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Articles by Catherine McBreen
Sponsored Content: The Value Of Your Team
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Most advisors see their teams as important to their client acquisition and retention efforts. • Many practices have a collection of smart people, but not necessarily cohesive teams. • High turnover—a problem for many advisors—can be a productivity killer. Greatness rarely, if ever, results from the efforts of just one person.
Sponsored Content: Capturing The Affluent Entrepreneur Opportunity
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Commit to understanding entrepreneurs’ unique needs and aspirations, and the complexities of their financial and business landscapes. • Build a virtual family office to provide a comprehensive, bespoke suite of services that mirrors the traditional family office’s exclusivity.
Sponsored Content: Attracting Affluent Entrepreneurs
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Many entrepreneurs are looking to switch advisors. • The majority want an advisor who can address professional and personal financial concerns. • Build a network to deliver the solutions that business owners expect.
Sponsored Content: Top 10 Tech Tips For Wealth Managers Today
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Create digital content that resonates with clients. • Be strategic about your social media positioning. • Use technology to personalize your financial planning efforts.
Sponsored Content: How Important Is AI To Your Future Success?
Paul Lofties CEG Worldwide, Co-host, The Preeminent Financial Advisor podcast Cathy McBreen CEG Insights, Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Affluent investors are both skeptical about cutting-edge tech and open to using it. • Younger generations show considerably more interest in AI and other emerging tech tools. • Go slow with new tech—take a phased approach and solicit feedback.
Sponsored Content: Is Your Tech House In Order?
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Younger investors are more likely to expect access to fintech. • Secure communication platforms are a key essential digital tool to provide. • Communicate your tech offerings to your clients so they know what’s there for them.
Sponsored Content: Harness Your Online Presence
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • The majority of your clients likely visit your website regularly. • Younger clients are more likely to seek out financial information on social media. • Your online content needs to look great and convey your expertise.
Sponsored Content: Teach Your Clients Well
Paul Lofties CEG Worldwide, Co-host, The Preeminent Financial Advisor podcast Cathy McBreen CEG Insights, Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Phone calls and in-person meetings remain popular. • Clients want education around topics such as tax mitigation, asset protection and estate planning. • If relevant, include specialized experts in your client education initiatives.
Sponsored Content: The Crucial Role Of Technology-Enhanced Client Communication
Paul Lofties CEG Worldwide, Co-host, The Preeminent Financial Advisor podcast Cathy McBreen CEG Insights, Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Advisors’ clients are generally on board with advisors’ communication methods. • Millennials have some distinct preferences involving video, podcasts and other, newer forms of tech-enabled communication. • Keep an eye on compliance and regulatory rules as they evolve. Bringing technology into your practice these days is easy.
Sponsored Content: The Importance Of Legacy Planning For Your Clients--And Your Practice
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Affluent clients plan to leave the bulk of their assets to their heirs. • Most affluent clients want their kids to continue working with their current advisors. • Connect with younger generations—and potential future clients—through family meetings and other types of outreach.
Sponsored Content: The Growing Demand For Virtual Family Office Services
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • The vast majority of ultra-wealthy investors want family office services and solutions. • A virtual family office business model is the right approach for most advisors looking to deliver those services. • Advisors must create and coordinate a team of experts to successfully implement a VFO.
Attracting New Generations Of Affluent Inheritors
The numbers are truly staggering: In the U.S. alone, $70 trillion to $90 trillion is expected to change hands in the coming decades--transitioning from older investors to the members of Generation X, millennials and Generation Z. Much of this intergenerational wealth transfer will come specifically from affluent baby boomers, who have seen their net worth swell over the years. These individuals have not just the intent to pass along significant sums to their heirs—they also have the ability.
Sponsored Content: HNW Holistic SOS--Your Mission To Revitalize Wealth Management
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • A surprisingly high percentage of ultra-wealthy investors don’t appear to work with accountants or attorneys. • Bringing non-investment expertise into your clients’ lives can help you add tremendous value. • Working closely with other experts can also potentially put you in front of more ideal prospective clients.
Sponsored Content: To Attract The Ultra-Wealthy, Partner With Them
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • The vast majority of the ultra-wealthy want to be actively involved in day-to-day investment management decisions. • A whopping 94.9% of this age group want active involvement in the day-to-day management of their investments. • Position yourself as your clients’ CFO and use tech to deliver a hands-on experience.
Sponsored Content: What It Takes To Serve The Ultra-Wealthy
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Investors with $25 million or more in net worth probably aren’t all that different in key ways than the clients you’re serving today.\ • Millennials—those born between 1981 and 1995—make up a surprisingly large percentage of today’s ultra-wealthy investors.
Sponsored Content: More Than Money--Why You Need To Help Clients Build A Life of Significance
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Fulfilling personal relationships and good health are key nonfinancial concerns of the affluent that you need to recognize. • Going beyond the numbers is a good way to attract additional assets. • Build a virtual family office that delivers tremendous value.
What The Wealthiest Want
Many of your clients’ definition of success these days encompasses far more than simply having lots of wealth. Being successful increasingly means achieving important personal and professional goals along with possessing a deep sense of happiness, significance and purpose. Do you understand what your clients want out of life? Do you know what “living their best life” means to each of them? Are you ready to help them achieve what really matters most to them?
Sponsored Content: Are You Helping Your Clients Live Their Best Life?
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • The wealthiest among us want respect from colleagues and peers to feel successful. • Too many advisors aren’t being proactive enough with their clients. • Understand your clients on a deep level.
Help Your Clients Achieve Success On Their Terms
Many clients’ definition of success these days encompasses far more than simply having lots of wealth. Being successful increasingly means achieving important personal and professional goals along with possessing a deep sense of happiness, significance and purpose. Do you understand what your clients want out of life? Do you know what “living their best life” means to each of them? Are you ready to help them achieve what really matters most to them?
Sponsored Content: Are You Prepared To Help Clients Live Their Best Life?
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Clients increasingly want you to help them achieve their “best life.” • Different generations tend to define a successful life in very different ways. • Tailor your conversations and solutions based on your deep knowledge of each client.
Work Your Core: Delivering An Exceptional Investment Experience
Chances are, asset management is the core of your businesses—even if you go well beyond investments by creating teams of experts in other wealth management disciplines and building a virtual family office. And much like a personal trainer might implore you to strengthen your physical core, we believe it’s vital to ensure the business core of your practice is in great shape.
Sponsored Content: Your Clients Are Not Impressed. Here's What To Do About It.
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Around half of advisors’ clients aren’t getting what they need from those advisors. • A deep discovery process can differentiate your practice from the rest. • Conducting re-discovery with existing clients can be a huge business development tool. Your clients think you’re terrific, right?
Sponsored Content: Do You Know What's Worrying Your Clients? Are You Sure?
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Inflation, politics and market volatility have many investors on edge these days. • Educate your clients about the issues that worry them—and help them see how they may not be as problematic as they assume.
Sponsored Content: Want Loyal Clients? Do This!
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Offering comprehensive wealth management can greatly improve client loyalty. • A key component of comprehensive wealth management is advanced planning that goes beyond investments. • Skillfully managing relationships—with clients and with a team of experts—is crucial to effective wealth management.
Why Aren't You Giving Clients What They Want?
As an advisor, you deliver the services and solutions that your clients most want and expect from you—and you deliver them well. Right? Don’t be so sure. Our research found several major disconnects between what advisors promise their clients—and even believe they deliver—and what those clients actually think they get from their advisors.
Sponsored Content: This is What Opportunity Looks Like!
Paul Lofties, CEG Worldwide Co-host, The Preeminent Financial Advisor podcast Cathy McBreen, CEG Insights Co-host, The Preeminent Financial Advisor podcast Key Takeaways: • Large numbers of affluent clients are actively looking for new advisors or are open to switching their advisors. • Offering prospective clients a second-opinion service can be a great way to build your business right now.
Picking The Right Advisor Tech For Your Clients
There’s no question that technology and wealth management have become inextricably linked. Investors are increasingly weaving tech tools into their financial journey and looking for advisors to support them by doing the same. But not all technology is especially valued or welcome by today’s affluent investors. What’s more, the acceptance and usage of specific types of technology often differ based on factors like clients’ age and net worth.
The Key To Attracting And Serving Ultra-Wealthy Clients
Advisors looking to move upmarket have the potential to generate strong organic growth by delivering a family office-style experience to a cohort that many consider to be the crème de la crème: ultra-wealthy investors with more than $25 million of net worth (exclusive of a personal residence). To accomplish that, you first need a clear understanding of this market segment’s preferences and demands.
Playing Offense And Defense To Generate Organic Growth
As we navigate the tumultuous currents of 2023, opportunity is emerging from uncertainty. As a financial advisor, you stand at a crossroads. The path you choose could lead to unparalleled growth—or stagnation. The fact is, clients need you now as seldom before and are looking to you for leadership. Take the right steps today, and you will reinforce the trust and loyalty of your current clients while also drawing in a new wave of affluent clients seeking guidance amid the storm.
Advisors' Organic Growth And The Future Of Wealth
Organic growth is the key to financial advisors' and wealth management firms’ future success. Advisors and senior executives need to identify where that growth will come from—and position themselves to capture it. When assessing the future, it’s often wise to begin by looking at where we’ve been. Trends over time can give advisors and senior executives essential clues about what’s to come. “Past is prologue,” as Shakespeare wrote. Consider how wealth distribution has evolved.
Actions Taken by Investors Due to Inflation
High inflation has become a major issue all around the world, with many countries facing it on a regular basis. Inflation can have a profound effect on the economy, leading to a decrease in purchasing power and an increase in the cost of living. Many investors are being forced into making changes to their behaviors as a result of the current inflationary environment.
When Investors Should Consolidate Assets
Consolidation of assets is something that many investors consider at some point in their financial lives. While it is possible to manage your investments on your own, it can be difficult to keep track of all your investments, as well as the different strategies and options available to you. A financial advisor can help you make the most of your investments, while at the same time helping you develop a comprehensive plan for your financial future.
Asset Allocation Among Wealthy Investors
In today's fast-paced and complex financial landscape, individuals face a variety of challenges when it comes to managing their wealth. One key challenge is determining how to allocate assets across different investment options to achieve a balance between risk and reward. The data provided shows how individuals distribute their wealth across different asset classes, offering insights into their investment priorities and strategies.
Millennials Are Massive into Stocks
Stock ownership among Millennials, those born between 1981 and 1996, has become a hot topic in recent years. With the rise of the gig economy and increasing student loan debt, many Millennials are looking for ways to build wealth and secure their financial futures. Investing in the stock market has emerged as a popular strategy, but just how many Millennials are investing, and what are the implications for their financial well-being?
Recession Impacting Trust in Advisors
The current recessionary environment has been very challenging for many of us, and it has had a significant impact on many investor’s financial actions. Investors look to their financial advisor to help them weather this financial storm. During challenging times investors are also likely to evaluate their relationship with their advisor, and will either increase their level of trust in their advisor, or they will lose trust in their advisor.
Where Will the DOW End 2023?
The Dow Jones Industrial Average (DJIA) is one of the oldest and most widely followed stock market indices in the world. The DJIA took a sharp downturn due to the COVID-19 pandemic, falling below 23,000 in March 2020. Since then, the DJIA has recovered significantly, and is currently hovering around the 32,000 mark.
Which Wealth Management Firms Fit Investors Needs Best?
The financial industry is the second largest industry in our country, second only to hospitals and medical insurance. This creates an environment where there are a multitude of financial firms for investors to choose from, which can also create confusion on where to go for support and wealth management. This does, however, allow for investors to find the firm that works best for their specific situation and individual preferences.
Essential Digital Tools for Wealthy Investors
The digital landscape has changed significantly in the past few decades. What previously used to only be accomplished in person can often be accomplished through digital platforms now. Individuals are becoming increasingly comfortable with conducting transactions online. Younger investors are more comfortable with online activities, as are investors at higher levels of wealth. Given the increasing capabilities of online platforms, what available digital tools are the most essential?
Are Millionaire Investors Friends With Their Advisor?
There is a fine line between professionalism and friendship that many relationships do not cross. Many individuals have seen their physician, accountant, or lawyer many times over several decades of working together, which brings a familiarity to the conversations and interactions, but might stop short of being viewed as a “friend”. Other individuals start these relationships from the perspective of friends, and it develops into a professional interaction as well.
Are You Using Your Bank’s App?
“There’s an app for that” is something that is often heard by individuals when it comes to different ways they can utilize their phone. Apps are a simple way to interface with companies or providers of a variety of services on a mobile platform. These apps often have a more mobile-friendly version of the services available through a website, or in some cases, services and features that are only accessible through the mobile version.
The Influence of Social Media Influencers
The occupation of “Social Media Influencer” is a fairly new occupation that describes an individual that makes their living through posting on social media, and that posting influences other individual’s habits. The income can be derived from a variety of sources, from direct donations, to corporate sponsorships, to merchandise sales.
Preferred Financial Education Methods of Investors
Learning is a process that never stops. People are constantly learning throughout their lifetimes. How each person chooses to learn is as varied as the person itself. Some people love to learn through hearing an expert on a topic speak, while others learn through reading about things they would like to gain more information regarding. Other people also like to watch videos to gain information that they are looking for.
Investors: What To Do With $100,000?
Imagine someone gives you $100,000 and you must determine what to do with it. Would you save it, invest it, buy something? If you invested it, how would you allocate that $100,000? Would you be making these investment decisions on your own or would you enlist the help of a financial professional to help you allocate the $100,000? Fifty percent of investors would choose to invest the money, according to recent research from Spectrem Group.
Do You Dine With Your Advisor?
Sitting down and enjoying a nice meal with someone often puts the relationship on a different level. The conversation is often more relaxed, and the individuals can get to know one another on a deeper level. Many investors see their financial advisor primarily at their advisor’s offices, although sometimes they go out to eat and enjoy a meal with their advisor. Some investor segments are more likely than others to join their financial advisor for a meal.
The Most Viewed Cable News of the UHNW
Gone are the days of only being able to obtain news and information on the television through the basic channels. Television watching has evolved significantly over the past several decades, going from turning knobs to change between the three to five channels available, to remote controls and hundreds of channels to choose from.
The Factors Impacting Advisor Loyalty
Investors have many choices when it comes to their financial advisor, and they often are solicited to change advisors or consolidate their assets. What keeps investors from continually changing advisors, besides the hassle, is loyalty to their current advisor. How loyal an investor is to their advisor is dependent upon a wide variety of factors. Each person has to decide just how loyal they will be to their financial advisor.
Are Investors Changing Advisors in the Recession?
This past year has not been a very positive one for the stock market or the economy, resulting in the US entering a recession. These challenging times can often cause investors to examine their investments more closely and want to become more involved in the daily management of their investments. It can also cause investors to examine the relationship they have with their financial advisor and decide to look for someone new, or make the decision to hire a new advisor.
The Connection Between Family Nationality and Financial Matters
Where one’s family came from can have a significant impact on an individual. Favorite meals, appearance, mannerisms, and habits can all have origins in where their family originated from. When someone’s family has been in the United States for many generations this may be less noticeable than for someone who is first generation. Do family origins impact other components of an individual’s life? Will investor’s risk tolerance or investment choices be impacted by their family’s nationality?
Impact of Recession on Advisor Relationships
A recession is typically determined as the economy having two consecutive down quarters. However, it isn’t as cut and dried as that because everything regarding economic information is looked at in arrears. This makes it so often a recession is not declared until months after the recession has occurred. This declaration comes from the National Bureau of Economic Research, and they look at many different data points, not just stock market movements.
Investors More Involved in Portfolio Management
The DJIA has plummeted by over 6,000 points in the past year, with huge swings throughout the process, causing concern amongst even the wealthiest of investors. The market decline has caused many investors to reevaluate their investments and their financial plans. Investors are needing to make choices regarding what they will do as a result of the market volatility, and how concerned they should be regarding this issue.
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