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Top Advisor Podcast™
Ep. #67 – The Keys to Courting Ultra High Net Worth Wealth Management Clients with David Kirshenbaum
What would your business (and life) look like if you started working with ultra-wealthy clients ranging from $40 to $100 million?
Working with ultra-wealthy clients can be more complex than “merely” high-net-worth clients. These individuals have distinct needs, expectations, and concerns that require a specialized approach from financial advisors, planners, and wealth managers.
In this episode of Top Advisor Podcast, featured guest David Kirschenbaum, a Tiger 21 Chair, sheds light on the unique perspectives and requirements of wealthy entrepreneurs.
Tiger 21 is an organization whose members have an average net worth of $117 million.
Bill Cates and David Kirschenbaum discuss the fact that these wealthy entrepreneurs are not solely focused on accumulating wealth but also on preserving their assets.
This focus necessitates a holistic approach to ultra-high net worth wealth management that includes comprehensive financial planning, tax optimization, risk management, estate planning, and philanthropic strategies. Advisors and wealth managers need to go beyond traditional investment strategies and consider the long-term preservation of substantial wealth.
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In this engaging conversation, you’ll gain insights into:
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- The unique challenges and opportunities faced by wealthy individuals, and the importance of having the right trusted advisors in their corner.
- How advisors need to demonstrate the ability to collaborate and coordinate with a range of professionals to provide a cohesive, integrated approach to ultra-high net worth wealth management.
- The fee-sensitive nature of these wealthy individuals (seeking great transparency and value-based services).
- What a representative of an RIA said to this group about how to select the right financial advisor.
- How too many advisors still ignore the spouse and other family members, causing them to lose clients.
- David Kirshenbaum’s varied and successful business career, including how he has created huge business deals using his vast “relationship capital.”
- …And more!
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About Our Guest
David has had a successful career working for a number of entrepreneurial, fast-growing, and diverse businesses across law, real estate, venture capital, private equity, family offices, and operating businesses in senior operations/leadership positions as well as business development and transaction management. Based on these experiences and the growth of a significant network of contacts, long-term relationships, and strategic partners, David decided to launch MeadeCo LLC in 2018.
David started his career as a transactional real estate attorney at what is now one of the largest law firms in the world. Following the completion of his MBA, David transitioned to leadership positions in finance, investment management, real estate development, real estate investment and asset management, and private equity.
With a strong desire to combine the skill sets that defined him in earlier stages of his career, David was named CEO of a venture capital start-up that was focused on selling products into the world of real estate. While a short-lived experience, David gained valuable insights into the challenges and economics of earlier-stage companies in need of capital.
Following his CEO role, David acted as a special situations investment banker working with a variety of companies on matters ranging from restructuring to debt placement for “storied credits” and company sales. Employing entrepreneurial instincts and practical operational knowledge, David was able to complete a series of transactions to assist clients with a variety of needs.
While David was pursuing a successful career across a range of industries, he aggressively pursued investments across a broad spectrum of economic activity that broadened his knowledge base and allowed him to leverage hard-fought lessons across three-plus decades of entrepreneurial activity in a variety of endeavors. David’s investment portfolio, together with his role as advisor/mentor and board member to early-stage CEOs has given him a unique perspective on the financial and operational needs of companies that require debt financing or advisory assistance.
Connect With David Kirshenbaum:
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About Your Host
Bill Cates, CSP, CPAE, works with established financial advisors to speed up their growth without increasing their marketing budget. Advisors tap into Bill’s proven process to multiply their best clients through introductions from advocates and Centers of Influence (such as CPAs and attorneys), communicate their value proposition more effectively, and create a reputation in a profitable target market. Bill helps advisors move from push prospecting to magnetic marketing – to attract more Right Fit Clients™.
Bill is the author of four best-selling books, Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals, and Radical Relevance. Bill is a highly sought-after international speaker and coach, as well as the founder of The Cates Academy for Relationship Marketing™.
Do you know someone Bill should interview (including yourself)?
Do you have a topic you’d like to see covered?
Contact Bill Cates directly: BillCates@ReferralCoach.com
