Family Office Coaching with Lance Meikle

Why add Family Office to your service offering?

October 12, 2020


What levers do you currently have, or use, to stop the loss of your key clients?

Here are the only two that I observe financial planners use:
1) Lower the price?
2) Stager services, conversations &/or the implementation of the services

It becomes very difficult to keep justifying the same fee or payment every year given you have already been paid to implement what was recommended | needed in your Statement of Advice.

Why add Family Office to your service offering?

1) You will have a clear point of difference
2) Engagement, engagement, engagement is not tomorrows story, it was not yesterday’s story and it will remain the ONLY thing you have to remain relevant. Professionalism and care are a given but engagement is the no. 1 item on every research item that I read on client dissatisfaction 
3) Currently the discussions | solutions | recommendations revolve around goals, objectives, performance, and inheritance, whereas a Family Office implemented (via coaching from Generational), moves every conversation to legacy (this is an incredibly powerful and enduring competitive advantage)
4) Marketing rule 101 is to seek an SCA (a sustainable competitive advantage). Very, very, very few businesses ever achieve this goal and as such, it always remains an ideology. Adding Family Office to your service offering delivers you a sustainable competitive advantage
5) Your business will be the envy of your peers as they deal in a crowded sector with reducing revenue per client
6) Increased revenue per client per annum (or at your discretion, leave the pricing as is and add value)
7) Sustainable engagement via discussions that involve emotional intelligence not transactions
8) A further 3 generations of sustainable income
9) Unique, pre-qualified, high price point leads

FASEA Code of Ethics 

• It is now very, very clear, that commissions | fees | payments from all sources are under severe scrutiny, especially from a 3rd party
• The code of ethics is going to impact on businesses that rely on revenue from 3rd party referral arrangement
• Implementing Family Office to your service offering, not only replaces such income but will surpass it



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