FA Magazine May 2023 | Page 31


Turning Young Clients Into Lifelong Ones

Three women leaders detail how their new service models are building “ perfect ” long-term clientele . By Tracey Longo

WHAT DO TWO INVESTMENT ADVISORY firms with $ 13.5 billion in assets between them have in common with a startup that has attracted more than 200 clients in its first year ? The answer : They all have females in leadership positions who have built profitable service models working with next-generation clients . And they ’ re able to do it without waiting for those clients to meet minimum investable asset levels .

All three women — Cammie Doder of Aspirant , Stacey McKinnon of Morton Wealth and Kamila Elliott of Collective Wealth Partners — are set to share their winning formulas for working with next-generation clients at Financial Advisor magazine ’ s eighth annual Invest in Women conference in Atlanta , May 1-3 .
With $ 12 billion in assets under management , 70 wealth managers and 11 offices nationwide , Los Angeles-based Aspiriant can boast that its average client ( there are 1,600 of them ) has $ 7.5 million invested with the firm . But with the average age of the firm ’ s clients approaching 60 , attrition and revenue losses have been real concerns , says Doder , the firm ’ s chief marketing officer and partner .
To counter the outflow of assets , Aspiriant has created an “ emerging wealth ” offering , Doder says . This incentivizes advisors , especially younger practitioners , to help their network of family , friends and peers grow wealth . It also helps the firm establish relationships with millennials , a cohort that stands to inherit $ 80 trillion from baby boomers over the next two decades .
“ We wanted to work with next-gen clients now because we know they are our perfect future clients ,” Doder says . “ We also knew that telling them to ‘ Just go away and call us when you hit our [$ 1.5 million ] minimum ’ just wouldn ’ t work . So we launched our emerging wealth service offering three years ago .”
At Aspiriant , next-gen clients pay a fee of 70 basis points on assets under management , as well as a minimum wealth planning fee that starts at $ 2,400 annually . Those clients with more complex needs , such as those who need help with stock