When an individual reaches the seven or eight figure club, everything might seem to get just a bit more complicated. Adding another digit to your net worth is a great accomplishment that very few achieve, but this comes with great responsibility. A financial advisor can either simplify everything or add another layer of problems. Here are some things to consider when High-Net-Worth (HNW) or Ultra High-Net-Worth (UHNW) individuals are choosing a financial advisor:
Find an Elite Advisor.
HNW investors should work with a financial advisor who provides custom financial solutions specific to their situation. The one size fits all approach that many large banks and main stream institutions isn’t what this elite group is looking for. HNW individuals can have very complex financial situations that take more planning than the average investor’s situation. Their situation might include business interests, multiple real estate properties, luxury assets, complex trusts, dozens of financial accounts and mapping out all of these moving parts can be a daunting task. Having the right advisor to package together all of this in a way that is simple, but sophisticated is key.
Simplicity is the ultimate form of sophistication.
Have you ever left a sales meeting totally confused and couldn’t remember hardly anything that the presenter talked about? While the presenter might actually be very good at what they do, they failed to communicate their value proposition in a way that makes sense to their ideal customer. They were too focused on talking about all of the processes, details, fancy tools and jargon. Instead, a good presenter would focus on their ideal customer’s biggest problems then give the best solutions to solve those problems, getting them to the outcomes that they are looking for. This is what separates your average financial advisor from the elite. Being able to take very complex financial situations and condense them into very simple presentations and conversations with the client. The devil is in the details, don’t confuse simplicity with lack of sophistication.
Does your financial advisor fit in with your inner circle?
Would you enjoy hanging out with your financial advisor outside of the office? This might sound silly, but it’s more important that you might think. You’ll be sharing very confidential information with them, and spending many hours every year having financial planning conversations, so be sure you are working with one that you enjoy spending time with. Start by asking yourself if they would fit in with your inner circle of friends. Better yet, invite them out with your group the next time you go out for dinner or drinks as an interview. Doing this can expedite the process of really getting to know them and can help when determining how trustworthy they really are.
Looking to add an elite HNW / UHNW financial planner to your team? Schedule a time to speak with Trent Grzegorczyk by going to micapitaladvisors.com/talk
MICAPITAL is a boutique private wealth planning firm specializing in serving an exclusive group of affluent and HNW individuals and families.