Heirs of the Wealthy Fire Their Parents’ Advisors 90% of the Time

A recent study showed that the heirs of wealthy people retain mom and dad’s advisors only 10% of the time. How can an advisor position himself to become the new advisor that the heirs hire? A few tips are below:

1. Differentiate Your Practice From a Mere Investment Advisor. Invest in yourself and your education. Get new certifications and look for opportunities to learn skills in communication, family issues, prospect development, and marketing.
2. Develop Skills that Centers of Influence (COIs) Will Value. Develop relationships with attorneys, trustees, and CPAs so that they turn to you with questions. 
3. Market Your New Skills and Knowledge. “Become a spokesperson for preparing heirs for wealth and responsibility.”

Vic Preisser, The Children of the Wealthy Fire Their Parents’ Advisors—Most of the Time, Registered Rep, Nov. 1, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.