Family Office Coaching with Lance Meikle familyofficecoaching

AN ACCOUNTANT EXPANDING INTO FAMILY OFFICE
 
This podcast is going to:
Get insights from a qualified accountant about why explore Family Office
The pathway from employee at Sunshine Coast to multi-family office in Brisbane
Leanings to date of selling and delivering a Family Office to a client.
Chris Davey is a qualified Accountant, father of his 3-year-old son, Nikita and overall good person. Chris approached me circa one year ago to assist with Family Office coaching and I’m pleased to say, he has his first client with second looking very likely any day.
Chris, hullo, welcome and thank you for your time and agreeing to share your journey into Family Office.
How did you go from a safe and secure job as an Accountant on the Sunshine Coast to selling your first Family Office?
How’s the home life with the change?
What would you say was the hook for you to explore Family Office?
Any regrets?
How hard has it been grasping Family Office?
Do you think that you could achieve this own your own?
Your second client looks likely to be onboarded any day, how different was it to receive the lead passed over to you from me?
What learnings would you gift our audience if they are considering putting their toe in the water with regards Family Office?
Lessons learnt: Knowing what you know now, what are the things you wish you had learned earlier in your career?
What is the best way for anyone in the audience who wishes to contact you, discuss some Family Office coaching, refer a client?

NEW ADVISOR TO FAMILY OFFICE, HOW HAS IT BEEN?
Cody Harmon, Cruz Family Office walks us though his pathway to being a Family Office adviser.
He shares the nuggets about what he has learnt to date along with the good, bad and the ugly.
We both hear and feel the light-bulb moment where he made the decision to move to Family Office from Financial Planning.
Cody provides his counsel to anyone listening if they are pondering whether or not to put their toe in the water and explore Family Office.
What would he have done differently on his journey?

HOW SUCCESSFUL IS YOUR CLIENT RETENTION?
This podcast is going to:
Challenge your honesty to yourself
Explain:
why clients leave
what you can do to eliminate losing clients
how to have client engagement that will lead to referrals

Give direct feedback from clients we onboard
Now, let’s jump straight into the information for making you money.
Why clients leave?
You meet your prospect, build a rapport, educate them, discuss options and then implement. Then what?
The time between discussions starts to push out, the level of enthusiasm and engagement diminishes because the needs of the now client, have been met.
Enter year three. The value | reason for your client to meet with you becomes, at best, questionable as ‘everything is fine’ and you are looking after things and they appear happy but they don’t know what they don’t know. Then a business like Generational comes along and commences a conversation about eulogy, legacy, and intergenerational transfer of assets &/or wealth and connect at an emotional intelligence Having arrived at this point, the conversation and relationship take on a new meaning, has substance and a purpose and they are engaged, but sadly, no longer with you.
What you can do to eliminate losing clients?
Change, change, change
Look inwards and be honest about what you find with regards the lack of engagement from your business to your clients and from your clients to your business
The definition of insanity is “doing the same thing over and over and expecting a different result”
Adapt and implement an offering that is a new frontier – It’s called “Family Office”
Show your clients respect by not talking about care, but rather, allowing them to experience it. Don’t talk care but rather ‘walk the walk’
Not only identify what is important to your clients but provide solutions
Understand and engage with your clients based on emotional intelligence not jargon and transactions
Know the tribe that is important to your client
How to have client engagement that leads to referrals
Understand that when a customer goes to KFC, what do they expect? Chicken, “it’s a given”, when they go to a garage, what do they expect, fuel “it’s a given”. When they come to see you, what do they expect? That you will do what you offer and charge for it “it’s a given” don’t expect engagement nor excitement about what you do, surprise | excite the client with what’s not a given.
Invite a client to sit on your Advisory Board so that they can provide input and share their experience with their tribe
Ask the client if they are happy with mediocrity or would like abundance. Mediocrity is what you (and competitors) currently offer and abundance is family office (which is the new frontier)
Here’s the question for genuine client engagement “If you were at your eulogy today listening, are you happy with what your heard or are there gaps? If you want the gaps gone, let’s get started”.
Talk about what your business is doing both in reducing your carbon footprint and contributing to zero carbon emissions by 2050 (this demonstrates that your business is a responsible corporate entity, not an ignorant one)
Establish what values and attributes align with the values of your business and only deal with clients that meet this brief. Create and promote on socials and your website, what the attributes of a client are for your business. This is the how alignment | engagement happen, it is not luck nor coincidence that having done this exercise, you will only deal with aligned and engaged clients, who referrer likeminded people | businesses to you.
Direct feedback from clients we onboard
“Our current advisor is useless. We never hear from them unless they want something”. The issue here is that an advisor does ‘want’ things like signatures, provide updates etc. etc. etc. however their client feels | thinks | says that this is a burden on them (I don’t blame them). Solution: digital ecosyste

WHAT IS IT LIKE FOR AN ACCOUNTANT WORKING WITH MULTI FAMILY OFFICE?
The difference in experience for a qualified accountant in the day-to-day dealings with clients to that of dealing with a Family Office.
If you’re a qualified accountant, should or shouldn’t you broaden your service offering to include Family Office?
What’s it like to experience the synergy and collaboration of a Family Office Management Team?
 

WHAT ARE THE ATTRIBUTES OF A FAMILY OFFICE CLIENT?
What traits you need to look for when deciding on the suitability of a Family Office client for your business.
At Generational, we identify the following attributes or we don’t proceed with the family as a client.• No. 1: Delegators• No. 2: Time poor• Pride in establishing a legacy | purpose• A desire to make a difference to the betterment of others• Seeking security for what and who is important to them• Are interesting people - living and people are more important than money• Value integrity• Social inclusion - committed to playing a role in empowering individuals to participate as fully as possible in society• Enjoy simplicity and freedom that comes from having all their financial issues under the watchful eye of a corporate trusted advisor• A necessity to hear the truth• Value the collaboration of professionals working together for their purpose; and• Appreciation of time saving and reduction of grief that Management Team meetings provide.
Why selecting the wrong prospect hurts?• The capacity of your business will be eroded with a relationship that both parties don’t want to be in• You can’t undo a family office easily nor quickly• At Generational our success to date has been 100% aligned, engaged and wonderful clients – this is no luck. If you have ANY doubt, don’t proceed• My three G’s of business | life: Grateful | Grumpy | Greedy (you don’t want your business, yourself, your family nor your staff dealing with a greedy client
Referrals: there’s a difference between grateful and thankful• A Patriarch &/or Matriarch who are:o  happy with living their lives, having created a legacy; ando knowing that their eulogy will be aligned with what their values and purpose will be GRATEFUL and your best referrers
• A client being thankful is nice, cute, and financially rewarding but well short of the emotional beauty and richness of a grateful client.
Being grateful is about appreciating what one has (this is a Family Office client), as opposed to what one wants (a prospect who wants what a Family offering delivers but doesn’t want to pay for it)Being thankful implies thanks for something that someone has given you (this is typically a transactional-based relationship).

A FINANCIAL PLANNER'S FIRST FAMILY OFFICE EXPERIENCE
Co-host is Nat Daley, Financial Adviser & Managing Partner at Hard-Line Wealth (Coolangatta, Queensland). Nat is a gentleman, a father to young Lenny Jean, husband, and someone I respect. He certainly punches above his wait in the financial planning sector.
Nat is in the process of adding Family Office to the service offering of Hard Line Wealth.
Recently, Nat was a guest of our largest Family Office, Management Team meeting so he could experience the reality, not the theory of what goes on. Nat answered the below questions:
The difference in experience and offering between being a financial planning, and a Family Office client
If you’re a financial planner, should or shouldn’t you broaden your Financial Planning offer or take a leap of faith and explore Family Office and why?
What’s it like to experience a Family Office Management Team?
What is it that excites you about having Family Office clients?
What have your observed to be the key differences between being a high-end Financial Planning | Private Wealth client and being a Family Office client?
Knowing what you know now, would you recommend to the financial planners listening to this episode, that they broaden their Financial Planning offer or take a leap of faith and explore Family Office and why?
What advice would you give our audience if they are weighing up whether to put their ‘toe in the water’ and looking at becoming a multi-family Office?
After your experience of sitting in on the Management Team of our largest Family Office, how (or has) this changed how you deal with prospects & existing financial planning clients?
In your career, have you come across, or experienced, a similar offering to Family Office?