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Demystifying the World of Wealth Management Through Values and ­Client Advocacy

You've sold your business. Now what?



The deal is announced, the ink barely dry, and the eight- to nine-figure liquidity event hasn’t even hit the bank account, but the financial advisors are circling above and ready to pounce on the newly minted millionaires. With a “change of circumstance” comes a host of new challenges, anxieties, and objectives for this private business owner who just sold their business – their pride and joy. Generally, the seller will entertain a number of meetings with financial advisors who are often referred by the very people who helped arrange the sale of their company. Once the dust settles, the seller looks over to their CPA, attorney, and/or bankers and says, “The advisors all sounded really smart, were nice enough, but I really can’t differentiate between the advisors, their firms, or capabilities.”


Sounds like a lot of work and headache for nothing, but this is a common scenario because many advisors sound the same and have trouble differentiating themselves from the competition. Generally, the advisory teams march in and out of meetings with glossy pitch books and fancy suits, but often fail not only to differentiate their capabilities, but also to make any real personal connection with the prospective client. The advisor’s message can be anchored to self-serving attempts: to convince the prospective client why they will perform better; to provide certain perks; or even to gain access for the client to opportunities they would otherwise not have.


The “Elite Advisor’s” objective in an initial meeting is very deliberate and has little to do with selling anything. It is solely dedicated to providing the best information to make an informed and well-educated choice about entrusting their wealth. Elite teams acknowledge the daunting process it is for someone to understand the many complexities, potential conflicts, investment choices, and dozens of other qualitative and quantitative considerations when selecting an advisor.

With transparency and confidence, elite advisor teams present the facts and strategies they believe in, but also convey their values and time-tested approaches to relationship building. They attempt to explain the wealth management choices one faces by focusing on what they believe to be the core values required to run a highly successful wealth management business. These teams take the potential client through a discussion about their core values, which dovetail with education about the qualities and attributes they should be looking for in any well-compensated, trusted planning firm. The elite advisory teams take tremendous pride in their core competencies but also understand the importance of advocating for and educating their clients.




Oppenheimer & Co. Inc. does not provide legal or tax advice, but will work with your other advisors to assure your needs are addressed. The opinions of the author expressed herein are subject to change without notice and do not necessarily reflect those of the Firm. Additional information is available upon request. Investors should review potential investments with their financial advisor for the appropriateness of that investment with their investment objectives, risk tolerances and financial circumstances.

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