During this 4–day financial training course you will learn how to:
- Attract family office level clients and build higher level trust relationships
- Retain family office level clients and create advocates for your firm
- Quantify highly qualitative client information into a utilisable format
- Deliver a new service model that will leave the competition in the dust
- Use new tools to offer more robust and effective client service and aid in asset allocation design
- Build relationships with the next generation
- Attract more assets from the current generation and existing clients
- Work with other advisory professionals for the benefit of clients, enhancing the value proposition in the process
Course Background
The clients who are most prized in the industry today are families of wealth. Yet the quality of service to this sector is largely fragmented and offers a less than satisfactory experience to clients.
Of the $35 trillion in high-net-worth assets globally, private banks are estimated to manage only 15% of this fragmented market.
In response to serious competition from multi-family offices, private equity and hedge fund, private banks have successfully raised their investment performance in particular offering greater access to alternative and structured investments. Today’s clients seek a higher level of service typically offered through family offices. To effectively compete and increase share of the high net worth market, skilled client servicing and marketing which can identify and meet clients' investment goals is paramount.
This course is designed to familiarise private banking professionals with the components of family office level service amid a rapidly changing marketplace and the new requirements of today’s more sophisticated clients. It employs a new service model complete with components of diagnostic questions, behavioural finance, and an innovative goal-based asset allocation application. Using specially designed tools, the course will create a utility from ‘inside’ qualitative client information which leads to more effective service delivery and more highly customised strategic asset allocation.
This interactive course which uses case studies and role playing will also highlight marketing skills for the new service model which will set private bankers above their competitors, leaving them effectively in the dust.
Day 1
Generational wealth management and the 21st century advisor
- Introduction and overview
- What the course will cover
- The new paradigm since 2008
- Methods to be used (case studies, role playing)
- The new service model
- The new wealth management landscape
- How client needs have changed since the 2008 crisis
- The 21st century client: working with the Generation-X investor
- How advisors can effectively serve clients of different generations in the same book of business (case study)
- What wealthy clients are looking for in asset allocation and product availability
- What clients know and what they think they know (case study)
- Advising clients in the new paradigm
- What clients of wealth are looking for in their advisory relationships but are not finding
- The difference in a regular advisor, an Personne d’Affair, and a Personne de Confiance
- The key to unlocking client needs
- How to match your bank’s services with the needs of clients today
- Becoming a resource for the wealthy client
- Robust service through teams
- Combining professional talents effectively
- Developing relationships with outside advisors
- Simplifying wealthy clients’ complexities
- Day 1 recap: What we have learned
Day 2
Wealth transfer for the new paradigm
- Generational wealth management
- How generational perspectives determine the dynamics of the family
- How generational perspectives and family dynamics influence wealth management decisions
- Why the roles of family members matter (case study)
- Using matrix I: identifying roles of family members
- Family virtues: the new wealth transfer vehicle
- The real definition of family wealth
- The new view of wealth transfer
- How wealth transfer affects the family legacy (case study)
- Using matrix II: identifying the goals of the family, individually and collectively
- How family governance influences every decision your clients make
- Three types of governance: family governance, family office governance, and family business governance; How they’re related, how they are different
- How governance affects the client/advisor relationship
- The role of the private bank in family office governance
- Working with families of wealth and the family office
- An overview of new family office structures including the virtual family office
- Day 2 recap: What we have learned
Day 3
Linking relationship management to strategic asset allocation
- Goal-based asset allocation
- Taking Jean L.P. Brunel’s goal-based asset allocation model and plugging in the information learned so far; utilising the information that results from that process.
- Introduction and implementation of matrix III
- Asset location
- Why ownership structures make a difference
- Characteristics of different ownership structures that can affect asset allocation for European families
- How behavioural finance fits into the equation
- Employing behavioural finance to translate family goals into the language of investing
- Translating family goals into strategic asset allocation
- Plugging traditional asset allocation into the new goal-based model
- New considerations for robust asset allocation
- Positioning product within the new asset allocation design
- Non-traditional allocation components and how they complement the new service model
- Day 3 recap: What we have learned and preparation for the implementation segment
- Implementation: Identifying roles; creating family mission statements
- To truly put the advisor on the “same side of the table” with the client, this session will create a family from the participants present to show advisors the family client’s perspective in working through issues they face. This session will begin the assimilation of everything participants have learned over the past three days into their day-to-day functions. It will equip participants to take key skills home and implement them in their normal work environment.
Day 4
Continued implementation and marketing
- Implementation continued:
- This session will continue with the ‘family’ created on day 3 and will work through the issues of holding a family meeting, identifying their goals, working through behavioural finance elements, and using the goal-based allocation as a foundation for the strategic asset allocation. It will highlight the role of the private banker in this process and how products may most appropriately be brought in to strengthen and support the client/advisor relationship rather than just being used as a sales vehicle.
- Evaluation of implementation experience
- Marketing for the new paradigm
- How private bankers fill a niche in today’s world
- What makes your private bank different?
- Reconciling the new service model with the private banking bottom line
- How to get the message out effectively to today’s marketplace
- Overview of effective marketing strategies and activities
- Final discussion of assimilation tips and challenges
Course summary and close
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Lisa Gray
Lisa Gray consults with families of wealth and their advisors on employing family wealth perspectives to enhance relationships and client service. She has 19 years' experience in the wealth management industry and is the founder and managing partner of her own training and consultancy firm.
In 2004, she developed the firm’s proprietary Wealth Optimisation Consulting™ concept which stresses the influence of family dynamics and governance on wealth management decision making. The concept is outlined in her book, The New Family Office: Innovative Strategies for Consulting to the Affluent. She has served on the CFA Institute’s editorial board for financial writers and has been a member of the Investment Management Consultants Association, the CFA Institute, and the Memphis Society of Financial Analysts. Lisa emphasises the importance of ongoing investor and advisor education in her work and is a sought-after resource for the family office and financial services industries on matters relating to family wealth.
She is a frequent author, speaker, panellist, and media resource on family office and wealth management topics as well as a consultant. Her new book, Generational Wealth Management: A Guide for Fostering Global Family Wealth, has been published by Institutional Investor/Euromoney Books in Spring of 2007. “Lisa's skill is that she mixes very insightful comments with right-on-point actual examples which helps listeners see both theory and practice simultaneously.” Jean L.P. Brunel, CFA, Editor of The Journal of Wealth" Management, Trustee of the Research Foundation of the CFA Institute, and author of Integrated Wealth Management: The New Direction for Portfolio Managers, Second Edition.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
This course has now expired please email us to find out when the course will next be running.