Private Client Lawyer

Have you ever read anything by Russ Alan Prince?  You probably have even if you don't recognize the name.  He writes a lot for Worth Magazine and has 20 or more books in publication.  His gig is to survey HNW people and their advisors then write on his findings.  What he says is based on extensive research. 

In The Private Client Lawyer, he reveals that HNW people, many times, do not follow the advice of their Advisors.  In many cases, the Advisor comes as a referral from a trusted source, has all the credentials, is very successful and experienced, yet their clients don't do what they are told.

I say, no wonder.  Who likes doing what they are told?  There are a number of lessons here.  Three of the findings from the research as published in this article:

1. Advisors do a poor job of getting Clients clear on their goals.
2. Advisors do not design plans that are congruent with Clients' goals.
3. Clients do not understand the technical solutions that Advisors propose.

How should Advisors change?  They should spend a lot more time discussing what the client wants to accomplish.  They should make sure that every solution they propose be directly related to solving a Client's concern.  They should spend more time educating and explaining technical solutions.  If the Advisor is not particularly adept at any of these essential client relationship skills, the Advisor would do well to invite another person on to the team who has these abilities.