What are the key requirements to close the deal and secure a new client as a...

What are the key requirements to close the deal and secure a new client as a long-term customer for a successful wealth manager ? (300words)

Expert Solution

Wealth managers are experts in relationship management. Key skills of wealth manager are -

1. Confidence and excellent communication skills: A bulk of wealth management roles is of the relationship management type. The RM must be able to understand client requirements and also be able to put forth his /her suggestions to the client effortlessly.

2. Knowledge of investment products: UHNI and HNI clients have a lot of money waiting to be invested in a plethora of different products. It is essential that the RM or product manager is well versed with different types of products and is able to suggest these and even generate new ideas.

3. Problem-solving: Clients call up the RM from time to time to discuss problems/issues. The RM must be a great problem solver with good turnaround time.

4. High level of integrity: Since Wealth Managers are privy to details of the assets of their clients; they have to be high on integrity or risk losing face for themselves and their firm.

Most financial advisors come to depend on a referral network in order to generate new business. Tactic that some of them use is to provide a free consultation where they will give an honest second opinion to prospective clients on how well their current advisors are meeting their needs. Their marketing efforts are also usually more focused and monitored in order to maximize their results. Many of them employ computer programs that closely track all of their marketing activities and results and show them which methods of generating clients are the most effective. Most elite advisory firms are able to efficiently delegate tasks among their employees so that the principals of the company can spend more time interacting with clients and servicing their needs on a personal basis.

These are the key requirements to close the deal and secure a new client as a long-term customer for a successful wealth manager

jeff jeffy answered 1 year ago

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