Welcome, everyone! Welcome to the 78th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Charlotte Beyer. Charlotte is the founder and former CEO of the Institute for Private Investors, a private networking organization specifically for ultra-high-net-worth investors, and some of the advisors who serve them.
What’s unique about Charlotte, though, was the way she built a series of conferences, networking events, and online community for ultra-high-net-worth individuals before the world of social media and online communities became what they are today… and in doing so, demonstrated and proved that ultra-high-net-worth clients really do have a set of unique needs and challenges, for which they need both an organization, and advisors, dedicated to serve them.
In this episode, we talk in depth about the two biggest worries of ultra-high-net-worth families – which is not necessarily about how to maximize their investment returns or even minimize their taxes, but how ensure that their children don’t grow up to be entitled or otherwise adversely impacted by the family wealth, and how to avoid the risk of being “taken” and conned or scammed out of their money – what Charlotte calls the five “Ps” that she counsels ultra-high-net-worth investors to consider when evaluating an advisor, including the firm’s People, Performance, Process, Philosophy, and Phees, why the future of working with the ultra-wealthy is all about high-tech and high touch, and what ultra-high-net-worth investors really want to hear from an advisor to connect with them in a world where they hear a ton of advisor “pitches” to them that all sound the same.
We also talk about how Charlotte herself built IPI as an organization, how the effort to create a community organization for ultra-high-net-worth investors almost failed out of the gate, the way she structured the organization’s meetings and established group norms to promote the interaction between ultra-high-net-worth investors and the advisor community, and the lessons that any advisor can draw in figuring out how to really listen to the clients you’re serving an adapt what you offer them to fit what they really want and need.
And be certain to listen to the end, when Charlotte provides her suggestions about what financial advisors should consider if they want to move “up market” into serving ultra-high-net-worth clients, and the way the ultra-high-net-worth space is shifting as wealth gets younger (with the rise of Gen X and Gen Y ultra-high-net-worth investors), as women control an increasing portion of ultra-high-net-worth wealth (and have different expectations of their advisors), and as the advisor value proposition itself continues to change as technology automates for free many of the things that we previously were paid for.
So whether you are interested in learning more about how to build a community around your niche, the unique challenges and goals of ultra-high-net-worth individuals, or what you should consider if you are interested in moving “up market”, I hope you enjoy this episode of the Financial Advisor Success podcast!
source https://www.kitces.com/blog/charlotte-beyer-institute-private-investors-podcast-ipi-wealth-management-unwrapped/
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