Know What Your Affluent Clients Worry About
If you truly understand your clients' most important concerns and provide the appropriate solutions, you'll build a great business.
The "secret" to advisors' success is no secret at all. If you truly understand your clients' most important concerns and provide the appropriate solutions, you'll build a great business. Unfortunately, we've discovered a number of situations in which advisors are misperceiving key aspects of their affluent clients' financial lives.
What do affluent clients worry about? This list:
Ensuring that heirs are taken care of:
Having enough money in retirement: 79.2%
Paying for childrens's/grandchildren's education: 71.5%
Being sued: 47.3%
Losing job or business: 40.0%
Having high-quality personal security: 28.2%
Taking care of parents: 28.1%
As this list shows there are serious gaps in key areas such as education planning, asset protection, personal protection and long-term care. Especially striking is that, while 47.3% of the affluent worry about being sued, fewer than 10% of advisors understand that this is a concern.
-John J. Bowen, Jr. in Understanding the Needs of Affluent Clients
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