http://www.wealthstrategistnetwork.com/
In our continual search to upgrade our own education in how to better look after our clients Wealth Management needs we come across a significant number of publications.
Currently we are reading one that we think is very accessible and certainly is very client oriented. (link above for more info).
"Wealth" (by Stuart Lucas) is written for anyone concerned about wealth creation, wealth management, families with wealth, retirement planning, and multi-generational estate management. Most of the book's guidance applies whether you are worth a few hundred thousand dollars or a few hundred million, and whether you are a wealth owner or advisor. Affluent professionals and successful entrepreneurs can use "Wealth" to adopt a strategic, focused, and disciplined approach to growing and diversifying their financial assets. "Wealth" is equally useful to wealth industry professionals who want to strengthen their relationships with clients by better serving their long-term interests.
We have also just finished reading the Capgemini and Merrill Lynch Global Wealth Report, 2009.
This report focuses on and analyzes the macroeconomic factors that drive wealth creation and helps us (wealth management consultants) better understand the key trends that affect High Net Worth Individuals (HWNI's) around the globe.
Some highlights:
At the end of 2008, the world's population of HNWI's was down 14.9% from the year before.
Their wealth dropped 19.5%
Equities as a % of HNWI portfolios dropped from 33% to 25%.
Cash holdings increased by 7% to 21%
HNWI's are expected to remain fairly conservative in the short-run.
More than 1/4 of HNNI clients surveyed withdrew assets from their wealth management firm or left that firm altogether in 2008, fueled by lack of trust/confidence.
Service quality was by far the top driver of client retention in 2008.
On-line access and capabilities was deemed very important by 66% of clients.
Risk management and due diligence capabilities, 73%
Fee Structure, 48%
There is plenty more at http://www.capgemini.com/resources/thought_leadership/2009_world_wealth_report/
Tuesday, July 21, 2009
Monday, July 13, 2009
The Elite Circle
Last Tuesday I presented two of my investing team at One Capital Management: Andrew Buckley, a retired Special forces Green Beret, sniper team leader(Alpha company) in the U.S. Armed forces and now a client services associate and Patrick Bowen, President, with previous experience in Private Client Wealth Management at two of the finest Wealth Management institutions (Bernstein, Oppenheimer) in the U.S.
In a Q and A format, Pat quizzed Andrew about some of his experiences in the special forces and Andrew regaled us with some powerful stories (he could only tell us of things that were not "classified" ) with some very interesting slides to accompany them:
Like the time in Haiti when he was dropped in to secure a section of the city and ensure that senior negotiators had safe passage to their location for talks.
Interrupted by an ambush, Andrew and his team of 15 had to ensure the safety of very high level VI P's : Colin Powell and Jimmy Carter.
As Andrew told a riveted audience quite succinctly: the first 1.8 seconds of an ambush is crucial to survival.
He also told us that each team member had a very specific role to play in any circumstance which required 100% trust in each member: believing that they could perform their role as you carried out yours, was the only way that the team would be able to survive that first 1.8 seconds.
This was called "The Elite Circle".
According to Andrew: casualties occurred only when one of the team members stepped out of this circle of trust. Taking on a role that was not theirs to perform.
One can draw many parallels to a "team" situation that are not as life and death oriented, but the message is clear: In times of crisis, we need to count on our team members to perform their roles, so we better have 100% faith their abilities.
We have just endured a significant economic setback, some have referred to it as a crisis.
Tony Fell, retired chairman of RBC Capital Markets and one of the most highly regarded investment professionals in Canada recently described the last 2 years as the most devastating that he had witnessed in his 50 years in the investment industry.
How have you fared through this time?
Has your financial team been working with you in a consultative, coordinated and comprehensive manner?
Do you have 100% confidence that they are looking out for your best interests?
What are your end goals? and where abouts are you on the path to achieving them?
Andrew and Pat will be back with their stories in the fall, if you would be interested in hearing them, let me know.
In a Q and A format, Pat quizzed Andrew about some of his experiences in the special forces and Andrew regaled us with some powerful stories (he could only tell us of things that were not "classified" ) with some very interesting slides to accompany them:
Like the time in Haiti when he was dropped in to secure a section of the city and ensure that senior negotiators had safe passage to their location for talks.
Interrupted by an ambush, Andrew and his team of 15 had to ensure the safety of very high level VI P's : Colin Powell and Jimmy Carter.
As Andrew told a riveted audience quite succinctly: the first 1.8 seconds of an ambush is crucial to survival.
He also told us that each team member had a very specific role to play in any circumstance which required 100% trust in each member: believing that they could perform their role as you carried out yours, was the only way that the team would be able to survive that first 1.8 seconds.
This was called "The Elite Circle".
According to Andrew: casualties occurred only when one of the team members stepped out of this circle of trust. Taking on a role that was not theirs to perform.
One can draw many parallels to a "team" situation that are not as life and death oriented, but the message is clear: In times of crisis, we need to count on our team members to perform their roles, so we better have 100% faith their abilities.
We have just endured a significant economic setback, some have referred to it as a crisis.
Tony Fell, retired chairman of RBC Capital Markets and one of the most highly regarded investment professionals in Canada recently described the last 2 years as the most devastating that he had witnessed in his 50 years in the investment industry.
How have you fared through this time?
Has your financial team been working with you in a consultative, coordinated and comprehensive manner?
Do you have 100% confidence that they are looking out for your best interests?
What are your end goals? and where abouts are you on the path to achieving them?
Andrew and Pat will be back with their stories in the fall, if you would be interested in hearing them, let me know.
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