Leaders from across the financial advisor industry gathered recently in Chicago for the InvestmentNews Women Advisor Summit. Michele Francisco, RMB partner and co-managing director of wealth management, was a featured panelist at the event.
Francisco joined a panel focused on modern approaches to attracting and retaining clients and employees. During the session, she discussed the importance of building a tailored approach to different client personas.
“Think about your communities of clients, and then build your strategy around them and their unique needs,” Francisco advised.
She noted that it’s increasingly difficult for the average investor to differentiate in the wealth management space, so it’s important to build firm-wide marketing efforts around these communities of clients. For larger practices, Francisco advised that each advisor should have a niche, allowing the firm to provide specialized advice.
To better retain employees and increase the representation of women in financial advisor roles, Francisco encouraged firms to avoid focusing solely on those that raise their hands for that career path, and to also consider a formal mentoring program. This is especially important in a larger firm with different departments, which could identify talent across the firm for different roles and responsibilities.
“Consider the characteristics that make for a good advisor and encourage women in junior administrative roles that have these qualities to consider an advisory career path,” she said.
For more information about RMB’s approach to wealth management, please visit: https://rmbcapital.com/wealth-management/about-rmb-wealth-management.
