3 Secrets What Top Wealth Managers Do Everyday
If you had been struggling as a Wealth Manager for many years, are you doing what everyone else is doing. Do you ever want to be a Top Wealth Manager?
Read More:
- 8 Essential Skills to be a Top Wealth Manager
- 10 Ways to Manage Your Financial Sales Target
- A Fun Day in Wealth Management Sales
- How Valuable is Your Financial Advice?
The question you might want to ask is: What do you do as a Wealth Manager? The answer: You manage Wealth.
And what you are likely doing everyday is to start building strong product knowledge, monitor financial market, study economic trends, analyse financial data and information, and spend lots of time discussing with all the experts on Equities, Bonds, Investment Products, Wealth Products and so on … …
Most Wealth Managers spend their time doing the above. And probably more time following up with documentations, attending meetings or going for lunch with colleagues.
So what separates top Wealth Managers from everyone else? We look at 3 things that top Wealth Mangers do everyday.
No. 1 Keep in Touch with Existing Clients
Top Wealth Managers spend little time in their day going for unnecessary meetings, monitoring financial markets or doing administrative work.
Instead, They spend most of their time keeping in touch with their existing clients. They do it in many different ways:
- By Phone / Messages / Emails / Meetings / Lunch / Coffee
- Updating Financial Plan / Portfolio
- Providing Interesting / Relevant Insights
- Understanding their family and future financial needs
- Important Events (Birthdays, Holidays etc)
Sometimes, they just say hello to clients or to attend an event together. Top Wealth Managers spend most of their time building relationship with clients.
- How Do You Start Advising Clients in Your New Job?
- How do you Manage Clients during Financial Crisis & Market Downturn?
- Top 2 Products to build a Strong Relationship with Clients in Retail Banking
- How do Private Bankers Acquire New Clients?
No. 2 Look for New Clients
Most people dislike doing sales. Even many top Wealth Managers dislike doing sales, especially in the early phase. Doing sales is tough because you hear “Nos” and “Not Interested” more than anyone else, every single day.
But top Wealth Managers master the art of doing sales – it is simply to look for new clients every single day.
Different ways top wealth managers look for new clients:
- Ask for referrals from existing clients
- Meet more “new” friends / people regularly
- Attend events to meet qualified prospects or referral agents
- Join classes, seminars, interests groups
- Send greeting emails / messages to old contacts or name cards (collected that they barely recall)
- 10 Reasons Why Many Dislike Doing Financial Sales to Consumers
- 10 Ways to Manage Your Financial Sales Target
- What does a Relationship Manager Do?
No. 3 Identify Financial Sales Opportunities to Clients
What if every of your client have only $100,000? And you have only 100 clients. Do you get all of them to go into insurance or investment products? You will have lots of sales (maybe commission too) today.
But what happens in 6 months time? What happens in 2 years time? Is that the optimal solution for your client today?
Top Wealth Managers spend their time talking to clients, evaluating their income and wealth growth rates, potential major income or expenditure, and identify strong near-term and long-term sales opportunities.
Frequent questions asked:
- If you allocate everything today, what if there are better opportunities or products tomorrow or next year?
- What if your advice was wrong? Should you allocate lesser today?
- Would the client have changing risk profiles?
- Is your advisory revenue model sustainable?
- Is your income sufficiently compensated for your advisory?
- Should you focus more on short-term or long-term financial needs?
Top Wealth Managers spend time discussing and preparing their clients for potential advisory & sales opportunities.
Are you doing these 3 things everyday?
- Keep in touch with existing clients
- Look for new clients
- Identify sales opportunities
Or are you doing these everyday?
- Read financial product information
- Read financial & economic news & trends
- Monitor and analyse financial data and information
- Writing lengthy analysis and reports
- Going for meetings and discussions
- Talking to financial experts and getting more insights
- Administrative and Documentation work
Are you a Top Wealth Manager? Share your secrets to [email protected]
Related:
- 10 Reasons Why Many Dislike Doing Financial Sales to Consumers
- 8 Essential Skills to be a Top Wealth Manager
- What Wealth Managers in Singapore Struggle with?
- 7 Secrets how the Old Rich Achieve Success with Wealth Managers
- 8 Reasons why customers don’t understand the value of Wealth Managers
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
