Heirs Take the Money and Run

Since 2014, Bill Good has been helping advisors build a brand he calls the “Family Financial Advisor”. It’s part of the solution to a major problem now infecting the practice of many veteran advisors.

The problem?

The dreaded “heir leak”.

When the last primary client dies, somewhere between 66% and 95% of the assets grow wings and take flight.

But what if you are branded as the “Jones Family Financial Advisor”? Suppose you already have accounts open with the kids and, possibly, the grandkids? The inheritance stays put.

The Family Financial Advisor brand solves part of your problem.

The other part of the problem is putting the work in. Are you going to round up all those beneficiaries? Will you build the relationships, get the accounts open, and plug the leak in your business?

Bill recently spoke to a client who has 950 Households.

Bill asked, “How often do you lose an inheritance?”

The client answered, “Very rarely. And sometimes, we even add assets by getting the beneficiaries to bring in money from their other accounts.”

This client has built the Family Financial Advisor brand, and he is the only advisor in the practice. So, yes, one advisor can do this. And we know of others with extraordinary asset retention rates that are also doing it themselves.

How do you do this? It’s simple, really.

1. Re-brand One Client at a Time. Right now, you are known as “Bob and Liz Jones’s Financial Advisor”. When Bob dies, you are “Liz’s Financial Advisor”. What happens when Liz dies? Her kids are no more going to keep her financial advisor than her dentist. You must re-brand as the “Jones Family Financial Advisor”.
2. Engage the Kids and Pull Them Closer. Let’s cut right to the chase. To build the family financial advisor brand, you need accounts open with other family members. Let’s start with the kids.
3. Build or Strengthen Your Strategic Partner Network. While some advisors — probably including you — are losing clients, other advisors are gaining clients. The heirs you lose need legal, accounting, and investment advice. How do they get this advice? Usually through an attorney or accountant who recommends their preferred financial advisor. Let’s build or strengthen your strategic partner network and pick up some of the heirs leaving your competitors.

Ask yourself this question: Would learning these three skills be worth an hour of your time?

Then watch this webinar!