Moving into the high-net-worth space is not the easiest way for a mass-affluent advisor to grow.
The HNW client brings a need for much more attention to each individual case, and some mass affluent advisors can crash up against the limits of their own knowledge and capabilities, according to industry consultant Matt Lynch of Strategy & Resources.
“The idea that you can go out and buy it, and spread it among an existing group of advisors who are not familiar with that client base—I don’t see that working very well for firms that have attempted it,” Lynch says.
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The Trouble With The (Multi)Millionaire Next Door
By Megan Leonhardt, Weathmanagement.com, Dec. 25, 2015