Ep 078: Understanding And Serving The Needs Of Truly Ultra-High-Net-Worth Investors with Charlotte Beyer

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 26 June 2018

⏱️ 101 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today brings a unique discussion to the podcast, as well as a fascinating history with an organization that a lot of advisors aren’t necessarily familiar with, but can surely learn from when it comes to really listening to the clients you’re serving. Charlotte Beyer is the founder and former CEO of the Institute for Private Investors, a private networking organization for ultra-high-net-worth investors and advisors who serve them. After building a new category of community group twenty-five years ago—in a space where people said it couldn’t be done—Charlotte now has a highly successful business and an in-depth understanding of the unique challenges and concerns of her particular client base.

In this episode, she shares her impressive professional journey as she built a series of conferences and networking events in an online community for ultra-high-net-worth individuals before the world of social media and online communities, as well as insights from her recently updated book, Wealth Management Unwrapped. Listen in to learn how the needs and concerns for people of high net worth differ from those of other clients advisors serve, what Charlotte sees as the future of working with ultra-high-net-worth investors, and lessons any advisor can draw from regarding the importance of adapting what you offer to fit what your specific clients really want and need.

For show notes and more visit: https://www.kitces.com/78

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.4	speaker and consultant Michael Kitsis to hear stories of how leading financial advisors
0:13.6	navigated the inevitable challenges that arise on the path to success and get insight from leading
0:19.2	industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.7	Welcome to the 78th episode of the Financial Advisor Success podcast. My guest on today's podcast
0:35.0	is Charlotte Bayer. Charlotte is the founder and former CEO of the Institute for Private Investors, a private networking
0:42.0	organization specifically for ultra-high net worth investors and some of the advisors who serve
0:47.0	them.
0:47.9	What's unique about Charlotte, though, was the way that she built a series of conferences and networking
0:52.2	events and an online community for ultra-high net worth individuals before the world of social media and online communities
0:58.8	became what they are today. And in doing so, demonstrated and proved that ultra-high
1:03.6	net worth clients really do have a unique set of needs and challenges for which they need both
1:09.0	an organization and advisors dedicated to serve them.
1:12.5	In this episode, we talk in depth about the two biggest worries of ultra high net worth families,
1:17.3	which is not necessarily about how to maximize their investment returns or minimize their taxes,
1:22.4	but how to ensure that their children don't grow up to be entitled or otherwise impacted by
1:26.5	the family wealth,
1:31.6	and how to avoid the risk of being taken and condor scammed out of their money.
1:36.8	What Charlotte calls the five P's that she counsels ultra high net worth clients to consider when evaluating an advisor, including the firm's people, performance, process, philosophy, and fees,
1:41.8	and why the future of working with ultra high net worth is all
1:46.2	about high tech and high touch. And what ultra high net worth investors really want to hear from
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Michael Kitces, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Michael Kitces and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.