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News
You Can Use This issue's article
is by Lisa Gray of graymatter
STRATEGIES
LLC,
a financial journalism and marketing consulting firm based in
Memphis, TN. | |
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Who Is Your Client? By Lisa Gray
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You're meeting with a
prospective client for the first time. You get all
the information you usually get, doing a great job
in the process of finding out the 'deeper'
issues-like the fact that the client wants to take
his 'hobby' of providing 'wireless' concierge
services for all of his friends and turn it into a
business after his son takes over as CEO and his
daughter becomes CFO of the billion and a half
dollar company he founded. You feel like you
really have an 'in' with this client after the
first meeting and that the account is definitely
on its way to you.
Time
for Meeting Two comes around and in walks not just
the prospective client, but the son and daughter,
as well. You're a little surprised but have
confidence in the excellent job you did during the
first meeting, knowing you have developed a
solution that will make this client's dreams
possible. Introductions are made and you all sit
down at the table. You're getting ready to begin
your presentation when the client says, "I wanted
to bring my son and daughter along because they
will be not only taking over the existing business
but they will also be equity partners with me in
the new business." Your whole presentation is shot
and you are back to square one.
As
it turns out, the entrepreneurial spirit of the
patriarch (founder of the existing business)
rubbed off on the son and somewhat on the
daughter, although she has much more of an
analytical, numbers kind of mind. But the idea of
converting Daddy's 'hobby' into a business was
originally hers and the family has formed a small
advisory council made up of the patriarch, son,
daughter, and their teenage children-plus a
long-time attorney friend-to help educate the
children about business and managing wealth.
How
could this scenario have turned out differently?
Positioning yourself as an 'outside' advisor
looking in, is there anything else that could have
been done to better prepare the advisor for what
was to occur in this second meeting? Absolutely.
This case illustrates quite clearly the gap that
exists today in what clients really want from
their advisors and what advisors normally expect
to give them. By asking the right questions-some
of which may even be of a sensitive nature-this
advisor could have uncovered many of the factors
that would have alerted him or her to the fact
that the entire wealth picture was not being
presented during this first meeting. The 'client'
in this case turned out to be more than just the
patriarch. And although the goals of the family
members are intertwined, they are distinctly
affected by the roles each of them plays and the
different perspectives each has on the goals they
wish to achieve. But then, that's a topic for our
next column....
Lisa
Gray is president/CEO of graymatter
STRATEGIES
LLC,
a financial journalism and marketing consulting
firm based in Memphis, TN. She has 17 years'
experience in wealth management and is the author
of "The New Family Office: Innovative Strategies
for Consulting to the Affluent,"
http://www.euromoneybooks.com/default.asp?page=4&productID=3178
She
consults with advisors on the effectiveness of
their relationships with their clients.
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Turning Point, Inc. 405 2nd Street South Suite A Safety
Harbor, FL 34695 (727) 725-8876 (727) 669-8263 (fx) www.tpisearch.com
tpi@tpisearch.com
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Here's
some additional information from Turning Point,
Inc...
EMPLOYMENT NEWS: "Employment
in financial activities rose by 15,000 in August. This sector
has added 184,000 jobs year-over-year. Finance and insurance
continued to dominate this sector's job growth with 10,700 new
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TOOLS: Are you interested in
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TURNING POINT in the
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TURNING
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Quote
of the day: "Affirmations are like prescriptions
for certain aspects of yourself you want to change."
Jerry Frankhauser,
Author | |
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2005 | | |