Understanding the Needs of Ultra-High-Net-Worth Clients | TIGER 21 Chair on Top Advisor Podcast

The shift to working with ultra-wealthy individuals introduces new complexities and demands a specialized approach from financial advisors, planners, and wealth managers. This topic is the focus of a recent episode of the Top Advisor Podcast, featuring guest David Kirshenbaum, Chicago TIGER 21 Chair, who is interviewed by host Bill Cates about what David has learned from working closely with ultra-high-net-worth individuals.

David sheds light on the unique position of people who have just obtained extraordinary levels of success. It is not just about managing more money; it’s about understanding their unique needs, expectations, and concerns. These individuals have complex financial portfolios and require services that go far beyond standard financial advising. TIGER 21, an organization with Members who each have an average personal net worth of $135 million, which provides a community, where Members can address those intricate needs, beyond just investing. This includes everything from preserving intergenerational wealth to fostering personal development.

In the podcast, David offers key takeaways including:

• The unique challenges and opportunities faced by wealthy individuals, and the importance of having the right trusted advisors in their corner.
• The fee-sensitive nature of high-wealth individuals (seeking great transparency and value-based services).
• How too many advisors ignore the spouse and other family members, causing them to lose clients.
• David Kirshenbaum’s varied and successful business career and leveraging “relationship capital.”

Listen to the podcast.