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The New Advisor for Life: Become the Indispensable Financial Advisor to Affluent Families


"The Age Wave of retiring baby boomers is creating a seismic bonanza for financial advisors—if they can provide the kinds of creative and flexible strategies their clients will be wanting and needing. Steve Gresham provides the solid, imaginative, yet practical guidance needed to build winning strategies to meet the needs of a new generation of investors. I have long respected his work and heartily recommend this book." —Ken Dychtwald, PhD, founder and CEO, Age Wave, and author of Age Wave, Age Power, The Power Years, and Workforce Crisis

"Steve Gresham showed us in The Managed Account Handbook that the basics to a successful advisor do not differ from one country to another. In this book, he is expanding his horizon with his extensive experiences to further help you to develop the skills for building a devoted client base. This is the must-read book for all who want to succeed in the financial advisory industry."—Toshiya Shimizu, Deputy President, Nikko Global Wrap

"For thirty years, advisors have been using wealth accumulation as their main sales weapon. With the boomers entering retirement, all that's out the window. Now the imperatives are income distribution and planning—making sure the investor does not run out of money. In Steve's newest book, he does an excellent job of walking advisors through this change and showing them how to alter their practices to not only survive but thrive. This is a must-read for any advisor who still wants to be in the business in ten years." —Len Reinhart, President, Reinhart Consulting Group

"A good coach can help even the best players reach their potential. As a financial advisor, you coach successful families to tackle life's challenges and achieve their goals. Steve Gresham can help—he has the tactics to help you build a winning team." —Mike Krzyzewski, Head Coach, Duke University Basketball and USA Basketball, 2010 Men's National Team

Praise for The NEW ADVISOR for LIFE

"There is a certain rarefied space that exists between clients and their advisors that very few people (or industry professionals) understand. Not only does Steve Gresham intuitively grasp the heart of this relationship, but he singularly articulates what it entails." —Evan Simonoff, Editor in Chief, Financial Advisor

"Steve Gresham has done it again. Nobody in the financial service industry understands the needs of high net worth clients and the strategic implications and opportunities for advisors as well. The New Advisor for Life will be your go-to bible. Bring your highlighter!"—Leo Pusateri, President and founder of Pusateri Consulting and author of mirror mirror on the wall am I the most valued of them all? and You Are the Value

Updated with New Content!

Steve Gresham has over thirty years' experience in the financial and investment world. He is a Visiting Instructor at the A. Alfred Taubman Center for Public Policy and American Institutions at Brown University, and is business chair of Brown's Retirement Readiness Project. Gresham has published more than a hundred articles and has been featured in BusinessWeek, Fortune, Investment News, and the New York Times, and is the author of four books, including Advisor for Life and The New Managed Account Solutions Handbook, both from Wiley. He was named Mutual Fund Marketer of the Year in March 2007 by Institutional Investor/Fund Action.

Acknowledgments ix

Part I The State of the Advice Industry and Your Opportunities 1

Introduction 3

Chapter 1 The Value of Advice 11

Part II Investment Counsel Advice for Life 29

Chapter 2 How to Develop a Compelling Investment Philosophy 31

Chapter 3 Creating a Defined, Effective Investment Process 55

Chapter 4 Setting Goals: What Really Matters? 63

Chapter 5 Defining Risk 97

Chapter 6 Diversification 117

Chapter 7 Alternative Investments 131

Part III Wealth-Management Advice for Life 149

Chapter 8 Managing Dreams and Fears 151

Chapter 9 You Can Help Clients Grow 161

Chapter 10 All in the Family and Keeping It That Way 171

Chapter 11 Money for Life 189

Part IV Building Your Advisor for Life Practice 207

Chapter 12 What Is Your Value? 209

Chapter 13 How to Price Your Unique Value 231

Chapter 14 The Advisor-Client Tango 241

Chapter 15 Driving Referrals 263

Chapter 16 Selling Yourself 277

Chapter 17 Valuing the Advisor for Life Practice 293

Chapter 18 Taking Care of Number One 303

Appendix A Practice Analysis 323

Appendix B Investment Policy Statement 345

Appendix C Top 20 Client Analysis 355

About the Author 357

About the Contributors 359

Index 363