We discussed the reasons why affluent individuals choose to work with an advisor and what qualities they are looking for in an advisor at a recent round-table dinner discussion. Here is a list of the five most common reasons an affluent client seeks to work with an advisor:

1. It got complicated – The main reason an individual would transition from managing their own finances to working with an advisor is because of the complexity that success brings.  There is usually a catalyst behind this reason, a financial mistake or oversight, that has made it clear to the individual that they are in over their head and need the advice of an expert.  In this situation, advisors should communicate a clear strategy for handling the individuals situation.
2. Too much time – The second most common reason is that the individual is spending too much time on the management of their finances and needs professionals that can be trusted with the management of their assets. Key items to discuss with these individuals are the systems you have in place for the management of their assets and a meeting / reporting system that is both streamlined and structured.
3. Better communication – One of the key reasons individuals will move from one advisor to another is due to poor communication. While many advisors may interpret this as too little communication or lengthy delays in responding to requests (which are bad), it can also mean the opposite of inundating the individual with information that is unnecessary.  This information overload creates a time and capacity strain on the individual. Be sure that you can respond to your clients in a timely manner and have the ability to answer their questions succinctly and simply.
4. Minimize tax liability – Death and taxes. While an advisor can’t make taxes disappear, you can appropriately prepare individuals for the challenges they face in the upcoming years. Individuals who are increasing their wealth will continue to face more difficulties (especially in the coming years), so it may be a good strategy to have an in-house or a partnership with a tax specialist that can advise clients on this sensitive issue.
5. Establish a legacy – Whether in their own family or in their community, affluent individuals are concerned with using their wealth for purposes beyond their own needs to help benefit others. Having a track record of working with other individuals to establish a legacy is important, but it is also beneficial to have talking points for legacy building before hand. Having a discussion on building legacy is often a good starting point and gets the individual to share their vision. Find others to help execute that vision.

Deliver your service to clients and continue to meet their expectations.  Build your brand and cultivate relationships. Once you are at that stage with a client, trust them enough to help build your firm and share with them how they can help you grow.  Clients are not going to provide referrals unless they know you have a need.

The entire WF Team and a few of our friends and family gathered and were given two hours to create an original work of frog art. Prizes were awarded for first, second, third and last place. High-fives were awarded to everyone.

• Refined brand identity
• Created tagline
• New logo / brand images
• Website + copywriting

To the right is a screenshot of the new website, or you can go to http://www.coreonegroup.com/ to see the live version.

Think about it.

This past weekend representatives from across the Inland Empire came together at the annual JROTC ‘Sound OFF’ Speaking Competition. The theme of the speeches was based on the question, “Where do we go from here?”, and encouraged these high-school participants to explore the struggle of keeping traditions while adopting new technologies. As one of the three judges for this competition, it was rewarding to see each individual rise to the challenge of addressing a large audience to deliver a 5 minute speech.

Here are a few key points that some of the individuals used to provide excellent speeches:

• Address your audience, introduce yourself and provide an interesting hook.
• Speak very slowly when introducing an important or complex idea.
• Share a personal connection with the audience that is memorable.
• Provide facts in a format that people can relate to (saying you would have to work 1,890 years @ $20 an hour rather than $77M).
• Smile.

One of the most memorable speeches of the day was on the topic of commissioning a female-only nuclear powered submarine for the U.S. Navy.  This was a response to the current ‘no female’ ruling that prohibits female sailors from any long term duty aboard a submerged vessel.

At the end of the day, I am still amazed by the energy and enthusiasm young individuals show for not only our country, but also to achieving success.  I would like to extend my congratulations to all of the contestants of the JROTC ‘Sound OFF’ Speaking Competition.

To be remarkable is to be interesting, noteworthy, standing out, fascinating, intriguing, mysterious and exceptional. In other words, remarkable is what it says: Something to remark about.

So if you want to give them something to talk about, here are five standards to set for yourself when REMARKABLE is your goal…

1) Embrace change. If you want to change the result, you have to change the behavior. Trying to be better at the same old tactics may help you to sustain your business, but it won’t position you to excel. Seek inspiration in unlikely sources. Do something new, do something different.

2) Seek your own superlative. To be remarkable often means that you are the most something. You can be the smartest, the funniest, have the most personality, be the most talented or the most likely to succeed – just be at the top of the game in at least one category.

3) Avoid gimmicks and stunts. Gimmicks may get you noticed for a minute, but they won’t get you much farther than that. Stunts are easy to pull off and just as easily forgotten. Don’t sell out to be a flash in the pan, go for the long burn.

4) Be peculiar. In order to be noticed you have to step out of line. Remarkable doesn’t equate to popular right away. Not everyone is going to appreciate your efforts toward becoming remarkable. Your goal isn’t to please everyone, your goal is to impress the trendsetters.

5) Face forward and don’t look back. Complacency and stagnation are the mortal enemies of remarkability. What is en vogue today will be out tomorrow. Refresh, Reinvent, Revive. Stay ahead of the curve.

The First Impression
The Introduction
The Dialogue
The Relationship

The Relationship

Once a relationship has been established, your clients will either be disappointed, satisfied or thrilled. If disappointed, they may seek out an alternative service provider. If satisfied, they may not seek an alternative, but would be open to a more appealing opportunity if one presented itself. If thrilled, they are unlikely to leave and very likely to refer their friends. Essentially, if new clients have good experiences with your firm, they will be confident referring their friends, knowing that those friends will have a similarly positive experience.

Tips for Improvement:

During this maintenance phase, your brand becomes more important than ever. So long as each member of your firm is committed to consistently delivering upon the promise you make your clients, you can be confident that your clients will be happy and your business will thrive.

• Make sure your team is familiar with your brand
• Make sure your client experience is consistent with your brand
• Thrive and grow

The First Impression
The Introduction
The Dialogue
The Relationship

The Dialogue

When you start to get to know someone, what are the details that stand out to you? How quickly your call is returned, if the plans that you made are kept, if details from your conversations and facts about yourself that you’ve shared are remembered? Essentially, as the impressions from the first meeting fade, do people turn out to be who they said they were? This is the stage of seeing if they will put their money where their mouth is, if they will rise to the occasion or turn out to be all talk.

As a business, this is the time when you get to prove yourself and road test your client process. Initial impressions become solid opinions as each interaction that a potential client has with your business is counted as positive, negative or neutral. When you discuss their needs and explain your services, when and how you conduct appointments and how you address their concerns will all form the solid basis for your relationship, be it positive or negative. If you are a business that truly lives up to your brand, this is a stage where you will easily shine.

Tips for Improvement:

An attentively designed client process that adheres to your brand will ensure that you establish a strong and positive relationship with your new client.

• Tone of the conversation is appropriate
• Client’s needs are addressed
• A relationship is established
• Overall experience is positive from the client’s point-of-view