The New Financial Advisor: Strategies for Successful Family Wealth Management

Overview

With financial products becoming increasingly commoditized, the newcompetitive frontier for many advisors is centered on managingrelationships. And as the role of financial advisor evolves fromproduct salesman to solution provider and agent of change, you mustdevelop a more sophisticated sense of how your client's family lifeand financial life are intertwined—if you intend onexcelling in this new environment.

Author G. Scott Budge is an expert in the dynamics of wealthyfamilies ...

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Overview

With financial products becoming increasingly commoditized, the newcompetitive frontier for many advisors is centered on managingrelationships. And as the role of financial advisor evolves fromproduct salesman to solution provider and agent of change, you mustdevelop a more sophisticated sense of how your client's family lifeand financial life are intertwined—if you intend onexcelling in this new environment.

Author G. Scott Budge is an expert in the dynamics of wealthyfamilies and, over the course of his career, has worked extensivelyas a developer and educator of wealth advisors. Now, in The NewFinancial Advisor, Budge shares his insights and experienceswith you.

Written with the serious financial professional in mind, thisreliable resource contains the information you need to face andembrace the expanding role that many advisors must play in theirclients' lives. Drawing on existing research and interviews withleading advisors at the top of their game, this book bringstogether the tools and techniques you can use to confidently andethically operate in this arena.

The New Financial Advisor:

  • Examines the essential elements of a new service model that willallow you to grow your business in a more solution-driven versusproduct-driven environment
  • Prepares you to help clients deal with both planned andunplanned events that figure prominently in their lives—fromretirement and college funding to disability and death
  • Provides you with a detailed look at what is known about theemerging psychology of money and wealth
  • Discusses how to adapt the skills you've already acquired to thereality of today's business and suggests some effective new ways tointeract with clients
  • And much more

A detailed knowledge of investments, financial planning, estateplanning, and risk management is necessary but not enough foradvisors facing the emerging challenges of modern family wealthmanagement. Understanding the new nature of this business will putyou in a better position to achieve long-term success—forboth your clients and yourself—and with The New FinancialAdvisor as your guide, you'll quickly discover exactly what ittakes to make it in this demanding field.

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Product Details

  • ISBN-13: 9780470275306
  • Publisher: Wiley
  • Publication date: 9/29/2008
  • Edition number: 1
  • Pages: 196
  • Product dimensions: 5.90 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

G. Scott Budge, PhD, is a Managing Director with Greenwich,Connecticut—based RayLign Advisory, LLC; he also works withmultigenerational families and trains financial institutions andadvisors to deliver better and more enlightened service in today'scompetitive environment. He has published several articles,including works on the psychology of investments, family wealth,and family businesses, and has served on the editorial board of theFamily Business Review. Budge has spoken at numerousconferences in Europe, the Caribbean, and South America, inaddition to the United States, and continues to speakfrequently.

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Table of Contents

Preface.

Acknowledgments.

About the Author.

Introduction. Where We Are and How It Got That Way.

Chapter 1: Accepting the Challenge.

Chapter 2: The Psychology of Money and Wealth.

Chapter 3: Know Yourself.

Chapter 4: Service Model Supporting Life Outcomes.

Chapter 5: Facilitating Family Meetings.

Chapter 6: Major Life Events: How You Can Help Families NavigateDifficult Times.

Chapter 7: Enabling Advisors: Open Letter to a FinancialInstitution about What the New Financial Advisor Needs toSucceed.

Chapter 8: Skill Development for Your New Role.

Chapter 9: Ethical Considerations for Trusted Advisors.

Appendix A: Tools for Engaging and Changing Families.

Appendix B: Training and Resources for Advisors.

Notes.

Index.

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