Strategy Highlights

Week 4
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Strategy 2: Implement Wealth Management

Levels of affluence

In The Elite Wealth Manager, we define three distinct levels of affluence:
Many financial advisors focus on the mass affluent—a group we define as having between $100,000 and $1 million in investable assets. While this might appear to be an attractive market at first glance, it has clear limitations. It is exceedingly difficult, if not impossible, to profitably provide a comprehensive wealth management experience to clients with this level of investable assets, particularly those at the lower end of this range. To make a significant impact on your clients’ lives, on your practice and on your own quality of life, you will need to serve clients with more wealth.

For a great many financial advisors, the affluent stratum represents the “sweet spot” for clients and prospective clients—the one where they can most effectively add substantial value to their clients’ financial lives. For this reason, we will focus on those in the affluent category throughout The Elite Wealth Manager. The wealth management client experience you will build throughout this program will meet the needs of clients at this level extremely well.

The nine high-net-worth-personalities

To determine the right affluent clients for your practice, and then to employ the systems that will consistently meet their particular needs well, you have to go deeper. You need to understand what we call “high-net-worth psychology”—a framework for understanding what affluent individuals want from their money and their financial advisors.

High-net-worth psychology revolves around an understanding of the nine personality types of affluent individuals. Here is overview of the most important needs, values and motivations of each personality:

Family Stewards Independents Phobics The Anonymous Moguls VIPs Accumulators Gamblers Innovators