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South Burlington, VT

Value Creation Blog

Why Wealth Management Is About Personal Capacity

Posted by Josh Patrick

Personal CapacityI was speaking with a Client of mine the other day and we got on the topic of how many Clients we work with at any one time.  When I mentioned that I thought fifty Clients was the maximum that is manageable he wondered why I didn’t spend time letting others know about this.

Like many things that we do we think our methods of serving our Clients are obvious.  The surprise that my Client showed helped me understand that I was wrong and I need to spend time talking about personal capacity.

In my and our firm’s world it’s impossible to give Clients quality service if we’re trying to juggle a large number of relationships.  Even though I believe fifty relationships is the right number to work with.  It’s the new Client relationships that take the most time.  I need to leave enough time to integrate these new Clients in my thoughts and actions.

It takes time to learn what’s important for our Clients.  Our firm truly believes our job is to help make our Client’s lives better.  To do this, we need to spend time not only with our Clients, but we need to have time and space to think about what we’re learning and how we can apply that in the world of wealth management.

For us, wealth management is much more than just a bunch of numbers, bank accounts or investments.  It’s what the hopes and dreams are for our Clients.  Helping our Clients help us understand what’s important in their lives is where we start.  From there we help our Clients build plans that can allow them to live their dreams.  And, those plans are not only financial.

I think it’s important for people in our business to help Clients clarify what’s important and start with their personal mission and vision.  From there we can develop plans that are congruent with their mission and vision. 

For me, the idea of working with more than fifty clients at one time would mean I would have to sacrifice the importance of understanding and, that is just unacceptable.

Have you spent much time thinking about your own personal capacity?  If so, let me know what your thoughts are at Jpatrick@stage2planning.com.

Josh Patrick

We’ve put together a special report on the Financial Life Of A Private Business Owner.  We’re sure that you’ll enjoy this report and it will help you think about some of the important issues in your financial life.  To get this special report, click on the button below.

Financial life of private business owner

Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

Topics: wealth management, enterprise value, Key Performance Indicators (KPI)

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