The New Financial Advisor: Strategies for Successful Family Wealth Management
Praise for The New Financial Advisor\ "For those of us who are working day to day on the frontier of wealth management, Scott Budge has done a remarkable job of mapping out this new territory-helping families achieve life outcomes. Budge's book is a valuable primer for advisors who are ready to embrace the psychological aspects of their role with families as a complement to their financial expertise."\ Dirk Jung, Chairman and CEO, Pitcairn\ "At the time when the qualitative issues of human...
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With financial products becoming increasingly commoditized, the new competitive frontier for many advisors is centered on managing relationships. And as the role of financial advisor evolves from product salesman to solution provider and agent of change, you must develop a more sophisticated sense of how your client's family life and financial life are intertwined—if you intend on excelling in this new environment.Author G. Scott Budge is an expert in the dynamics of wealthy families and, over the course of his career, has worked extensively as a developer and educator of wealth advisors. Now, in The New Financial Advisor, Budge shares his insights and experiences with you. Written with the serious financial professional in mind, this reliable resource contains the information you need to face and embrace the expanding role that many advisors must play in their clients' lives. Drawing on existing research and interviews with leading advisors at the top of their game, this book brings together the tools and techniques you can use to confidently and ethically operate in this arena. The New Financial Advisor: Examines the essential elements of a new service model that will allow you to grow your business in a more solution-driven versus product-driven environment Prepares you to help clients deal with both planned and unplanned events that figure prominently in their livesa?'from retirement and college funding to disability and death Provides you with a detailed look at what is known about the emerging psychology of money and wealth Discusses how to adapt the skills you've already acquired to the reality of today's business and suggests some effective new ways to interact with clients And much more A detailed knowledge of investments, financial planning, estate planning, and risk management is necessary but not enough for advisors facing the emerging challenges of modern family wealth management. Understanding the new nature of this business will put you in a better position to achieve long-term success—for both your clients and yourselfa?'and with The New Financial Advisor as your guide, you'll quickly discover exactly what it takes to make it in this demanding field.
Introduction Where We Are and How It Got That Way 1Ch. 1 Accepting the Challenge 9Ch. 2 The Psychology of Money and Wealth 23Ch. 3 Know Yourself 43Ch. 4 Service Model Supporting Life Outcomes 53Ch. 5 Facilitating Family Meetings 73Ch. 6 Major Life Events: How You Can Help Families Navigate Difficult Times 93Ch. 7 Enabling Advisors: Open Letter to a Financial Institution about What the New Financial Advisor Needs to Succeed 119Ch. 8 Skill Development for Your New Role 131Ch. 9 Ethical Considerations for Trusted Advisors 153Index A Tools for Engaging and Changing Families 171Index B Training and Resources for Advisors 179Sources 185Index 189
