As this issue goes to print, we’re still gathering responses to the Private Wealth reader survey. The range of interests expressed in the comments thus far make it clear that private wealth management is multifaceted. The most successful providers are not those that excel in a single discipline, but rather those who can move across a variety of topics, techniques and strategies on behalf of their clients.
But, it’s very difficult to be a thought leader and a leading practitioner in so many diverse areas at once. If you are a sole practitioner (or the sole senior professional in a small office or team) it is virtually impossible. I’m not, of course, saying anything you don’t already know. Being responsible for a business endeavor in today’s world often means functioning as a salesperson, an administrator, a compliance officer and everything in the middle—which explains, in part, why the team structure has been so successful in delivering complicated and coordinated financial services. That said, there are numerous ways around the seemingly insurmountable task of getting up to speed on the key components of private wealth management while still having the latitude to carve out a niche that distinguishes you from your competitors.
As in the last issue, here are a handful of interesting standout organizations that have found ways to deliver valuable, unique and differentiating services that meet the broad, deep and varying needs of demanding clients:
• An MFO spin-off that builds its relationships around the principle of strategic organization—an activity that includes, among many other things, a comprehensive review of the clients key policies, documents and other paperwork; a plan for safekeeping the originals; and a virtual vault with 24/7 access.
• A wealth advisory boutique that restructured itself from a two-person partnership into an employee-owned firm with duplicated expertise in critical fields. It also has extensive internal training and opportunities for entry level and junior employees. This creates stability and longevity among client-facing personnel.
• A private banking team that added to its investment management business so it could oversee medical concierge services and health insurance issues for its aging clients.
I hope these snapshots of success provide food for thought about the future of your business and ways to make it better. Many thanks for your continued readership and, as always, we want to hear from you.
