How Wealth Managers Add Value in a No Returns Environment: Lessons from The VIP Executive Circle

The VIP Forum hosted heads of wealth management from 25 leading financial services organizations across North America in its third gathering of The VIP Executive Circle on October 5-6 in New York.   Heads of wealth management convened to discuss upcoming challenges to revenue growth in 2011, solutions to tackle common strategic priorities, and most importantly, the industry’s opportunity to redefine the wealth management proposition for high-net-worth clients.

Executives spent the two days discussing cross-silo collaboration, bank-brokerage integration, goal-based planning, and managing talent in a no-returns environment.   In addition, Ashvin Chhabra, Chief Investment Officer at the Institute for Advanced Study, presented participants with a framework for creating a goal-based wealth allocation process.

Some interesting ideas, among others, from the session included:

  • An integrated wealth planning framework should focus on achieving goal-based planning that is driven by personal life outcome goals, not just asset allocation strategies
  • Coaching advisors on engagement competencies, namely emotional intelligence and needs identification, is essential to increasing share-of-wallet
  • The keys to engaging skeptical clients are defining the client experience for each line of business and consistently delivering on it

The event provided executives with the opportunity to not only think out loud about common business challenges, but also build the foundation for a lasting peer network.  The VIP Forum looks forward to hosting participants at the next Executive Circle in 2011.