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In this module, we discuss the wealth market in Canada, including the common characteristics and preferences of affluent clients. You will learn how to brand yourself as a preferred advisor to this competitive market segment. We explain how to create and deliver unique value propositions and how to appeal to retirement and estate-focused clients through strategic networking. We also explain the importance of developing strategic alliances with a team of experts who can address the complex needs of wealthy clients. You will learn strategies to expand your network and increase your visibility, both in-person and online. Finally, you will learn how to increase client retention among your preferred clients and how to develop new advisory relationships with their children.
Describe the demographics of the Canadian High Net Worth market
Explain how your firm can position itself in the high net worth market
Describe the techniques you can use to promote yourself in the high net worth market
Explain how to market your services in a way that appeals to high net worth clients
Explain how to expand your network to include other experts and well-connected clients
Identify ways to maintain profitable relationships with high net worth clients
In this module, we discuss the concept of the family office as a means to provide holistic service to clients with high net worth. We also discuss the importance of building a network of professionals with expertise in other areas with whom you can share referrals to clients with various needs.
Explain the concept of the family office
Discuss how your colleagues and external contacts could support your relationship with high net worth clients
List the main topics of interest to HNW clients
In this module, we discuss the key aspects of a profitable practice for advisors who are focused on the wealth market. We first look at various measurable aspects of the books of advisors who are most successful at attracting clients in this market. We will then look at the likelihood of small-balance accounts growing to HNW proportions. Next, we provide a five-step process to help you define the types of clients you are best positioned to serve in a meaningful way. We also review the benefits of a practice that focuses on a smaller number of households. Finally, we compare the benefits of fees versus transactional revenue for advisors serving wealthy clients.
Explain how to establish a profitability benchmark for your clients
Summarize the process to identify your ideal clients
Describe the recent trends in fee-based and transactional business models
In this module, we discuss the life stages of investors and the issues that can arise with clients who are transitioning to a new stage. You will learn about the planning issues that are specific to each stage and the importance of establishing trusting relationships with clients who are facing a major transition. You will also learn how to take an integrated, life-transition approach to financial planning, rather than a product-specific one. Finally, we discuss the best practices that define such an approach.
Identify client life stages and the key financial planning issues associated with them
Identify key life transitions and the key financial planning issues associated with them
Explain how to create an integrated strategy by focusing first on the transition rather than immediate solutions
In this module, we discuss a discovery process through which you can get to know the personal, family, and social issues that influence your clients’ financial decisions. You will learn how to talk to clients in a way that gains their confidence and reinforces your reputation as a trustworthy advisor. You will also learn to conduct effective interviews at every stage of the client relationship while avoiding common pitfalls. From that basis, you will be able to create comprehensive financial solutions that address all aspects of your clients’ lives.
Identify the advantages of the life-first client discovery approach
Describe the objectives of the first prospect meeting with a client
Describe the four steps in a clarity meeting with a client
Explain the five key areas in which wealth advisors can help their clients
Explain how to conduct the insight and implementation meeting
Explain the purpose of ongoing meetings
In this module, we focus on the affluent segment of the investing public. We discuss the different occupational groups that make up this segment, and we identify the challenges they face. You will learn how to gain the trust and confidence of these clients and build long-lasting relationships. You will also learn how to position yourself as a key trusted advisor who understands the needs of affluent investors and can provide help and guidance in all their areas of concern.
Identify the characteristics of the high-net-worth client
Identify challenges faced by affluent clients
Describe how to build personal relationships with high-net-worth clients
Explain how to position yourself as your client’s “Life CFO”
In this module, we discuss various family-related dynamics that may be revealed when you are dealing with a client’s finances. You will learn about the issues related to the financial support of children, long-term care needs, and family business issues, among others. You also will learn an approach to client discovery that focuses on the client’s family as a whole rather than on the client as an individual. Finally, you will learn about the concept of the family office, through which advisors can take an intergenerational approach to wealth management.
Discuss the topics of conversations advisors should have with their clients relating to family issues
Discuss the preferred approach used to gather information about a client’s family
Explain the purpose of a family office in the intergenerational management of family wealth
In this module, we explore the concept of behavioural finance and what it means in regard to investors’ willingness to take risks. You will learn about the different investor personalities and the different types of biases they are subject to. You will also learn some diagnostic techniques you can use to identify the type of investor you are dealing with and to recognize the biases that may be influencing their investment decisions.
Describe the theory of behavioural finance
Explain the benefits of using the principles of behavioural finance with clients
Explain the drawbacks of a traditional risk tolerance questionnaire
Identify cognitive and emotional biases in clients
Describe the different investor personality types
Explain client biases when structuring an asset allocation program
In this module we discuss the key aspects of succession planning, and we explain how to maximize the value and cash flows of your practice. In that context, we discuss some realities of the industry and explain how to position your practice for transition. We also look at the challenges of succession planning and the opportunities and strategies you can use to get your practice ready for sale. Finally, we discuss the things to look for if you are considering purchasing a practice or joining an existing practice for succession purposes.
Topics covered in this module are: