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Michael Kitces #FASuccess Podcast: How to Serve UHNW Clients with Charlotte Beyer

The biggest worry among ultra-high-net-worth families is not how to maximize investment returns, but rather how to ensure their children don't grow up to feel entitled or otherwise adversely impacted by family wealth, IPI’s Charlotte Beyer told Michael KItces.

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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 an online community for UHNW individuals before the world of social media and online communities became what they are today … and in doing so, demonstrated and proved that UHNW 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 UHNW families, which is not necessarily about how to maximize their investment returns or even minimize their taxes, but how to ensure that their children don’t grow up to feel entitled or otherwise adversely impacted by the family wealth; how to avoid the risk of being “taken,” conned or scammed out of their money; and what Charlotte calls the five “Ps” to consider when evaluating an advisor—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 UHNW investors really want to hear from an advisor in order to connect with them in a world where they hear a ton of advisor pitches 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 UHNW investors almost failed out of the gate; the way she structured the organization’s meetings and established group norms to promote the interaction between UHNW investors and the advisor community; and the lessons that any advisor can draw in figuring out how to really listen to your clients you’re serving and 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 UHNW clients, and the way the UHNW 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 UHNW wealth, who 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 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!

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