People always ask me what my minimum net-worth standards are for clients, and I always respond with; "that depends... The nature and culture of my firm dictates that the ideal client has a minimum of $1M in investible assets (could be household), or has other dynamics like the young professional family with rather large income streams (IE. Great growth potential), or a focus on an entrepreneurial business owner who may not have the largest asset base to begin with, but the bulk of his money is in his business that he will one day sell, triggering a special event in which my services are definitely of added value."
Quite the mouth-full... I hear other advisors speak about their ideal client and they can usually spit it out in 1 quick sentence. The more I look at it, the more I don't want to define my clients by minimum net-worth standards, but by someone with integrity, honesty and respect. Someone who is interested in receiving and willing to act on good advice, and who is willing to sit and share thoughts and insights on family, friends, and anything else of true value to them.
The following is a quote I recently read from a top Canadian advisor publication that I find truly sums up my own thoughts regarding my place in the industry, and how I define myself as a wealth manager:
"When an investment advisor looks at the glass of water, he will tell you that it is half full, and is filling up quickly so you should buy a bigger glass. An insurance agent will warn you that a half-empty glass leaves the future uncertain so you should insure against possible consequences. An accountant will tell you that you paid too much for the glass because it is too big. My goal is to ensure my clients have considered all these issues, focusing on the importance of the water, not the glass." (Courtesy of Mr. Blair Corkum, Corkum & Associates)
No comments:
Post a Comment