Have you ever served client couples very well, yet within a year of his passing, the widow and the portfolio transferred to a new management firm? You feel blindsided and wounded. Your interactions were always cordial and you know you helped them build their wealth. So why?

According to a 2020 McKinsey report, 70% of widows transfer their portfolio to another company within the year.

Let’s think about this concerning your business… This means if you have 100 couples who are clients, and some become widows. 70 of those widows will transfer their wealth away from you. Where do you believe business is headed?

Are you buying a financial advisory practice, think ahead on this number. 70% of widows moving away from you represents a significant part of the business you’re buying.

I believe this happens not only to wealth advisors but to Estate planners, tax planners, and insurance planners. Could it be the widows somehow feel the advisors are not on their team even if it’s not true?

As a group, McKinsey (2022) says, widows feel both driven to be more conservative and scared there will be shortfalls in reaching their goals.

How do you plan to resolve this? Can a client become more conservative and still reach their goals?

Some of you will retire. Some will re-career, opting out of the game. But where are we going as a profession?

I mean where are all who offer service to others going? Is there a higher calling?

Yes, there is a higher calling. I believe within ten years, the successful advisors will become life&wealth coaches. I call you renaissance coaches. A renaissance coach serves clients with guidance on banking, healthcare, investments, taxes, estate, and protection. I’m not talking about building a template to fit every client into, just the opposite. It is about designing a personal life-wealth Coaching plan. We’ll be seeing more and more women in this role. (We’re made for it.)

Will we phase out men financial advisors? Only those who do not adapt to the times. Men can and must learn to be holistic advisors. Yes, there is touchy-feeling Education ahead. One organization I know about is aware of the future. I know Deborah Price, founder of The Money Coaching Institute offers in-depth training in the neuroscience of money including the sources of your client’s money story, and, your own. Feelings drive behaviors. If a behavior is a pattern, there is a root cause in a past event.

We all must learn to be holistic advisors.

Should you refuse to learn or change, your business will fail.

Are you ready to disrupt that pattern? If yes, just reach out for a conversation. You can learn to strengthen your Relationships and retain your clients for life. You can become a renaissance, life-wealth coach in advance of the others and strengthen your practice for the long term.

Originally Published on https://www.claimingfreedom.com

SharonAnn Hamilton Travel Lifestyle Guide

I've always loved to read. Stories invited me into adventures but left me hungry for action. Why couldn't I experience adventures for myself? At first I thought lack of MONEY was the problem. Then career came and I thought TIME was the problem. So I set out on a journey to prove that I could live my own adventures regardless of money or time. Now I teach others how.