( 5 reviews )
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( 3 of 4 found this review helpful ) Posted: Sep 1 2004
I found the book terrific. It is packed with good ideas, and outlines for the different areas for growing/and improving a practice. We will use the book as an outline for making long-range plans.
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( 23 of 27 found this review helpful ) Posted: Jul 13 2004
As someone who is currently on the path to becoming qualified to manage money for the super-wealthy (I currently have or am attaining CFA, CPA, CFP, JD), I do agree with the book's mantra that E = MC2 , or education = more compensation. My career goals are mainly focused on creating my own boutique firm specializing in wealth management. With that in mind, I read this book hoping to get some real insight into what the wealthy want from a financial planner / problem solver, but in the end came away highly disappointed. The book seemed to repeat itself at times, which wouldn't be bad if the information was profound. Instead the book is very vague and simplistic. For example, any planner who has even minimal experience knows that you should go after fewer, wealthy clients in order to maximize profitability, but the authors seem to think the reader wouldn't know this before hand.Further, the time devoted explaining how personalized letters and attention will make clients happier is a no-brainer. Examples of types of products the wealthy prefer, such as hedge-funds and other nontraditional investments vs. the front end load mutual funds and annuities that most brokers/planners sell would be much more appropriate in this book. There are also no hard numbers such as what the average fee structure is on certain sized accounts. One part of the book that made me down right angry with the authors was the example of the "personalized letter" they sent to their clients and published in the local newspaper after 9/11, which they purchased from a marketing firm! Savvy clients see through these sorts of cheese ball attempts to get more money. Truly successful (not just monetarily) planners rely on competence, knowledge, sincerity, and results, not corny sales and marketing tactics like these authors recommend. If you are thinking about getting into the financial planning business for the first time, then this book might be helpful, especially the chapters on maximizing the broker-dealer relationship. However, if you are truly interested in learning how to "build a high-end financial planning firm," look elsewhere.
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( 3 of 3 found this review helpful ) Posted: Jun 11 2004
Cliff and Jill have written a very practical approach to building a high net worth customer business. They understand that in order to be truly successful in this business, one must be a personal solution-provider, not a financial product purveyor; and customers' needs are constantly changing. Staying in touch and in sync with customer needs is the key to a succesful apporach. As I read this book, I tried to think of myself as a current wirehouse or independent contractor rep who was in the process of deciding whether it made sense to join a firm like Oberlin Financial. If one has any inclination to take more control over his or her daily business activities, and take more control over the path to financial rewards -- this book serves as a "how to" guide for that process.Nice job, C & J. Best of luck in all your endeavors.
