as well as recognizing their family tree and dynamics, can be a simple gauge of client intimacy for wealth managers.

Prioritizing family-centered discovery is the gateway to client trust and loyalty, tuning wealth management into a friendship.

Wrapping Up

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