Are you offering a complete service

Why Most Extremely Successful Financial Advisors Leave Small Fortunes On The Table

Are you missing opportunities to better serve your clients?

This article, by Russ Alan Prince appears on shows how even successful advisers are missing great opportunities to better serve clients, and losing out on big commissions.


Most financial advisors earning millions of dollars annually, managing a billion dollars or more, working with the ultra-wealthy are leaving small fortunes (sometime large fortunes) on the table. With their primary focus on money management, coupled with their professional achievements, a substantial percentage of them fail to deliver solutions that can majorly benefit their ultra-wealthy clients. Even those who identify themselves as wealth managers or multi-family offices are regularly missing significant opportunities to better serve their exceptionally affluent clients and appropriately profit.

Research shows that these extremely successful financial advisors are evident in all the channels – banks, brokerage firms, independents, and registered investment advisors. Moreover, this is a worldwide phenomenon, which is a function of the nature of their clientele.

There is no question that the ultra-wealthy can benefit from the investment expertise of these financial advisors. However, their needs and wants, their preferences and concerns constantly extend beyond money management. By addressing these other issues, financial advisors would be providing valuable services for which they can be justly compensated. While the financial advisory community agrees and endorses this perspective, at the high-end of the industry, their accomplishments often work against them.

A financial advisor, who is bringing home millions of dollars because of a billion dollar book of very high-net-worth clients, tends not to do a very good job of adding other solution sets like advanced planning to their repertoire. It is outside their comfort zone, even though these strategies would meaningfully benefit their clients. This is commonly the case even when the advanced planning strategies have considerable money management components. According to Frank Seneco, President of Seneco & Associates, an advanced planning boutique and author of Maximizing Personal Wealth: An Advanced Planning Primer for Successful Business Owners“There are a number of risk management and tax-driven strategies where investment management is central. These advanced planning strategies are in high demand by the ultra-wealthy.”

There are a number of proven methodologies these very successful financial advisors can use to provide a broader solution set as well as bring in more investable assets for their ultra-wealthy clients. One such methodology is the Whole Client Model. With this process, ultra-wealthy client specific opportunities are identified, prospective solutions are specified, and – very importantly – an individualized communication strategy is developed and implemented. The result is regularly a better outcome for the ultra-wealthy client and more revenues for the financial advisor.

More assuredly, there are very successful financial advisors that are delivering much more than investment expertise to their ultra-wealthy clients. However, they are not the norm. For those very successful financial advisors not doing so, the transitions can be somewhat arduous. But the rewards, for all involved, are immense.

If you’re an established, successful broker, and believe that you’ve still got more to offer, consider speaking to us at DFC Greater Gauteng. As a consistent Top 3 Life producer in South Africa, we have the team and infrastructure to help you step up another level. Contact and let’s talk.


Leave a Reply