Doug Orton - 2 Minute Speakers Bureau Clip

MFS Advisor Edge Speakers Bureau Video: Doug Orton SHORT CLIP

Hi, I'm Doug Orton, Senior Business Development Strategist at MFS, and I want to talk to you about the biggest threat and the biggest opportunity to your practice, which is the adult children of your best clients. Because one of the things that we've found as we talk to financial advisors is that if they lose a high quality client relationship, it is generally because the client has passed away and they don't have an existing relationship with the heirs.

So how do you identify the alpha? How do you get the parents' permission to contact the alpha? How do you get the alpha to opt into continued contact? And I'm convinced if you implement this plan, and frankly it's not a lot of work. We're talking about one phone call to the parents, one phone call to the alpha, and then adding the alpha to your existing client contact program. It is a very easy thing to implement into your practice. I'm convinced that over time some of these heirs will convert over to be clients. Is it everybody? No. But there's a significant subset of your clients' heirs who maybe they have a financial advisor, but it's not a high quality financial advisor. Converting them over to work with you not only helps you preserve the assets, but I'm also convinced that multi-generational advice helps us avoid a lot of the problems that families run into.

So I want to thank you for your time and attention today, and I want to encourage you to reach out to MFS. What I talked about today is only one small piece of our Advisor Edge program. There's a lot of different ways that we would love to help you improve your practice.

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