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Practice Management In High Net Worth Segment


Upon completion of this course, you will gain the knowledge and confidence required to:

  • Successfully attract and engage with high net worth clients
  • Form alliances with other professionals serve the high net worth market
  • Evaluate profitability of servicing clients
  • Help clients through various life transitions
  • Develop an effective client discovery process
  • Understanding the special considerations when dealing with affluent clients and their families
  • Utilize behavioral finance techniques to gain a better understanding of your client’s emotional biases and risk tolerance

What you'll learn

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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 a value propositions and how to appeal to retirementand 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.

Topics covered in this module are:

  • 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.

Topics covered in this module are:

  • 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 client 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.

Topics covered in this module are:

  • 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.

Topics covered in this module are:

  • 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.

Topics covered in this module are:

  • 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 to 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.

Topics covered in this module are:

  • 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 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.

Topics covered in this module are:

  • 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.

Topics covered in this module are:

  • 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.

** CSI has prepared this estimate of the number of hours an average participant could possibly expect to spend studying for a course. Please note that these are only recommended hours of study developed based on research and our course content, however, this does not mean that some students with exceptional backgrounds would not take less time than recommended or that students with no background at all in finance or economics would not take longer than the maximum.

Test Format  
Tests 1 Per Module
Test Format Online
Test Length May vary - typically 20 to 30 questions
Question Format Multiple Choice
Attempts Allowed Per Exam 3
Passing Grade 70%
Enrolment Period 1 year

Continuing Education (CE) Credits

You have been provided with IIROC credits in the above table. Click the links below or the buttons at the top of the page on the right side to access full CE accreditation information including IIROC and other jurisdictions. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
Download CE Chart (PDF, 163 kb)

Quebec (IQPF/CSF)
Download IQPF/CSF Chart (PDF, 182 kb)

Please note: While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.