Advisor’s Edge offers tips on catching

(May 4, 2004) When you’re tracking big game, sometimes you have to beat the bushes to find your quarry. The same approach might apply in finding high net worth (HNW) clients — they’re seldom sitting out in the open waiting for you to find them. “Our cover story looks at finding ‘hidden millionaires,’” says Deanne […]

By Steven Lamb | May 4, 2004 | Last updated on May 4, 2004
3 min read

R elated Stories
  • Sweet opportunity: Attracting and advising millionaire clients
  • Wealthy clients crave professionalism, contact: Survey
  • The Advisor of the Year Awards

    • “He looks at them from an analytical point of view in terms of whether they make sense for your clients,” she says. “Even though the bear market is no longer with us, a lot of people don’t want to go back into mutual funds.”

    In this month’s editorial, editor-in-chief Darin Diehl calls for submissions for the sixth annual Advisor of the Year Awards.

    While only five entrants can take home the bragging rights, he says there is real value in just entering the contest in the first place.

    “One of the points in the editorial is that previous winners really found it to be an educational experience, putting together the case study,” says Gage. “Just going through the process itself is very educational and can help you realize what you’re doing right and what you need to improve on.”

    • • •

    Deadline for Advisor of the Year submissions is June 25, 2004. For more information about what you have to do to be considered for this year’s Advisor of the Year Awards, click here.

    • • •

    Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com

    (05/04/04)

    Steven Lamb

    (May 4, 2004) When you’re tracking big game, sometimes you have to beat the bushes to find your quarry. The same approach might apply in finding high net worth (HNW) clients — they’re seldom sitting out in the open waiting for you to find them.

    “Our cover story looks at finding ‘hidden millionaires,'” says Deanne Gage, managing editor of Advisor’s Edge. “There’s a tendency among advisors to pigeonhole millionaires as being executives, CEOs and athletes. The fact is there are a lot of millionaires who might be contractors or foresters.”

    On the cover of the May edition is Eric Mercier, last year’s Advisor of the Year Award winner from Quebec, who found some of his top clients were foresters. These blue-collar workers were able to save up huge nest eggs because of the long hours they worked and their remote location gave them little opportunity to spend their income.

    While it may come as no surprise that one-third of millionaires own their own businesses, fully 35% have an annual household income under $100,000.

    “They’ve been successful at saving on their own and they’re just regular people like you and me,” says Gage. “The only difference is their bank account. They’ve been able to sock a lot of money away. So this story looks at how you can farm these types of millionaires.”

    But once you’ve landed your prospect, you have to decide on the right product for them.

    There’s also an investment feature on guaranteed notes by Dan Hallett. These products have become increasingly common as investors want protection for their principal, but still expect equity-like returns.

    “Dan Hallett makes some strong arguments on why they wouldn’t make sense for a client,” says Gage. “He walks us through a few guaranteed notes that are out there and what they promise and whether they can deliver.”

    R elated Stories
  • Sweet opportunity: Attracting and advising millionaire clients
  • Wealthy clients crave professionalism, contact: Survey
  • The Advisor of the Year Awards

    • “He looks at them from an analytical point of view in terms of whether they make sense for your clients,” she says. “Even though the bear market is no longer with us, a lot of people don’t want to go back into mutual funds.”

    In this month’s editorial, editor-in-chief Darin Diehl calls for submissions for the sixth annual Advisor of the Year Awards.

    While only five entrants can take home the bragging rights, he says there is real value in just entering the contest in the first place.

    “One of the points in the editorial is that previous winners really found it to be an educational experience, putting together the case study,” says Gage. “Just going through the process itself is very educational and can help you realize what you’re doing right and what you need to improve on.”

    • • •

    Deadline for Advisor of the Year submissions is June 25, 2004. For more information about what you have to do to be considered for this year’s Advisor of the Year Awards, click here.

    • • •

    Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com

    (05/04/04)

    (May 4, 2004) When you’re tracking big game, sometimes you have to beat the bushes to find your quarry. The same approach might apply in finding high net worth (HNW) clients — they’re seldom sitting out in the open waiting for you to find them.

    “Our cover story looks at finding ‘hidden millionaires,'” says Deanne Gage, managing editor of Advisor’s Edge. “There’s a tendency among advisors to pigeonhole millionaires as being executives, CEOs and athletes. The fact is there are a lot of millionaires who might be contractors or foresters.”

    On the cover of the May edition is Eric Mercier, last year’s Advisor of the Year Award winner from Quebec, who found some of his top clients were foresters. These blue-collar workers were able to save up huge nest eggs because of the long hours they worked and their remote location gave them little opportunity to spend their income.

    While it may come as no surprise that one-third of millionaires own their own businesses, fully 35% have an annual household income under $100,000.

    “They’ve been successful at saving on their own and they’re just regular people like you and me,” says Gage. “The only difference is their bank account. They’ve been able to sock a lot of money away. So this story looks at how you can farm these types of millionaires.”

    But once you’ve landed your prospect, you have to decide on the right product for them.

    There’s also an investment feature on guaranteed notes by Dan Hallett. These products have become increasingly common as investors want protection for their principal, but still expect equity-like returns.

    “Dan Hallett makes some strong arguments on why they wouldn’t make sense for a client,” says Gage. “He walks us through a few guaranteed notes that are out there and what they promise and whether they can deliver.”

    R elated Stories
  • Sweet opportunity: Attracting and advising millionaire clients
  • Wealthy clients crave professionalism, contact: Survey
  • The Advisor of the Year Awards

    • “He looks at them from an analytical point of view in terms of whether they make sense for your clients,” she says. “Even though the bear market is no longer with us, a lot of people don’t want to go back into mutual funds.”

    In this month’s editorial, editor-in-chief Darin Diehl calls for submissions for the sixth annual Advisor of the Year Awards.

    While only five entrants can take home the bragging rights, he says there is real value in just entering the contest in the first place.

    “One of the points in the editorial is that previous winners really found it to be an educational experience, putting together the case study,” says Gage. “Just going through the process itself is very educational and can help you realize what you’re doing right and what you need to improve on.”

    • • •

    Deadline for Advisor of the Year submissions is June 25, 2004. For more information about what you have to do to be considered for this year’s Advisor of the Year Awards, click here.

    • • •

    Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com

    (05/04/04)