Issue link: https://resources.envestnet.com/i/1527490
©2023 Envestnet, Inc. All rights reserved. 4 Ensure you treat each client as a unique individual by considering the following: • Their current understanding of the estate plan • Any questions they might have • Their present and future financial goals • Areas where they might need more financial education to achieve their goals • Their main concerns or frustrations related to the estate plan Action steps Building lasting relationships Establishing deep and trusting relationships with your primary clients is crucial, but it's only part of a long-term retention strategy. We often hear that 70% of widows change their financial advisor when their spouse dies or faces mental incapacity. 2 It would help if you had a retention strategy that covers both before and after these events happen. Deepen familial relationships before someone passes away. Discussing the end of life is uncomfortable, especially when family is present. But it's essential to build trust and get to know your client's spouse or partner and other family members. One practical approach is to schedule an annual asset titling review meeting with your client and their family members. This builds trust and ensures assets are distributed correctly after death, aligning with their estate plan in a will or trust. Incorrectly titled accounts or beneficiaries can disrupt the intended estate plan. Focus on creating a digital family office-style experience for your HNW clients. Use technology, diverse investment products, and your referral network to provide the following: • Access to sophisticated investment options and service • An approach that positions your client as your top priority • An offering that is customized to address their needs • A team that is available to assist the entire family Action steps Setting your practice apart Many HNW investors mention the idea of a family office when discussing personalized financial advice and holistic portfolio management for their families. Although only a small percentage can utilize family offices, this tells us what kind of experience HNW investors seek from financial professionals. 2 "How Advisors Can Tailor Their Services for Widows," Financial Advisor Magazine, January 2018