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The New Advisor for Life Book Cover  
The New Advisor for Life
by Stephen D. Gresham
Practical Advice for
Succeeding in the Wealth Management Arena

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The New Managed Account Solutions Handbook
by Stephen D. Gresham &
Arlen S. Oransky

New Edition of the definitive reference guide for wealth managers.
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(PDF 293k)
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(PDF 293k)
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Photo of Steve Gresham by Wendy Barrows Photography 212.685.0799

 

 

 

 

 

 

 

 

 


 

 

Advisor for Life
Practical Advice for Succeeding in the Wealth Management Arena
by Stephen D. Gresham

The culmination of a two year research-based “random walk” around the financial advice industry, Advisor for Life seeks to provide financial advisors, investment product managers and industry executives with insight into the relationship between top advisors and millionaire households. Interviews and firsthand observations comprise the bulk of the research, which is supplemented by additional marketplace data from several sources. The project’s goal was to first identify those products and services most valued by high-net-worth households and then seek different strategies for addressing those requirements. This client-based approach to advisory best practices provides a more complete view of the potential for success among a wide variety of advisors. No matter your approach to the market, there is something in here for you.
 
Consistency is the book’s major theme since, in the process of researching and writing Advisor for Life, it became clear that the very best advisors: 

•  Know what their clients will pay for (Chapter One – The Value of Advice)
 
•  Have developed a compelling Investment Philosophy (Chapter Two)
 
•  Utilize a defined and effective Investment Process (Chapter Three)
 
Help clients set realistic goals (Chapter Four)
 
•  Define and minimize “risk” in both financial market and real-life terms
   (Chapter Five)
 
•  Understand the importance of diversification and how to educate clients
   as well (Chapter Six)

 
Employ alternative investments to ordinary stocks and bonds
  (Chapter Seven)
 
•  Know how to help their clients manage their dreams and fears
   (Chapter Eight)
 
 Facilitate the growth of a client’s household over time (Chapter Nine)
 
 Understand the family dynamic and all of its challenges (Chapter Ten)
 
•  Appreciate the changing role of wealth throughout a lifetime
   (Chapter Eleven)
 
•  Know how to articulate their Unique Value (Chapter Twelve)
 
•  Can quantify their Unique Value to clients and prospective clients
   (Chapter Thirteen)
 
•  Have built a meaningful and consistent Client Experience
   (Chapter Fourteen)
 
•  Drive referrals with service and attention to several points of contact
   (Chapter Fifteen)
 
•  Sell themselves effectively vs. their competitors (Chapter Sixteen)
 
•  Manage their practices to maximize both current income and long-term
   value (Chapter Seventeen)
 
 Maintain a reasonable balance between education, work, leisure and
   family time (Chapter Eighteen – Taking Care of Number One)

Tools and Tactics
Sprinkled throughout Advisor for Life are anecdotes from top advisors and tools for improving the client experience. Many top advisors gave generously of their time and I am indebted to them for their insights and their candor. The tools include market-tested diagrams and questionnaires to help millionaire clients better understand the wealth management arena and help advisors become more consistent in the delivery of their best ideas.
 
If you have a moment, please consider also the Introduction, in which I challenge us all to consider the forces at work within and around the advice industry and to take on those challenges in order to provide better, more consistent client solutions. Our future – and that of the clients – depends on our success.
 
 
  

Published by John Wiley & Sons, Inc.
"Advisor for Life"



The New Managed Account Solutions Handbook
by Stephen D. Gresham

Includes the following chapters:
Foreword by
      Christopher Davis, President of the Money Management Institute

Chapter One: The Evolution of Managed Accounts

The managed account industry began amidst pension reform and has grown in response to investors’ demands for a consistent process to manage their investments.

Chapter Two: The Revolution of Unified Managed Accounts

Unified managed accounts, or UMAs, evolved as investors sought greater diversity among their investments and demanded a platform that could incorporate fixed-income components, exchange-traded funds and other instruments.

Chapter Three: The Wrap Account Option

 Mutual fund wrap accounts enable the financial advisor to leverage the potential of multiple mutual funds in a single client account. Here’s how to tell which clients are best served by managed accounts and which are best served by wrap accounts.

Chapter Four: Alternative Investments

The incorporation of alternative investments will offer clients greater diversification with assets whose performance is not often directly correlated to movement of capital markets. What exactly are they and how can you use them effectively?

Chapter Five: The Key Benefits of Managed Accounts and Recurring Revenues

Managed account solutions allow for a more efficient use of the advisor’s time, access to a more affluent clientele, a consistent revenue stream leveraged by the market’s growth and a more valuable business entity—plus clients prefer fees over commissions.

Chapter Six: How to Tell if Managed Account Solutions Are Right for Your Practice

Are managed account solutions right for your practice? Here are ways to evaluate your potential for success.

Chapter Seven: Transforming Your Practice into a Wealth Management Business

Wealth managers who’ve made the transition from erratic, commission-driven income to consistent fee-driven revenues explain how they handled the transition and what other advisors can learn from their experiences.

Chapter Eight: Developing Your Managed Account Solutions Business

Referrals from current clients and fellow professionals can bring prospects to your door but you must know how to ask for referrals, have materials on hand to promote your practice and know how to determine which prospects are best avoided.

Chapter Nine: Positioning Yourself as a Solutions Provider

By cultivating mutually beneficial relationships with service providers, allied professionals and the media, you can develop a steady stream of referrals to help grow your business.

Chapter Ten: Attracting and Retaining Clients

Five strategies for capturing additional assets from your managed account clients.

Chapter Eleven: Building on Your Success

Techniques for establishing yourself as an expert source in managed account solutions and cultivating mutually beneficial relationships with investment companies and other financial services professionals.

Chapter Twelve: The Future of Managed Accounts

Industry leaders present their vision of what the future holds for the managed account solutions industry.

Resource Guide
Sample business plans, investment policy statements, manager evaluation formulas, and sample seminar invitations.

 
 

 
 
The Managed Account Handbook
How to Build Your Financial Advisory Practice Using
Separately Managed Accounts
by Stephen D. Gresham

Steve Gresham has gathered leading advisors' best practices for success in managed accounts - from product basics to practice management specifics. The Managed Account Handbook can help you transition to a fee-based practice, develop specialized skills and grow a thriving managed accounts business.
    


"The Managed Account Handbook"

 
 
 

 
Attract and Retain the Affluent Investor
Winning Tactics for Today's Financial Advisor
by Stephen D. Gresham & Evan Cooper

Are you prospering from those millionaires next door? Despite the growth of online investing, most affluent investors manage their financial assets with the help of an advisor - be it a stock broker, financial planner, accountant, or attorney. And while many advisors target this burgeoning affluent market, most harbor concerns about their ability to compete in the future.
 
In Attract and Retain the Affluent Investor, Steve Gresham, an expert in marketing financial services to the affluent, and Evan Cooper, a respected financial journalist, show you how to increase your revenue and earnings by building an affluent client base. Along the way, they address your most pressing questions.


"Attract and Retain the Affluent Investor"

  
 

Magazine Articles
   

Sticker Shock
Registered Rep Magazine -
March 2007
by Stephen D. Gresham and Glen E. Gresham, M.D
 

My father and I had the same reaction when we looked at our copies of The New York Times on a Saturday morning at the end of January. On the front page, just above the fold, was an article entitled, “A Contrarian View: Save Less and Still Retire with Enough.” Had we read that headline correctly? After decades of helping retirees cope with financial and medical issues, our shock and dismay were the same as if a parenting magazine had declared “Let Kids Play in Traffic — It's Fun.”
... More>>
 
 
Grandma's Got A New Boyfriend

Registered Rep Magazine -
February 2007
by Stephen D. Gresham and Glen E. Gresham, M.D.
 

“Mother, you must be out of your mind!” Ellen Fulton's eyes blazed with indignation as she put down her coffee cup with a shaking hand. “He's the same age as your children, for goodness' sake! Have your little fling, if you must, but stop talking nonsense. Marriage, indeed! You can't be serious!” ... More>>

 
 
 

The Price Isn't Right
Registered Rep Magazine -
January 2007
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
If you stop to think about it, there are a number of surprising parallels between the medical and financial-advisory professions. Both remedy issues vital to long-term happiness: health and wealth. Both require highly technical knowledge, coupled with personal and intimate service. Both require an initial assessment and diagnosis a look at past and family records, a talk about current conditions ... More>>

 
 
 

Diagnosing Your Prospects' Pressure Points Millionaire Hot Buttons
Registered Rep Magazine - December 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The end of each calendar year provides a natural setting for serious prospecting. Full-year performance and other results are easy to present to potential clients and their accountants, who can quickly make comparisons among competing advisors, retirement plans, mutual funds and managed accounts. So how can you use this moment to capture additional assets and referrals ... More>>

 
 
 

Partners In Care
Registered Rep Magazine - November 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 

It had been a festive family reunion. Len and Gloria Benton reclined on the veranda of their upscale retirement community condominium and happily rehashed every detail. “We're so lucky,” sighed Gloria. “Thanks to your good planning, we've been able to retire early, buy this great place and really enjoy getting the whole family together — our kids, grandchildren and our parents!” ... More>>

 
 
 

Caregiver for Life
Registered Rep Magazine - October 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
After her traumatically brain-injured (TBI) son, Jim, had finally settled down and gone to sleep, Adelaide Newton sat alone in her living room to ponder her current situation.  While her two older children were married, had children and were living independent lives of their own, Adelaide, a widow in her early 60s, had to decide how to deal with Jim, 19, once a very promising college student. A skiing accident had left him with permanent mental limitations. She had barely recovered from the loss of her husband from a sudden heart attack when the call had come that Jim was being airlifted to the regional trauma center ... More>>

   
 
 

Scaling Old Peaks
Registered Rep Magazine - September 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The longest block of Kenilworth Road in our town has so many physicians that it has been jokingly referred to as “Pill Hill.” It is a tree-lined street in affluent suburbia dotted with large stately houses — most designed in the Tudor style — that were built between the two World Wars. They were ideal homes for affluent physicians and their broods in the 1950s and 1960s. Those doctors are now senior citizens. the kids are long gone and the houses are too large, too much work to maintain and — for many — too lonely. This brings a previously unthinkable agenda: selling the home and moving to a smaller place ... More>>

 
 
 

Retirement Roulette
Help clients prepare to win the longevity sweepstakes
Registered Rep
Magazine - July 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The members of the Cadeucis Colloquium, a discussion group of retired and semi-retired physicians, sat together in Dr. Kaplan's living room overlooking the lake one recent afternoon. Dr. Kaplan finished serving drinks and asked: “Who goes first?”
“I noted in the New England Journal of Medicine [April 20 issue] that overall life expectancy at birth in the U.S. has reached 77.2,” Dr. Whiteside said. “We're catching up with Canada, Britain and Japan — at last. Of course, they've always achieved their superior figures with less than half of our per-capita cost for health care. But, let's take time off from talking costs and just consider the impact of this demographic on our thoughts about aging.” ... More>>

 
 
 

The Final Reward
Registered Rep Magazine - May 2006
by Stephen Gresham and Glen E. Gresham, M.D.
 
A patient fidgeted in his chair in a doctor's waiting room. Impatient as always, he was torn between complaining about being kept waiting and a creeping anxiety about what the doctor might tell him. Approaching 60, he had always been healthy, hard-charging and successful. His marriage was still solid, his kids were launched on promising careers, he still excelled at tennis and he had no “financial worries.” There were, however, clouds gathering on his horizon. For several months, he hadn't felt quite up to par. He was frequently tired, sometimes edgy and having “gut problems.” His initial hope that this would all just go away was fading and, when his urine had turned dark, he caved and called the doctor ... More>>

 
 
 
The Rewards of Risk Review
Registered Rep Magazine - April 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
Life is full of risks, and the financial advisor's job is largely to minimize the financial perils their clients face. What the risks are, how they will be reduced and what it will cost to do so must all be taken into account with the knowledge that the task will vary from one household to the next. Nor are the concerns of every generation the same. Contrary to what you would expect from conventional wisdom and this space, the greatest fear of baby boomers is not death or a market collapse. Instead, according to Age Wave guru Ken Dychtwald, their chief worry is the loss of independence characterized by contracting a major illness or being confined to a nursing home. A Dow debacle didn't even make the list ... More>>
 
 
 
Prime Time Risks
Registered Rep Magazine - March 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
Buttoning his shirt at the end of the physical exam, he was the very picture of a clean bill of health: A handsome, fit businessman, who, at 47, was in the prime of his life. Call him Matt Parsons. That's not his real name, but what happened next that day in the doctor's office is based on a true — and too common — story:
“Well, what do you think it is, Doc?” a subdued Parsons said. Parsons was having problems walking and his doctor started by explaining that it was due to muscle spasm, which probably meant that some changes were taking place where his nerves originate in the spinal cord. Parsons also had episodes of blurred vision and his doctor discussed them with him, too. They needed to be evaluated and his doctor would schedule an appointment with a specialist as soon as possible ... More>>

 
 
 
Reaching Boomers
Registered Rep Magazine - February 2006
by Stephen D. Gresham and Glen E. Gresham, M.D.
 
The following letter, based on a real life situation with a friend and the friend's financial advisor, offers a peek at issues concerning boomer clients (all names are fictitious): Dear Roger: Thank you for spending so much time counseling our niece, Amanda, about how her recent inheritance should be invested. I had told her to listen carefully to your advice, as I have been most favorably impressed by your management of my wife's portfolio (which, of course, is similarly based on an inheritance) ... More>>


 

 

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