Saturdays are made for soccer. I’ve found myself looking forward to Saturdays all fall. It’s when I get to watch my seven year-old daughter take the pitch. It also doesn’t hurt that we have been fortunate with perfect, crisp, fall weather to go along with the play. This past weekend, I had the pleasure of meeting a grandfather on the sidelines. He was in town visiting one of the other players. For the purpose of this article, I’ll call the grandfather “Sam.” After exchanging pleasantries, Sam asked, “What do you do?” I gave him my brief headline and quickly responded, “What do you do, Sam?” It turns out Sam is a florist. I found my conversation with Sam the florist enlightening and worth reflecting on.
“What’s dangerous is not to evolve.” Jeff Bezos Over the past few years, my perspective on serving smaller balance relationships has changed. Whereas I once saw them as cumbersome and expensive to serve, I now view them as a high potential growth area for wealth managers. Over the last 20+ years, many advisors moved upmarket in large part by raising account minimums and pushing off smaller balance accounts. I myself subscribed to this strategy - it was a smart, disciplined way to achieve profitable growth. But the marketplace has changed. Now, by using smart segmentation and digital wealth technology, advisors can profitably cultivate smaller balance relationships..
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You know that you want to modernize your firm’s technology. But how much does wealth management technology cost? Knowledge is power: after reading this guide, you’ll be a smart buyer – and understand the true ‘all-in’ cost of advisor technology. 10 Factors to Consider Beyond ‘Standard Pricing’ By considering the following ten factors, you’ll make your next technology purchase with your eyes wide open: