What Wealth Management Can Learn from Other Industries

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The entrepreneurial culture and meritocracy of the wealth management industry is what makes this profession unique. But have you ever wondered what we could learn from other industries?

Here are some ideas:

1. Obsess about your ideal customer

If a big consumer foods company is about to launch a new product, it builds an identity for its ideal customer. Let us say you are launching a new protein bar. Whole departments will spend months creating that ideal identity. “Meet James (yes, they actually name the person) … he holds this job … he lives in this city … this is his marital status … he went to this college … he drives this car … these are the hobbies he does at the weekend … this is where he vacations.” It goes to this trouble because it makes marketing decisions extremely easy. How should it market the protein bar? Should it do TV advertising or sponsor a sports team? Well, what would “James” think is cooler? Where would James see it?

What can we do in wealth management? Go through the same brainstorming process thinking about your ideal client. Build your client experience so that it solves the challenges that ideal client faces. For example, Michelle Smith, CEO of Source Financial Advisors in New York, created a “Wife2CFO” program specifically aimed at women who are managing their own wealth for the first time following divorce. The program begins while the client is negotiating their divorce and then the program charts a client journey with coaching throughout.