How to Consolidate Client Assets
By Dan Richards*
March 31, 2009


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Dan Richards

No business goal is cited more often than consolidating accounts held elsewhere, based on my recent workshops with advisors.

Wanting to do this is a good start. The key question is how best to go about this.

Becoming the exclusive financial advisor for key clients has always been a priority for advisors. These days, however, this is even more important because advisors are looking to regain some of the assets lost in last year’s market decline. It’s also because of the recognition of the risk that if you don’t act, another advisor you share a client with might.

Here’s what I’ve learned from talking to clients who have more than one advisor.

Investors who have accounts with multiple financial advisors and financial institutions fall into two categories - the first group is those who have made a conscious decision to spread their relationships around, and the second category is those for whom this is more of a historical accident.

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