Page 28 - Investment Advisor April/May 2023

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only advisors but also clients wanting those people they can What other internal issues (like hiring or training) and
trust to serve them. That’s a big trend. external issues (like competitiveness) do you all face?
The second trend has been growth of the tax area. Again, it’s I’ll double-click on what I said earlier. Our biggest limitation
a particular focus of ours, and one that has been just thrust upon right now is getting the right people in place to serve our cli-
us. This is a significant industry trend, and surveys show that the ents. We have a best-in-class recruiting team. Even then, it’s
CPA realm is just being decimated by those that are leaving the been hard. We spend a lot of time on training and have a very
industry. Overall, the industry is not replacing them fast enough. robust training team and program.
Getting the right people to serve our
clients has been challenging — and it’s
“ Really listen to your clients and also to other probably an industry-wide struggle. The
advisors. Get involved in opportunities to speak good news is we’re really good at trans-
formational change as we hit different
with clients that are in this segment, not around milestones at Mercer. We’ve been doing

selling [products or services] to them or bringing this for a while, so we’ll keep doing it the
same way. We often transform ourselves
these prospects on as clients, but instead doing it to make sure we’re evolving.
There really haven’t been any external
as a lens for really learning about them.” issues. From a compliance perspective,
we have an amazing team that keeps us
aligned and in good shape, even though
How about your firm’s business growth and business changes on the compliance side have evolved a lot over the last
building? Can you discuss what’s working, what’s not few years. That hasn’t really held us back.
and what you intend to do about these issues? As for competitiveness, it keeps us focused on taking care of
I love this question. We’ve been blessed with amazing growth, the clients. You have competitors out there that are helping us
as maybe other advisors as well have seen in the last few years. be better every day. That’s actually a good thing.
What’s really working for us is this concept that our advisors The biggest challenge for us is making sure we have the teams
only serve clients. We have a business-development team in the right places at the right times to take care of our clients.
that’s there to identify clients and determine if they’re a good
fit, which allows advisors to exclusively serve their clients. Many advisors would like to move into the HNW,
Typically you have a scenario in which that client, when they UHNW and family office segments. What advice would
meet an advisor, … it’s the only advisor they’ll ever meet with. you give them?
Due to the way Mercer’s structured, we’re able to [match] a cli- The growth is phenomenal. It’s tied to a lot of new wealth, both
ent with the right advisor anywhere the need for the client sits. from people who are selling their businesses or building their
Whether that’s geography or niche expertise, our team wealth over time, first-generation wealth and even those who
that identifies the client ultimately … wants to make sure that are inheriting wealth from other generations. It is becoming a
they’re meeting in person and can say, “Great. We have advi- “high need” area of the industry. While there are big needs for
sors in your area, and we’ll find the best fit for you both cultur- clients in many different segments, needs in high-net-worth
ally and based on [your] needs and background.” and ultra-high-net-worth have never been bigger.
Maybe that client has a specific need and is in the Midwest. If advisors want to get into this area, they should spend
They’re selling their business and have a bunch of stock a lot of time learning what these clients want. That’s what
options, for instance. We have experts that do that. we’ve done. I spent the last decade learning about what these
This is helping us grow because we’re not constrained by clients want.
advisors having to go out and both market themselves or bring Really listen to your clients and also to other advisors. Get
in the business, and [at the same time] serve their clients. We involved in opportunities to speak with clients that are in this
have the unique ability to place these clients with any advisor segment, not around selling [products or services] to them or
across the nation. bringing these prospects on as clients, but instead doing it as
As for what’s holding us back, we can’t grow our tax team fast a lens for really learning about them. This way, you can tailor
enough. I may have a hyper-focus on this because we’re right in fit what your strengths are as an advisor to what they’re going
the middle of tax season. But it is something that has really been to need. Again, if you always use that lens of what the client
a focused effort of ours and will continue to be one in the future. needs, then you’ll be successful.

26 INVESTMENT ADVISOR APRIL/MAY 2023 | ThinkAdvisor.com