Managing customers’ money is not enough; financial advisers now deal with clients’ lives.
An essential fashion within the financial advice business during the last decade is the transformation of an adviser from asset managers who assemble investment portfolios to lifestyles planners who deliver huge concierge services, from professional training to negotiating a vehicle buy.
Some advisers take this further by serving as a statistics clearinghouse to elevate a client’s life. For instance, Conway Wealth Group, a ten-character advisory company in Parsippany, N.J. With roughly $300 million in assets beneath control, ambitions to provide complete monetary making plans — after which some.
The firm is devoted to assisting its customers to lead happier, more fulfilled lives. Clients take a survey to evaluate the principal factors of their existence. Respondents rate on a 1-to-10 scale their pride in 10 soul-searching categories, from their health to their process to amusement activities. The firm’s planners then boost those ratings, possibly by finding more pleasing ways for clients to interact in philanthropy or derive more joy — and much less conflict— from their private relationships.
“Taking this five-minute quiz uncovers great problems,” said Zachary Conway, dealing with director at Conway Wealth Group. “It allows us to head lots deeper with clients. If a person isn’t all that happy with wherein they live, as an instance, we might spend half-hour speakme about their state of affairs at domestic and whether they should circulate.”
During quarterly evaluation conferences, customers are requested to retake the survey. The company can then track results and quantify its potential to increase clients’ contentment and peace of mind.
Conway and his team have assembled a “lifestyles and wealth community” of outdoor experts — individuals and firms focusing on regions from charitable giving to nutrients and personal jet charters to further their task to enhance clients’ lives.
“We created the network as a formalized useful resource for clients desiring a boost in anything region,” Conway said. “Many advisers, mainly on the wirehouses, would possibly have a few things of a concierge crew with excessive-contact family office answers. But they’re frequently reactive with those offerings, now not proactive like ours.”
Conway recognizes the dangers of turning into entangled in customers’ lives. He says his team spent significant time conferring with lawyers about the characteristics and shape of the community.
“There are inherent liabilities in this,” he said. “We’ve needed to parent it from a compliance and legal attitude regarding the contracts between us and the providers, and making sure the disclaimers are appropriate on our internet site.”
Conway envisions the network to differentiate his firm from competitors and advisers at large economic establishments.
“With this network, the connection dynamic shifts dramatically,” he stated. “You cross from ‘Mr. Money Manager’ to a true adviser supporting your consumer stay a higher existence.”
