There is no shortage of advice about the type of practice you should build and the clients you should serve. It seems like every industry expert has an opinion, meaning that you're left to cut through the clutter and figure out for yourself who to work with and what exactly you'll offer them.
In August, I will be speaking at the Advisor Network Summit in Las Vegas on the topic of being a multi-generational advisor. While nobody (including me) can tell you what's best for you and your business, I would like you to consider a focused way of thinking that has proven to be very meaningful to me and to the many others I've helped. While these ideas won't necessarily "turn your world upside-down," they should give you some much needed clarity in a seemingly unending search for the right niche.
Let me start by saying this: Contrary to the typical belief, being a multi-generational advisor is so much more than simply working with clients of all ages. Being a multi-generational advisor is about preparing one generation to properly equip the next.
Did you get that? This point is really important so I am going to say it again: Being a multi-generational advisor is about preparing one generation, (yes just one) to properly equip the next.
Being a multi-generational advisor is about creating a dialogue that goes beyond the money, shaping entire families in a way that creates a true, long-lasting legacy. While you may be focused on one generation, if you're not considering multiple generations in your practice, you're missing one of your highest purposes in wealth management.
So what is the purpose of wealth management, anyway? To put it simply, the purpose of wealth management is to connect people's priorities and objectives with their financial assets. Sure, money is a part of that, but really, we are just using the money as a means to a greater end, an end that looks like a life well lived and full of purpose and service to others. Your job, as an advisor, is to facilitate that connection.
When people come to see you to discuss their financial lives, what do they most often state as their highest priority? From my experience, and I would guess yours as well, it's their family. Of course, family-oriented clients repeatedly ask advisors to help their children to "get off on the right foot, financially." As a result, the direction our conversations take often point toward their children and grandchildren.
