RECAP: 2019 FOX Wealth Advisor Forum

Trends in Integrated Wealth Advisor Selection

Presenters:
Wally Head, Vice Chairman, Gresham Partners, LLC
Drew McMorrow, President & Chief Executive Officer, Ballentine Partners

Moderator:
Charles B. Grace, III, Managing Director, Family Office Exchange

Session Description: 

This session looked at the wealth advisor selection process from the perspective of families and advisors. The discussion covered trends in advisor selection as well as key elements driving the search process. What are families doing to identify the right advisors and what are they seeking? How are successful advisors attracting clients? Case studies and examples were explored to derive lessons learned by advisors and families. 

"Families are sensitive to an alignment of values between their family and the firm they ultimately select."
- Wally Head
"Lead with your table stakes capabilities and follow with what differentiates your firm"
- Drew McMorrow
Key Takeaways: 
  • Be aware of families that try to shortcut steps in the advisor selection process and coach them to stay the course as it leads to better outcomes for both the client and the firm. However, it is not uncommon to lose a search and for the client not to hire anyone.
  • We are seeing a trend of clients wanting to understand cost at a greater level of detail than in the past. 
  • While it is important to lead with investment performance, great performance is just “table stakes” required to stay in consideration during the search process, but offers no guarantee of winning. 
  • We are seeing a greater presence of the next generation participating in the selection process, even in the final decision. This is great news for advisors as it reduces the likelihood of advisor turnover that often happens with generation succession. 
  • Advisor selection is often based on the “sizzling” new product/service and the chemistry between the family and advisor. 
     

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(FOX Members only)