A WP Top 50 advisor is identifying a client demand that may soon separate good advisors from great advisors
Wolfgang Klein is senior vice president and a senior investment advisor at Canaccord Genuity Wealth Management in Toronto. Having been in the industry for nearly 15 years, Klein has seen the way the sector has evolved but remains convinced that opportunities are boundless for enterprising players.
“We are self-employed entrepreneurs with endless opportunities,” he told WP. “It all gets back to providing exceptional investment ideas and solutions to financial problems with a high degree of customer care and service.”
Putting that goal front and centre ensures success for advisors in terms of access to top-tier firms and clients. The fact is, Klein says, disastified clients are always looking for “Mr Right,” and a good advisor can be the right person to many people if they show they are willing to work hard and put the needs of their clients first.
“Great advisors don’t skip school. They come in early and work a full day. Great advisors are always bettering themselves by taking courses and learning new material. They love the markets and equally love finding solutions for their clients’ problems. From tax to planning, they demonstrate a willingness to learn and apply knowledge. Great advisors place their clients in the center all decision making.”
Although the industry has seen many changes over the years, Klein believes that the great advisors in the industry are able to adapt to this and offer great services throughout periods of uncertainty.
“I believe change is good and that change is in fact the only constant. With change comes opportunity. Great advisors are able to find opportunities within a sea of change.”
This means that those that were able to remain successful throughout the recession and other trying times may be of a high standard and deserve a nod of approval qualifying as ‘great advisors.’
It isn’t just the industry that has changed though, the clientele has too. Klein highlights the fact that high net worth clients are now often moving assets to discretionary managers who are licensed and able to process trades seamlessly.
“These clients do not want to speak with their advisor on such minutia. Rather, they wish to get engaged with their advisors on higher level issues such as planning, tax and special situations rather than discussing the latest stock or bond idea.”
Klein says that the business is moving more and more to a discretionary portfolio management model coupled with some diversification through the use of multi-managers and or third party managers. The business under these models becomes fee based, which too is a change to the industry. These changes could also allow for the great advisor to rise, adapt and remain providing quality service to clients.
“My world has changed for the better as the problems are bigger and more complex, making my professional guidance even more valuable, suitable only for the passionate professional.”
“We are self-employed entrepreneurs with endless opportunities,” he told WP. “It all gets back to providing exceptional investment ideas and solutions to financial problems with a high degree of customer care and service.”
Putting that goal front and centre ensures success for advisors in terms of access to top-tier firms and clients. The fact is, Klein says, disastified clients are always looking for “Mr Right,” and a good advisor can be the right person to many people if they show they are willing to work hard and put the needs of their clients first.
“Great advisors don’t skip school. They come in early and work a full day. Great advisors are always bettering themselves by taking courses and learning new material. They love the markets and equally love finding solutions for their clients’ problems. From tax to planning, they demonstrate a willingness to learn and apply knowledge. Great advisors place their clients in the center all decision making.”
Although the industry has seen many changes over the years, Klein believes that the great advisors in the industry are able to adapt to this and offer great services throughout periods of uncertainty.
“I believe change is good and that change is in fact the only constant. With change comes opportunity. Great advisors are able to find opportunities within a sea of change.”
This means that those that were able to remain successful throughout the recession and other trying times may be of a high standard and deserve a nod of approval qualifying as ‘great advisors.’
It isn’t just the industry that has changed though, the clientele has too. Klein highlights the fact that high net worth clients are now often moving assets to discretionary managers who are licensed and able to process trades seamlessly.
“These clients do not want to speak with their advisor on such minutia. Rather, they wish to get engaged with their advisors on higher level issues such as planning, tax and special situations rather than discussing the latest stock or bond idea.”
Klein says that the business is moving more and more to a discretionary portfolio management model coupled with some diversification through the use of multi-managers and or third party managers. The business under these models becomes fee based, which too is a change to the industry. These changes could also allow for the great advisor to rise, adapt and remain providing quality service to clients.
“My world has changed for the better as the problems are bigger and more complex, making my professional guidance even more valuable, suitable only for the passionate professional.”
