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The Diamond Podcast for Financial Advisors: Closing the Gap Between HNW Client Expectations and Advisor Services

John Bowen describes the research from his team at CEG Worldwide regarding what high-net-worth clients want most from their advisors.

In the wealth management industry, we often talk about the incongruence between an advisor’s expectations and those of their firm.

But what about the clients? Are their expectations well-aligned with the advisor’s ability to serve them? What if you had an inside look at exactly what products and services your clients wanted most?

Consider how immensely powerful having access to this information could be:

  • You can custom-curate your value proposition, offerings, and service delivery to meet your clients’ specific needs.
  • You can better differentiate your business from others in the field, addressing needs that might otherwise be overlooked by your competitors.
  • Plus, the ability to better serve your clients will foster enduring relationships, more referrals, and sustainable growth.

With all that in mind, John Bowen and his team at CEG Worldwide embarked on a data-driven exercise to determine what high net worth clients want most from their advisors.

Ultimately, they found a significant gap between clients’ expectations and the services that advisors delivered.

In this episode, Louis Diamond and John dive deep into the survey data and come up with valuable insights for all advisors – whether you’re at a wirehouse, regional, boutique, or independent firm – including:

  • What high net worth clients really want from their advisors.
  • How to optimize your service delivery by filling gaps perceived by clients.
  • Whether your firm is helping or hindering your ability to serve clients.
  • How to identify new and unique differentiators for your business based on your clients’ needs.

In a more competitive and commoditized world, it’s critical to leverage any advantage available to be more intentional and thoughtful in how you manage and grow your business. This episode provides action items to help you get started on a new path to thinking about delivering exactly what clients want.

Mentioned in this episode: “Wealth Management Gap Play to Win” report 

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