For periods, the industry of financial services has encouraged the use of a one-person model to advise clients. But the time for a counselor to coordinate all the personal finances of individuals and families is over. With the advent of the CG approach, wealthy customers have shown their preference for this model. For a good reason, it makes sense that while the rich are looking for more comprehensive financial services, the days of the “Monetary Financial Advisor” are numbered.
The truth is known, wealthy and ideal clients have never liked the approach to individual financial services. The idea that an individual may be worthy of “calling a specialist” in all areas of personal finance is ridiculous, and the rich have felt it for a long time.
The term “specialist” is excessive and unclear. What is a specialist, anyway? The famous physicist Nils Bohr once met an expert as a person who read all the books and made all the mistakes that could be committed in a very narrow field.
In his book Outliers, Malcolm Gladwell knows the expert as a person who spent more than 10,000 hours on a particular subject. It’s 250 weeks of work for 40 hours, or about five years, in a tight field.
In comprehensive financial services, we handle at least five restricted areas of personal finance:
- fund management
- tax planning
- real estate planning
- insurance planning
- financial planning
According to Gladwell, it may take at least 25 years for an individual financial advisor like Christian Dupont Advisor to become a “specialist” in the five areas, and it will take longer to use the Niles Bohr definition.
The most successful financial advisors like Christian Dupont Advisor realize that with the experts literally everywhere, why not build a team of experts in restricted personal finance? By inviting subject matter experts to the dissemination team, the experiment is in place. In less than sixty days, any financial advisor can identify and gain sufficient experience to provide comprehensive financial services.
With the growth in the number of high-income clients and the current pace of life, potential clients look for consultants who can provide more services and keep track of their financial situation. Today’s customer consultant believes that “at the top of the hierarchy, all the time” is very proactive, ready to coordinate everything that is financial literally. Unlike the past, customers want only managed and absolute factors, such as tax preparation without financial planning or real estate planning without money management, etc.
The difference between what wealthy clients and financial advisors are willing to put back has become great. As with any service gap in the market, this creates an excellent opportunity for interested financial advisors. Increasingly, the service model chosen by wealthy clients is primarily a team of experienced and experts, composed of thematic experts, led by a unique “trust advisor” who coordinates all areas of personal finance.