Best Advisory Practices for Wealth Management

Wealth management is 90% behavior Most advisors only show up for 10% Your plan is rational. The family you work with is not. That's not a criticism. It's just how humans work. But it's also where most advisory relationships quietly fail. I've sat across from enough families to know this pattern well. A sound investment policy. A well-structured estate plan. A diversified portfolio that would make any CIO proud. And then the family doesn't follow it. Not because the strategy is wrong. Because something upstream is blocking execution. And that something almost never shows up on a balance sheet. Three behavioral patterns account for the majority of what I've observed: Identity fusion: The founder who built the wealth can't separate themselves from it. Concentrating in the original business too long. Making allocation decisions that reflect ego more than risk tolerance. Resisting governance structures because they feel like a loss of control. The math says diversify. The identity says no. Anchoring and inertia: Families default to what they've always done. The same advisors, the same structures, the same allocation logic, even when the family's situation has fundamentally changed. Not because it's working. Because changing it requires a conversation no one wants to have. Conflict avoidance: The most expensive behavior in family wealth. Decisions get made to keep the peace, not to protect the wealth. Governance frameworks get softened to avoid offending a family member. Succession plans get delayed because raising the topic feels premature. The financial plan quietly absorbs all the family's unresolved tensions. Most advisors recognize these patterns. Very few have a framework to address them. That's the gap. Before the next strategy session with your client, run what I call The 90% Audit. Three questions. Each takes about 60 seconds to think through. → Who is this client to their wealth? (Not what they own. Who they are in relation to it. This surfaces identity fusion before it derails the plan.) → What has this family been avoiding? (The answer is almost always somewhere in succession, governance, or a difficult conversation with a family member.) → Whose voice is missing from this room? (The person not in the meeting often holds more influence over the decision than everyone who is.) These aren't therapy questions. They're diagnostic questions. The same way a physician reviews history before prescribing, an advisor should map behavioral blockers before proposing strategy. The plan fails not when the math is wrong. It fails when the family can't follow it. Most advisors know this. Few are willing to do the work that the 90% actually requires.

Effective advisory services can significantly impact wealth creation for clients in India through several key mechanisms: 1. Strategic Investment Decisions: Advisors help clients make informed decisions about where and when to invest based on market conditions, economic trends, and individual risk profiles. This guidance can lead to higher returns and optimized portfolios. 2. Risk Management: By assessing risk tolerance and diversifying investments, advisors can mitigate risks and protect wealth during market downturns or economic volatility, ensuring more stable long-term growth. 3. Financial Planning: Advisors assist in creating personalized financial plans that align with clients’ goals, such as retirement planning, children’s education funds, or buying a home. This structured approach enhances financial discipline and goal achievement. 4. Tax Efficiency: Expert advice can optimize tax strategies, such as selecting tax-efficient investments, utilizing deductions, and managing capital gains, thereby maximizing after-tax returns and preserving wealth. 5. Behavioral Coaching: Advisors help clients avoid emotional decision-making driven by market fluctuations or fear, promoting disciplined investment behaviors that support long-term wealth accumulation. 6. Access to Opportunities: Advisors often provide access to investment opportunities, products, or markets that clients may not have considered or been aware of, broadening the scope for wealth creation. 7. Continuous Monitoring and Adjustments: Regular portfolio reviews and adjustments ensure that investments remain aligned with changing goals, market conditions, and regulatory environments, optimizing returns and minimizing risks. 8. Education and Empowerment: By educating clients about financial concepts, market dynamics, and investment strategies, advisors empower them to make informed decisions independently, enhancing overall financial literacy and wealth creation over time. In summary, the impact of good advisory services in India lies in their ability to provide personalized guidance, manage risks effectively, optimize tax outcomes, and promote disciplined investing—all of which contribute to sustained wealth creation and financial security for clients.

If you built a $25 billion RIA, then had a chance to start another one from scratch, what would you do differently? After helping United Capital (UC) grow to $25 billion and sell for a whopping $750 million, Gary Roth and Mike Capelle took what they learned, raised $200 million in fresh powder from private equity firm Crestview Partners, and are now rewriting the playbook for RIA growth. And in less than 2 years, they’ve grown from $0 to $6.5 billion in AUM. In my latest Barron's Advisor podcast, they share 4 key learnings they took from their UC experience and applied to their new RIA Modern Wealth Management (MWM). ✅ 1. Focus on a Comprehensive Client Service Model At UC, Gary and Mike helped pioneer the concept of leading with advice rather than investments—something innovative at the time. However, they realized that advice alone was no longer enough. With MWM, they expanded the service offering to include proactive tax planning, tax preparation, estate planning coordination, and insurance solutions. This holistic approach allows advisors to meet more client needs under one roof and create deeper relationships and more value. ✅ 2. Prioritize Organic Growth from Day One UC didn’t prioritize organic growth early enough. At MWM, they flipped the script by investing heavily in a dedicated growth engine from the start. Their "concierge hub" generates leads, nurtures leads, and schedules appointments for their advisors. By separating the business development function from the advice function, it frees up advisors to focus on client relationships rather than cold prospecting. ✅ 3. Integrate to Scale At UC, the early days of M&A often involved acquiring firms and letting them operate semi-independently. Over time, they realized the value of creating a fully integrated firm. With MWM, integration starts on day one. From transitioning firms into a centralized CRM (Salesforce) to aligning on a single investment platform (Orion), their approach ensures consistency in the client experience while maintaining operational efficiency. ✅ 4. Think Bigger with Capital During UC’s early years, raising small amounts of capital incrementally was the norm. Then the 2008 financial crisis hit and they learned that accessing capital when you need it is not always guaranteed. At MWM, they raised $200 million upfront from private equity. This positioned them as a serious player in the RIA space from day one. Lessons for Financial Advisors If you’re a financial advisor looking to grow your firm, here are 4 things to ask yourself: ➡️ Are you offering a truly comprehensive service model to your clients? ➡️ Do you have a scalable organic growth engine that allows you to grow without burnout? ➡️ Is your firm operationally efficient and integrated, or are inefficiencies slowing you down? ➡️ Are you thinking strategically about how to capitalize your growth efforts? What lessons resonate most with you? See comments for the link to the show.

If you're pitching family offices like they are all just institutional investors, you're already losing. Why? Most financial advisors think of capital the same way Wall Street does — as something to be allocated. Efficiently. Dispassionately. Across models and risk-return curves. (This post is an insight from an advisor coaching call yesterday!) Families — especially those with entrepreneurial wealth — don’t view capital that way. They aren’t just allocators of capital - They are creators of capital! — 🧭 What’s the difference? 🔹 Capital Allocators: Institutional. Procedural. Policy and data-driven They manage other people’s money, and their job is to optimize returns, minimize risk, and follow mandates. 🔹 Capital Creators: Entrepreneurial. Relational. Growth oriented. Purpose-driven. They built the business. Took the risk. Created wealth and jobs, not just spreadsheets. Their wealth is deeply personal — and their decisions are shaped by identity, values, and vision. — 🧩 So if you're a financial advisor, ask yourself: Are you speaking the language of allocators… or creators? Because families don't want just a deal. They want alignment. They want understanding. And above all else — they want someone who gets why their capital exists in the first place. — 💡 To connect with family office capital you have to shift your mindset. ✅ Respect the family wealth origin story Every family has one. If you want their capital, honor their journey. Don’t treat them like interchangeable LPs. ✅ Embrace the long-term investing view Family offices don’t always need an exit — they often want endurance. Offer solutions that align with legacy, not just liquidity. ✅ Build trust over time No mass emails or generic decks. Real relationships take real effort — introductions, conversations, and consistent follow-through. ✅ Present your idea in context Prove you understand the family and what they are looking for. Start with why the investment matters, not just how it performs. 👉 Creators resonate with vision more than valuation! 🧠 Personal insight: In my experience, the advisors who thrive in the family office world aren’t the ones with the best pitch decks. ✔️ They’re the ones who know how to listen. ✔️ They translate numbers into narratives ✔️ And strategy into stewardship. Cliff Note: If you want to earn the trust of family offices, stop selling like they are just allocators — and start partnering with creators. Find this useful? Repost to help your LinkedIn peeps as well♻. And follow Tommy Mayes for more family office and leadership insights!

Wealth management is a top 10 fastest-changing industry right now. Firms that adapt (the right way) will press forward. Firms that stagnate will die. Here’s how myself and my team at Lifeworks adapted to build a 21st-century RIA firm: First, we dove headfirst into digital marketing to bring in new clients. Let's face it, the days of relying solely on referrals are over. We started creating content that our ideal clients would actually want to read and share — blog posts, videos, social media, the whole nine yards. By consistently putting out valuable content, we started attracting leads like clockwork. Next, we shook up our pricing model by introducing subscription-based planning. “But what would that even look like for an RIA?” Instead of just charging based on assets under management (which can be confusing and breed mistrust), we separated planning into its own transparent service. Clients pay a flat subscription fee based on the complexity of their situation, and in return, they get access to our top-notch planning platform. This has allowed us to profitably serve a wider range of clients and incentivizes our team to keep delivering value year after year. To make our high-touch planning possible, we had to get serious about systematizing our processes. We went through every step of the client journey with a fine-tooth comb, looking for ways to make things more efficient and impactful. We started using powerful planning software to automate repetitive tasks. This freed up our advisors to focus on the meaty, high-value work. We also started regularly reaching out to clients with goal updates, educational resources, and more to keep them engaged and on track. The results have been pretty incredible. Our digital marketing efforts have led to a big jump in qualified prospects coming through our (virtual) doors. Our subscription model has helped us grow our client base substantially. And our systematized service model has driven a noticeable boost in planning fees and growth in assets under management. But most importantly, our clients tell us they feel more confident they’ll reach their financial goals. I won't sugarcoat it — this transformation was painful. It took months of work. We know we're not done evolving — far from it. The wealth management firm of the future will be tech-savvy, planning-obsessed, and, above all, relentlessly focused on the client. And that's exactly what we're building, one step at a time.

The riskiest decision in wealth management isn't what you think. It's not a market bet or allocation choice. It's staying comfortable when comfort becomes costly. There's a moment most of us recognize - but rarely name. When something works, yet no longer fits. The platform is fine. The process is familiar. The outcomes are acceptable. And still, something feels constrained. Waiting has a cost. Not just for advisors, but for clients. I've guided dozens of advisors through firm transitions. What I've learned: these decisions are rarely driven by dissatisfaction. They're driven by responsibility to create business that grow with and for clients, not against them. This work has shaped how I think about change / advisor transitions. Four lessons emerged: 1. Audit friction, not performance Most people evaluate decisions on outcomes alone. ↳ Returns. Benchmarks. Quarterly reports. 👉 But the real insight lives in the process. Where does coordination take longer than decisions? Where does complexity create stress instead of clarity? Where are clients waiting because systems don't connect? Friction compounds quietly. ↳ Reducing it often improves outcomes without increasing risk. 2. Separate loyalty from alignment Staying put can feel virtuous. ↳ But loyalty only serves you when it's mutual. And when the system you're loyal to still serves your goals. 👉 Alignment asks better questions: Does this structure support where clients are going? Are incentives clear and client-first? Does this environment encourage better decisions over time? Re-examining fit isn't disloyal. ↳ It's prudent. 3. Design for the next decade, not the last one Many advisory models are optimized for past success. ↳ But clients' lives change. Families grow. Businesses exit. Giving becomes strategic. Complexity accumulates. The question isn't whether your current model works. 👉 It's whether it will work when things get more complex. Does it scale advice, not just assets? Does it anticipate needs or react to them? Good design is quiet. ↳ Great design anticipates. 4. Measure confidence, not just results The most underappreciated metric in wealth management is client confidence. Not overconfidence or false certainty. But the calm confidence that comes from understanding tradeoffs, knowing options, and trusting the process. 💡 That confidence comes from the advisor - the conviction in their re-architectured value proposition, their smooth credentializing of team and resources. 👉 If a decision increases clarity - even during uncertainty - that's value that compounds. Change doesn't always announce itself with crisis. Sometimes it arrives as a question you can no longer ignore. Progress rarely requires dramatic dissatisfaction. It requires honesty about whether "good enough" is quietly limiting what's possible. The future doesn't demand perfection. ↳ Only intention. 💡 What signal told you it was time to make a change in your advisory relationship or business model?

You rarely get limited value because your advisor lacks skill. You get limited value when engagement stays shallow. Because outcomes are co-created. Not delivered. Most people hire advisors for answers. Very few build a real thinking partnership. Getting real value looks like this: 1. From Vague → To Clear Intent Clarity sharpens advice. Define your top priorities. Share constraints. Describe what success means to you. 2. From Partial → To Full Context Advisors work with what they see. Share fears, doubts, and real numbers. Context matters more than polish. 3. From Questions → To Better Questions Input quality shapes output quality. Ask what is missing. Ask what tradeoffs exist. Ask what risk hides beneath the surface. 4. From Agreement → To Constructive Challenge Respect invites dialogue. Explore reasoning. Test assumptions. Walk through alternative scenarios together. 5. From Insight → To Action Advice gains value through execution. Act on agreed steps. Track results and friction. Bring learning back. 6. From Sessions → To Measurement What gets reviewed improves. Decisions feel clearer. Errors reduce. Outcomes strengthen over time. 7. From Transaction → To Partnership Value compounds with time. Shift from consultant to thinking partner. From answers to judgment. From quick wins to durable decisions. Because your advisor’s impact scales with how you show up. Preparation, honesty, and consistent action turn advice into lasting advantage. Find out more in my book, Financial Longevity: Increase Your Wealth Span, Spend Money Guilt-Free, and Gain the Confidence to Enjoy Your Bigger Future - https://lnkd.in/e2Gt8ZKg

Are You An Asset Guardian Or Family Navigator? Harvard Business Review just highlighted a critical shift in family office strategy. The most successful advisors are no longer just asset guardians. They're family navigators. Traditional Approach: ·       Focus on portfolio optimization ·       Quarterly performance reports ·       Transactional client meetings Family Navigator Approach: ·       Guide multi-generational conversations ·       Prepare heirs for leadership roles ·       Help resolve family conflicts The research is clear. Families value relationship capital more than financial capital. Why? Because money without unity destroys legacies. The best advisors understand this shift. They invest time in: ·       Understanding family values ·       Building trust across generations ·       Facilitating difficult conversations When succession happens, these advisors don't lose clients. They become more valuable than ever. The rising generation doesn't just inherit wealth. They inherit the relationships their parents built. Are you positioning yourself as an asset guardian or a family navigator?

Recently, I gave a talk for 700+ wealth advisors, which included thoughts on how to engage the next generation—specifically, millennials and gen z’s. These thoughts are based on my research and experience in the advisor seat. Plus, I happen to be a millennial, so that helps! Generally speaking, I suggested stepping into the mindset of this cohort, for purposes of engaging and providing value. Here are 4 next-gen mindsets and practical ways to lean into each: ➕ Authenticity and Transparency Advisors can embrace an authentic and transparent approach to communicating with next-gens. Prior generations may prefer traditional formalities, where subsequent generations may prefer less formality. Next-gens tend to appreciate a friendly, relaxed, and straight-forward approach to communication. Plus, they tend to be less hierarchical minded. ➕ Education and Empowerment Advisors can provide value through educating and empowering next-gens. Typically, prior generations started investing later in life, whereas subsequent generations are investing earlier in life. Next-gen’s are eager to ask questions and learn. Our culture is becoming increasingly autodidactic, meaning people are interested in self-learning with the help of the resources at their fingertips. Advisors can be a helpful resource, thereby proving invaluable to this cohort of investors. ➕ Values and Purpose Advisors can engage next gen’s by asking about what their values are and what their purpose is. These questions and conversations are increasingly common these days, particularly for millennials and gen z’s who are embracing the ethos of: money & meaning, or profit & purpose. Advisors can leverage different resources to lean into these values conversations. ➕Innovation and Entrepreneurship Advisors can connect with next-gens by leaning into their innovative and entrepreneurial mindsets. Advisors can offer insights on how different companies are innovating and/or provide white papers on new asset classes, such as digital assets. Separate but related, if a next-gen is starting their own business (pursuing the entrepreneurial path), then advisors can ask questions, engage, and support where possible. For example: provide education and support by offering resources for thinking through the pros/cons of an LLC structure. #nextgen #millennials #genz #wealthmanagement #familyoffice #wealthtransfer #advisors #invisiblewealth #values #purpose