Print
Being a wealth advisor is an honorable job that is not meant for everyone. Wealth advisors can have an enormous impact on a family and the generations that follow. In today’s marketplace, we feel the cost for their service pales in comparison to the long-term potential value a family could receive.

There are a lot of professionals who call themselves wealth advisors but aren’t delivering true wealth management. We believe that delivering true wealth management takes discipline, dedication, and passion — and it isn’t always delivered easily.

To give yourself the best chance of being a true wealth advisor, try to avoid these three major pitfalls:

  1. Obsessing about attaining perfection in streamlining your processes. It is important to have a process, but make sure it’s flexible enough to handle the different personalities and complexities of each client.
  2. Searching for the perfect marketing strategy. Breaking news: there is no silver bullet. If you want more clients, then get out and meet people; people don’t build relationships by searching the internet or subscribing to lead generation sources. To get ideas for how to meet people, I suggest you read Nick Murray’s book The Game of Numbers.
  3. Hiring the best resume. Since we are in the people business (not the money business), sometimes the best people to add to your team have diverse backgrounds. All too often I see advisors who only hire people with the best experience in our business. Instead, try hiring people who are great with people.

Something that all three of these pitfalls have in common is a misguided desire for perfection. Your clients aren’t expecting perfection and we all know that nobody is perfect. Your clients expect a personal relationship, services that are tailored to their needs, mistakes that are addressed and fixed in a timely manner, and a resource who will be there when they are in need.

Please remember that the work you do has a tremendous impact on the direct clients you serve, and also future generations of that family you may never meet. I wish you all the best in your pursuit of being a true wealth advisor.

R 19-029