Displaying items by tag: client adoption

When an advisor leaves and their accounts are reassigned to you, the transition requires sensitivity, strategy, and respect for the client relationship that preceded you. These clients may have had deep trust in their former advisor, and any attempt to immediately assert control or change how things are done can damage the relationship before it begins. 

Instead of declaring, “You’re my client now,” approach them as if they were newly referred—someone you're hoping to earn, not inherit. Start by learning as much as possible about the client’s history, goals, and preferences, using CRM notes and internal records to guide your outreach. 

By demonstrating empathy, professionalism, and a genuine interest in the client’s well-being, you can build trust over time and help ensure they choose to stay with the firm—not because they have to, but because they want to.

Finsum: In your first meeting, listen more than you speak, focus on continuity, and resist any urge to immediately pitch new products.

Advisors aiming to serve high-net-worth clients must balance specialized planning with operational efficiency, making a strong support network essential. Partnering with an experienced firm allows advisors to focus on sophisticated strategies without getting overwhelmed by administrative tasks. 

Vance Barse, founder of Your Dedicated Fiduciary®, emphasizes that HNW clients require more than just investment guidance—they need estate and legacy planning to preserve wealth across generations. 

Many advisors overlook key strategies due to a lack of fiduciary requirements, but a consultative, independent analysis can reveal critical gaps. By leveraging expert teams and models advisors gain strategic insights without needing to build an internal specialist team. 

Finsum: This combination of boutique client service and enterprise-level backing helps advisors provide the high-touch experience wealthy clients expect while positioning their practice for long-term success.

Focusing on others can be challenging, as our brains are naturally wired to center on self-related thoughts and needs. Research by Shenbing Kuang highlights this tendency, showing that our attention defaults to self-focus, which can hinder effective communication, especially in client interactions for financial advisors. 

Self-focus is linked to activity in the medial prefrontal cortex, while focusing on others activates a different brain area, the temporoparietal junction; however, the prefrontal often dominates, drawing us back to self-related concerns. 

Advisors can counter this bias through mindful awareness and empathy, training themselves to recognize inward shifts and refocusing on clients' needs. By consciously practicing empathy and active listening, advisors can enhance their client relationships, building trust and understanding.

Finsum: This is a great way to focus on personal growth as an advisor and find a way to form deeper connections with clients. 

Switching to a new broker-dealer is often a complicated process, but finding the right partner can significantly improve your business and client service. Legal guidance is essential to avoid potential pitfalls, such as contractual issues or ownership disputes over client relationships. 

Developing a comprehensive transition plan will help organize client accounts and ensure the process runs smoothly. Engaging your team early allows for shared responsibility and clear goals throughout the transition. 

It’s also a good time to reassess your client base, streamlining relationships and services to align with your current practice. Finally, preparing client data properly and crafting a clear communication plan can help ensure a smooth and positive transition for everyone involved.

Finsum: Data, in particular, can be critical with the advances in information and technology.

Advisors aiming to strengthen relationships with younger affluent investors may want to enhance their AI knowledge, as a new survey suggests. Conducted by Boosted.ai, the survey found that younger high-net-worth (HNW) individuals are increasingly incorporating AI into their daily lives and expect their financial advisors to do the same. 

With 82% of respondents describing themselves as AI-proficient and 56% using it regularly, many are looking for advisors who integrate AI into their services. In fact, 35% of younger HNW individuals would consider leaving their current advisor if they aren’t adopting AI. 

As a generational wealth transfer looms, adapting to the preferences of tech-savvy clients becomes critical. However, the survey also reveals concerns about AI, particularly around data security and regulation.

Finsum: This is a huge shift in adoption of this technology and advisors might want to integrate this into their practice for new client adoption.