Optimizing Your Financial World - Episode 2 (What Makes a Good Wealth Manager Great?)
In the second installment of Optimizing Your Financial World, Mark and Ryan explore the key ingredient missing from most wealth managers and why affluent individuals should be demanding this ingredient when working with their financial professional.
It's no secret that affluent individuals, families, and business owners have access to financial professionals who possess the highest level of financial acumen. However, in most cases today, that isn't enough to develop a comprehensive and customized wealth plan. Wealth managers need to be incorporating the human element into their dealings with clients. Only by understanding a client's core values and personal goals, will a wealth manager be able to develop the most effective plan.
So sit back, relax, and enjoy another great conversation surrounding you, the client. As Mark shares, a wealth manager needs to understand what is most important to you, in order to develop a plan that works FOR YOU!
Timecodes:
0:08 - Overview on today's topic and introducing Mark Wade
2:35 - Why affluent individuals should be demanding more from their financial professional
3:30 - The missing link with most wealth managers today
4:02 - What does the human element entail within wealth management
5:00 - Why the human element is vitally important and should be included in your wealth plan
7:35 - How the human element is weaved into the stress testing process
8:52 - Instances where stress testing reveals no issues for clients
10:30 - How to tell if a wealth manager truly cares about their clients and incorporates the human element
12:00 - What Mark would look for in a wealth manager if he was a perspective client
13:10 - What a good and thorough discovery process looks like
14:14 - The importance of wealth managers listening to clients and not just giving lip service
15:50 - Closing remarks
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