This is a summary of a panel from the Fiserv Client Conference Spring 2012, which was held in Las Vegas, NV.
Sterling Shea, Managing Director, Head of Advisory & Wealth Management Programs, Barron’s.
Ed Dollinger, Edward Jones, 26 years – manages $500 mm
Theresa Chicopolos, CFP, Wells Fargo, Scottsdale, AZ, 26 years – manages $1.16 bil in Ultra-HNW and Institutional assets, she was the #1 ranked advisor in Arizona in both 2010 and 2011.
John Waldron, CFP, Founder and CEO of Waldron Investments, $2.2 bil AUM, HNW individual and institutional clients, #1 ranked advisor in Pennsylvania.
What functions are you allocating more time to now than you did five years ago?
net new flow of money is concentrated in a small number of advisors, these advisors adapted their methods of communication and internal processes to the evolving consumer needs.
Chicopolos has been steadily reducing the number of client relationships over the past ten years in order to concentrate the firm’s focus on fewer while still increasing the overall AUM. 10 years ago, she had 3,500 clients and it was mostly transactional business. 5 years ago she was down to 280 clients, and today she has just 75. She spends more time now looking at her client’s entire balance sheet and making sure that they execute the plans as they are designed.
Waldron Investments is a consulting firm with 26 employees that has an independent asset management offering that integrates with the other seven financial disciplines. Five years ago they were mostly doing the same things as today, which is understanding the client’s entire balance sheet and implementing financial strategies. What has changed significantly is their client’s psyche, he said. More clients are doing due diligence on them than five years ago.
Previously, Dollinger’s firm focused more on portfolio construction, but now they’re focusing more on strengthening client relationships. Over the past five years they’ve been trying to reduce the number of client relationships and increase the amount of assets at the ones they have, he said.