Tag Archives: Wealth Management

Balancing Riches and Relationships: Family-Centric Wealth Management with Jeff Savlov

Balancing Riches and Relationships: Family-Centric Wealth Management with Jeff Savlov (Ep. 46)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , , , ,

It is very common for first-generation, self-made, affluent people to shield their children from hardships.

But that safety net can become a hammock of complacency…and entitlement!

In this episode, Duncan MacPherson joins Jeff Savlov, family business and wealth consultant, and the founder of Blum & Savlov, LLP. They discuss how to address family dynamics in wealth management — ultimately avoiding strained relationships among all future inheritors of wealth.

They discuss:

  • Why family dynamics play a crucial role in continuity and succession planning
  • Major challenges in family business succession (and how to address them)
  • Resources for financial advisors to help address family issues faced by affluent clients
  • How to engage families — including children — in the financial planning process
  • And more

Resources:

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Promotions:

About Our Guest:

Jeff is the Founder of Blum & Savlov, LLP and consults with business families, legacy wealth families and the advisors who serve them. He brings more than 30 years of unique experience in sales and marketing, business ownership, entrepreneurial endeavours and family dynamics/psychological training, along with a common-sense style, to his consulting work with families. By integrating his diverse business background, extensive academic work and family dynamics/psychological training with his experience working in his family’s commercial printing business, Jeff helps enterprising families balance family and business/wealth so both will thrive for many generations.

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One Good Idea to Build Strong Client Relationships with Cathi Durrell

One Good Idea to Build Strong Client Relationships with Cathi Durrell (Ep. 45)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , , , ,

People are bombarded with hundreds of emails and messages daily.

In a world dominated by digital communication, you need to do something that stops your clients in their tracks. You have to snap them out of the trance… But how?

In this episode, Duncan MacPherson joins Cathi Durrell, owner of Lavish Cards, to discuss how to build intimate relationships through personalized, hand-made cards that your clients will treasure for years to come! Get ready to get at least one good idea to elevate your client experience.

They discuss:

  • The emotional impact of receiving a surprise card
  • Real-world examples of greeting cards serving as a bridge for referrals and advocacy
  • Simple yet incredibly effective ideas for lumpy mail
  • The use of AI in enhancing the card-sending experience
  • Why greeting cards are a great way to connect with the next-generation
  • And more

Resources:

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Connect With Cathi:

Promotions:

About Our Guest:

Cathi Durrell, along with her husband Glen, who is a professional photographer, are the owners of Lavish Fine Art Cards, a company they co-founded 11 years ago. Lavish has grown extensively over the past 11 years and specializes in catering to the bespoke communication needs of its clients. The entire crew at Lavish is committed to creating and supplying the highest quality greeting cards. In her spare time, Cathi enjoys travelling and exploring “the back roads” with Glen in search of the next image for Lavish.

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Entitlemania with Richard Watts (Ep. 25)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , ,

Legacy planning is much more than transferring money from one generation to the next. It’s also about transferring values. If you simply “give” the money to your children, they might lack the wisdom, grit, and satisfaction of accomplishment that only struggle and adversity can bring.

In this episode, Duncan MacPherson joins Richard Watts, author of Entitlemania: How Not To Spoil Your Kids, And What To Do If You Have! Having been the wise counsel to many of America’s wealthiest families, Richard shares how you can help your clients prepare their children for the real world, instead of spoiling them with free money.

Richard discusses:

  • How to prompt wealth transfer conversations that your clients might not like
  • Why first-generation earners should not deprive their children of experiential learning
  • Real-life examples of families who have adopted the “tough love” approach
  • How to take your relationship management to the next level
  • And more

Resources:

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About Our Guest:

Richard Watts, lawyer, author, columnist, speaker, and problem solver, is the wise counsel to many of America’s wealthiest families. They rely on him to guide their families and journey through the rapids of life. From behind these castle walls, Richard provides the wisdom and counsel to avoid the pitfalls of excess and entitlement. The founder of Family Business Office ® (“FBO”), Richard was admitted to practice law in 1982 and is an alumnus of the Harvard Business School. He has appeared on numerous television programs and authored articles as an expert on how money often complicates the “simple life”. Author of Fables of Fortune: What Rich People Have That You Don’t Want, and Entitlemania How Not To Spoil Your Kids, And What To Do If You Have!



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Thriving through Market Volatility with Chris Jeppesen (Ep. 24)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , ,

When the markets are soaring high, most advisors might do well. But it is during times of high volatility that elite advisors set themselves apart.

They create a professional contrast and an exceptional experience to meet the current demand of clients and prospects, even during a downturn!

In this episode, Duncan MacPherson joins Chris Jeppesen, chief of advisory practices at First Trust, to discuss strategies for alleviating your clients’ anxiety amidst current market turbulence and the progression and evolution of top financial professionals today.

Chris discusses:

  • How to restore your clients’ confidence in you using the ECA framework (empathy, context, and action)
  • How to maintain relevance as financial services get commoditized
  • The much-needed shift from transactional salesmanship to directional stewardship
  • Sneak peek into the new book “The Blue Square Method” (and how it will benefit fee-for-service professionals)
  • And more

Resources:

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Promotions:

About Our Guest:

Chris Jeppesen is the head of advisory practices at First Trust, a firm known not only for its robust investment product line which includes UITs, ETFs, SMAs, and VAs (to name a few) but also for its commitment to the growth of financial advisors. First Trust has dedicated many years to finding (and investing in) creative ways to help financial advisors grow their practices. Chris’ goal over the last 18 years has been to give financial advisors the tools to develop an efficient business model focused on building long-term client trust and loyalty. Chris is also the co-author of The Advisor Playbook.



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Lavish Your Clients With Service with Cathi Durrell (Ep. 23)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , ,

Aside from a prospectus, product brochure or statement, your business has become extremely virtual and complex. Adding tangible tools to your approach helps remind both your affluent clients and your prospective clients that there are two types of advisors – salespeople and consultants – and what the differences between the two are.

In this episode, Duncan MacPherson joins Cathi Durrell, owner of Lavish Cards, to discuss how one of the best strategies a fee-for-service professional can do to take their relationship management to the next level.

Cathi discusses:

  • Actionable strategies that lead to client loyalty, client engagement, and client advocacy
  • How greeting cards reinforce your image as a goal-based professional
  • What to do if you can’t find the time to send out personalized greeting cards
  • Unconventional card ideas to improve your branding
  • And more

Resources:

Connect With Duncan:

Connect With Cathi:

Promotions:

About Our Guest: Cathi Durrell, along with her husband Glen, who is a professional photographer, are the owners of Lavish Fine Art Cards, a company they co-founded 11 years ago. Lavish has grown extensively over the past 11 years and specializes in catering to the bespoke communication needs of their clients. The entire crew at Lavish are committed to creating and supplying the highest quality greeting cards. In her spare time, Cathi enjoys travel and exploring “the back-roads” with Glen, in search of the next image for Lavish.

 

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Preparing to Buy (or Sell) a Business with Ted Motheral (Ep. 22)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , , ,

Your business is your biggest asset — it’s your life’s work! If you want to maximize its enterprise value, you need to take action well before the time of selling it.

If you’re a buyer looking to take over a business, there are certain efforts you can take to improve your company’s growth.

In this episode, Duncan MacPherson joins Ted Motheral, chair of Walter | Haverfield’s Business Services group, to help buyers and sellers prepare for an efficient business transfer. They also explore ways to take impeccable care of your clients and employees during the process.

Ted discusses:

  • Key value drivers for a financial advisory business
  • A checklist to keep in mind before buying or selling a business
  • The importance of taking a goal-based approach toward your big liquidity event
  • The role of private equity in the current M&A landscape
  • How to organize your corporate structure and protect your intellectual property before selling your business
  • And more

Resources:

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Connect With Ted:

Promotions:

About Our Guest:

Ted Motheral is Chair of Walter | Haverfield’s Business Services group, which includes more than two dozen business and transactional lawyers. He focuses his practice on mergers and acquisitions, as well as private debt and equity financing. Ted has experience in leading transactions for multi-million dollar acquisitions and has represented borrowers and lenders in multi-million dollar debt offerings. He is also experienced in advising clients on general corporate matters, entity formation and governance, joint ventures, divestments, and reporting requirements and regulations. Additionally, Ted has experience forming loan documentation programs for public entities in the State of Ohio. Ted joined Walter | Haverfield as a partner in 2016. Prior to joining Walter | Haverfield, he practiced law at Benesch Friedlander Coplan & Aranoff. He was formerly a financial consultant for PricewaterhouseCoopers (PwC) in New York City and also worked in the general counsel office of KLA-Tencor Corporation in Silicon Valley, California.

 

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Looking to Your Liquidity Event with Denise Logan (Ep. 21)

Advisor, Education, Finance, Financial, Uncategorized, , , , , , , , , ,

Every business owner will leave their business one day, voluntarily or involuntarily. It’s a matter of WHEN, not IF.

So, it’s important to start planning for this inflection point well ahead of time — both technically and emotionally.

In this episode, Duncan MacPherson speaks with Denise Logan, business transition expert, professional speaker, and best-selling author of The Seller’s Journey. Denise explains how you can help clients overcome the emotional barriers to selling a business while simultaneously preparing for your own exit.

Denise discusses:

  • Why creating your own exit strategy is the first step to assisting clients in their exit
  • How to remain your client’s first-choice advisor when the time comes for the big liquidity event
  • How to prepare your team for the transition to a new owner
  • Legacy dinners, fireside chats, and other fun activities to connect with your clients
  • And more

Resources:

Connect With Duncan:

Connect With Denise:

Promotions:

About Our Guest:

Denise Logan knows that to business owners, selling a business is more than a transaction. To them, it is an emotionally fraught period of transition, filled with unexpected highs and lows, with no clear vision of what waits at the end for them and their family. Her passion for this work is colored by her own experience of being an unprepared business owner who made an abrupt and choppy exit from her company, after ignoring the signs that it was time for several years.

She is the author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, and has addressed more than five hundred audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. 

Denise provides advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners and, most importantly, without regret.

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