(July 2002) Millionaires are in every province, every community and every occupation. The big question for many Canadian financial advisors is how to meet them and — more important — how to make them your clients. In an attempt to provide some insights and solutions, Advisor.ca presents Sweet Opportunity: Attracting And Advising Millionaire Clients, a special package of articles and tools that extends the millionaire story in the July issue of Advisor's Edge. From expert insights on how to get the attention of wealthy prospects to an online quiz to test your readiness for advising this niche market, Sweet Opportunity is rich with information to help you advise millionaire clients:
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The market of Canadians with at least $1 million in investable assets is anything but inaccessible for financial advisors. Between weak investment performance, inadequate expertise and a failure to understand the needs of this group, the door of opportunity to the millionaire market is ajar, according to one expert. For some insider advice and tips on how to meet and treat millionaire clients,
please click here.
Billionaire and parent Warren Buffett once recommended that wealthy parents should leave "enough money to your kids so they can do anything, but not enough so they can do nothing." Buffett's advice goes right to the heart of something that troubles many wealthy people — the affliction of "affluenza" among heirs. Here are some expert insights and strategies on how to help your wealthy clients
beat the affluenza bug.
Advisors who try to cherry-pick a millionaire's investment account are in danger of overlooking several factors. First, the number of advisors seeking clients is growing faster than the number of millionaires, and private investment counselling firms are cashing in. Second, what millionaires don't want is more investment advice. Their number-one concern — something advisors often fail to heed — is how their family is going to be looked after. For a look at insurance strategies and products to satisfy the millionaire market,
please click here.
Individuals who suddenly come into life-altering amounts of money will become more common as clients of Canadian financial advisors. Whether it's through inheritance, divorce settlements, the sale of a business or a good old-fashioned lottery win, advisors who understand the emotional impact of newfound wealth and hone their skills to help clients manage their windfalls will realize a significant opportunity to retain clients and attract new ones, according to one expert. To find out more about helping clients manage their "sudden money,"
please click here.
According to Keith Sjögren — whose firm, Toronto-based Taddingstone Consulting Group, produces the annual
Canadian Millionaire Report — Canadian millionaires demand quality in everything, including their advisors. So how well do you know this market? Do you have what it takes to prospect and serve this market? Complete this
Millionaire Market Material Workout and find out.
Q: How can an advisor grab the attention of their wealthy clients and build stronger relationships with them at the same time? A: Offer a creative and unique client appreciation event. Read how five Canadian advisors used their imaginations to come up with
five unconventional activities for some unique getting-to-know-you time for advisor and client.
If you are prospecting and advising wealthy clients, it is essential to be prepared with myriad information and resources. For direct links to some past Advisor.ca and
Advisor's Edge articles concerning challenges and opportunities associated with the high net worth or millionaire market in Canada, along with some links to useful Web-based resources and tools,
please click here.
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To download and print off the complete Sweet Opportunity package, please click on the icon below:
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