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BOSTON LAW FIRMS DO IT
BANKS AND BROKERS DO IT
THE BIG FOUR ACCOUNTING FIRMS DO IT
MANY FINANCIAL PLANNERS AND INSURANCE PEOPLE DO IT
And you certainly should consider doing it because the benefits
to your clients and you are substantial and long lasting.
What do they all do? They assist their high net worth clients
in all aspects of building, protecting and transferring their
wealth.
Many of the largest Boston-law firms provide asset management
and trust services in addition to their legal services. Some
have been doing it since whaling was big business in Massachusetts.
The Big Four and many smaller accounting firms have already
created wealth management programs to serve the needs of their
clients. Advisers who do not see the potential of providing
these needed financial services may lose significant opportunities
to improve their hold on existing relationships, build new
ones, and increase revenue.
The evidence is overwhelming that your clients expect more
convenience, coordination and counsel than ever before. They
want assistance in making sure their legacy goals are met and
are willing to pay more for that convenience. For advisers
willing to capitalize on this trend, the rewards can be significant.
Fortunately, extending your menu of services does not necessarily
mean hiring more staff. We believe most professionals can provide
extended service for their loyal clients by developing a relationship
with financial specialists in related areas. Concord Asset
Management, a pioneer in working with financial advisers in
non-exclusive partnerships, can help you compete in the multi-trillion
dollar wealth management market even if you are a sole practitioner.
We have a program that is practical, profitable, flexible and
designed for advisers who want to add such services responsibly
and profitably.
Extensive research indicates your loyal and trusting clients
want you to help them create financial plans, to establish
goals and guidelines for the management and disposition of
their assets, and to have you monitor their situation on an
ongoing basis. When interviewed, over 40% of high net worth
people prefer their attorney or accountant to guide them through
these complex financial matters.
If you are not currently offering such services, Concord can
show you how. We can help you design a program that will:
• prove
profitable over an extended period of time,
• strengthen your client relationships,
• attract new high net worth clients,
• limit your liability,
• help you avoid providing any investment advice,
• keep you involved in advising the family, and
• allow you to leverage your time. |
Here is a brief description of our program:
• When a client expresses an interest in asset
management and/or professional management services,
we suggest you introduce him or her to several appropriate
firms, including Concord Asset Management. With your
client’s approval, you would arrange and host
the interview meetings, ask relevant questions and
provide whatever counsel you believe is needed to help
your client make a proper choice.
• Once the client selects the manager, you participate
in the relationship as much or as little as you and
your client wish – you can be present at all
meetings or completely hands-off. The choice is up
to you. Concord encourages its clients to invite their
advisers to attend periodic meetings to make sure all
aspects of the financial plan are being reviewed. The
important point to consider is that your responsibility
going forward is to help create the plan and monitor
results, not provide investment advice. At no time
are you expected to provide information outside your
area of expertise in our model program.
• If
you and your client decide to use Concord for asset
management, we can discuss a variety of compensation
arrangements that allow you as well as your client
to benefit. We are happy to discuss the best arrangement
for you in more detail if you desire. |
Here are the benefits your client would receive from such
a relationship:
• The enhanced security of knowing you are
involved in the development, implementation and monitoring
of the financial plan.
• The creation
of a unique “family office” that
would allow the client to meet periodically with his
or her key advisers to review the plan and its progress.
• Continuity. Successful people want to know
that the wealth they have built will be carefully protected,
managed and properly distributed by experienced professionals
that can serve the family and future generations without
constant personnel changes.
• Good investment performance. A
substantial portion of most estates is the securities
portfolio.
The management of these assets is extremely important
for the spouse’s and other beneficiaries’ security.
Having an independent adviser identify and monitor
the selected manager of those assets can help maximize
returns. This is also true of the management of illiquid
assets.
• Freedom from having to micro-manage
the financial plan. You would oversee the entire process so the client
is not bogged down in the many small details of asset
and trust management. |
The benefits to you include:
• A
closer, more trusting relationship with your clients. The more you do for a client, the greater
the loyalty and chances for additional referrals.
• More revenue for you whether you are eligible
or wish to receive a portion of Concord’s fee
or you bill the client separately.
• Chances to meet new prospective clients. The “family-office” concept
allows you to meet other members of your client’s
family, their other advisers and trusted friends.
• A way of differentiating yourself in your
market. This unique offering can create “talking
points” that allow you to create a unique marketing
tactic to attract new clients.
• Possible executorship and trusteeship of your
client’s estate, should you wish to assume those
responsibilities. |
We know clients want to have a closer relationship
with their trusted advisers. Studies done by Russ Prince and other experts
on how the wealthy think have documented the fact that successful
people want to feel financially secure, their financial assets
carefully watched and managed, and to be kept informed. To
sum it up, the primary desire of wealthy people is
having the freedom to enjoy the pleasures of their success. Fretting about
its protection, management and distribution is not something
they want to do, especially as they get older. If they can
identify a trusted adviser who is willing and able to help
them bear this burden, they will gladly shift responsibility
to them, reserving only the need to occasionally review it.
Concord wants to be included on your list of approved and
preferred providers of asset management services. In order
to do this we will:
1. Explain our trusted adviser program to you and
your associates and show you how you can carefully
add it to your current menu of services.
2. Establish a marketing strategy to help you identify
good clients and prospects for this program.
3. Provide sales training to teach you how to educate
your clients about this program.
4. Meet with your interested clients to assist you
make the sale.
5. Train your staff how to work with Concord to minimize
errors and maximize communications. |
As Bob Dylan once sang, “The times, they are a changin’.” If
you give us the opportunity, we can help you get in front of
the curve of this profitable trend.
Contact Henry Feldman or Dan Sabol at 312/236-1166 for additional
information.
December
2003
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