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3 Keys for COI’s to Introduce the Right Wealth Manager

3 Keys for COI’s to Introduce the Right Wealth Manager
Clients rely on centers of influence (COI’s) for a multitude of services. COI’s can be attorneys, business managers, CPA’s or other trusted advisors clients count on. Often, COI’s are called upon to introduce their clients to a wealth advisor. Unfortunately, many well intentioned COI’s do not have a rigorous process for determining which wealth managers are the best fit for their clients.

Fortunately, we are here to help!

Status is Not Everything—you CAN get fired for buying IBM

An easy mistake is recommending an advisor because they are with a name brand firm. Much like the adage, “you don’t get fired for buying IBM,” so goes the thinking with large Wall Street firms. Unfortunately, those big firms may be wrong for the client and wind up getting the COI fired in the process.

COI’s often do not understand that big Wall Street brokers are not legally obligated to do what is in their clients’ best interest. COI’s also rarely know that it is the individual brokers at these firms, not the company’s best thinking, that decides what goes in to the client’s portfolio.

When a COI refers a client to an advisor who does not do what is in their best interest and makes poor investment decisions—who will the client blame? The COI.

What does that cost?

The financial services industry does a great job obscuring how and what clients pay in fees. It is really hard to know how most advisors, brokers, managers or whatever they’re calling themselves these days, actually get paid. It’s a shame.

As a trusted COI, and fiduciary, we believe it is your obligation to understand exactly what your clients pay their advisors and what services they receive in return.

If your client winds up being unhappy with the fees the wealth manager you recommended charges, who do you think they’ll call? In our experience, they will call the referring COI. AdvicePeriod can help COI’s understand—and often lower—their clients’ fees.

One trick pony

A great many financial advisors focus on delivering one service—investment advice. They may boast of having access to exclusive investments or perhaps a proven methodology. Many will use big words and industry jargon to make their offering sound special—but ultimately, they just sell investments and your clients need more.

Your clients need a wealth manager to help them with investments, planning and all areas of their financial life. This type of advisor compliments the best COI’s, they do not compete with them.

AdvicePeriod focuses on what really matters to clients—and their advisors. Our fee is simple and transparent. Clients always know what they pay and what they pay for.

The Bottom Line

Clients rely on their COI’s to find wealth managers. AdvicePeriod can help COI’s find the right wealth manager for their clients. Our automated online tool will help COI’s determine the fees their clients are paying. Our estate planning team can help COI’s and their clients evaluate estate planning opportunities.

COI’s play a crucial role in the long term success of their clients. That is a lot of responsibility. AdvicePeriod is here to help.

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