By Michael M. Pompian
Compliment for Advising Ultra-Affluent consumers and kinfolk Offices"Michael Pompian's ebook Advising Ultra-Affluent consumers and kin places of work is noteworthy for its comprehensiveness. Michael combines 'the gigantic photograph' with precise, prescriptive, and actionable techniques; advisers to filthy rich households will obtain an in depth knowing of ways a fast evolving panorama affects their company and its implications for his or her clients."-John Benevides, President, relations workplace Exchange"This publication will be at the studying checklist of an individual who desires to be a full-fledged expert in our undefined. Michael Pompian has properly selected to target sensible descriptions and proposals; in my opinion it is a nice plus, as we want extra academic assets during this box. Congratulations. The publication is definitely worthy reading."-Jean L.P. Brunel, CFA, coping with critical, Brunel affiliates, LLC"Ultra-affluent consumers wish info and suggestion built-in and in genuine time. So making plans, making an investment, and measuring turn into a continuing technique. this can be very tough to do. Michael Pompian articulates a transparent and insightful highway map which outlines the method, elements, and human components had to create a sustainable world-class wealth administration program-both advisers and wealth proprietors will be clever to stick to Michael's lead."-Stephen Martiros, founder, Summitas (www.summitas.com) handling companion, CCC Alliance (www.cccalliance.com)"As filthy rich households turn into extra globalized, their wishes for wealth protection and progress became extra complicated and complex in instances of economic uncertainty. Michael Pompian has crafted an insightful and accomplished advisor for reinforcing your individual services and knowledge on the best way to recommend the main hard consumers. A must-read for all monetary advisers!"-Dr. Kurt Moosmann, MBA TEP CFP; cofounder and coping with accomplice of Dara Capital Ltd., Zurich, Switzerland"Without incorporating the severe elements of potent kinfolk governance and the notice of generational and behavioral concerns, households of wealth and their advisers are working blind of their wealth administration goals. Michael Pompian's ebook supplies either advisers and family crucial insights for locating the danger elements they need to examine in cutting-edge surroundings and find the assets required to supply consummate solutions."-Lisa grey, graymatter suggestions LLC, writer of the recent kinfolk workplace and Generational Wealth Management"Advising Ultra-Affluent consumers and kinfolk places of work is a necessary 'handbook' that covers the entire significant components of wealth administration. whereas Mr. Pompian has written the booklet basically for wealth advisers, Advising Ultra-Affluent consumers and kinfolk places of work will supply worthwhile insights to ultra-affluent participants and households, fairly those people who are wondering constructing a kin place of work or turning into consumers of a multifamily office."-Paul R. Perez, CFA, handling Director, relatives Advisory companies, Northern Trust"I just like the method Michael Pompian provides this fabric. It covers the waterfront with a transparent, concise, and compelling remedy. This booklet will end up priceless for kinfolk and family members place of work executives. I in particular appreciate the multigenerational orientation."-Bradley G. Fisher, CEO, Springcreek Advisors LLC (Multi-Family Office), Corte Madera, California
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Extra info for Advising Ultra-Affluent Clients and Family Offices (Wiley Finance)
Progressive firms, which encourage their advisers to adopt a consultative, asset allocation-based approach, are the firms whose advisers will be successful at serving UACs. Make Sure You Are Right for the Job A number of firms that serve mass-affluent clients, who haven’t yet figured out the right service model, have the wrong people doing the wrong jobs while servicing the client relationship. For example, in certain firms the person who manages the client’s money also serves as the RM. ). A good relationship management system is one in which the RM remains with a client throughout the overall wealth management process and maintains knowledge of the client’s holistic needs.
Service Model As already mentioned, UACs have more complex needs than MA clients. They must, therefore, be serviced differently. Generally speaking, as wealth level increases, the complexity of needs increases. As an MA client passes through the stages of the investor life cycle, he or she can usually be serviced by the same firm or even the same individual adviser throughout all of these stages. For example, as a client moves from the initial phases of accumulation, to managing wealth, to wealth planning, to wealth transfer, a single source such as a full-service private bank may be sufficient.
Furthermore, these needs have to be continuously monitored because they inevitably change over the course of time. Understanding client needs in a static state will not cut it. Leading wealth management advisers are addressing these issues by moving toward a more dynamic service delivery methodology that assesses client needs using a more customized and iterative approach. 1 Customization Characteristics Mass/Intermediate Affluent Client Business Model Service Provider Client Segmentation Product Approach Adviser/Client Ratio Specialists Brokerage or bank Based on assets under management Sell product to meet discrete needs Often 1 to 50 or 100 Often in-house with lack of time to provide in-depth advice UAC Business model Multi- or Single-Family Office Based on client needs Determine solution and then find objective solution Often 1 to 10 or fewer Often outsourced with ample time to give excellent advice 27 Understanding the Mindset of the Ultra-Affluent Client Competence UACs expect, demand, and deserve top quality talent.