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The Best Way To Attract Wealthy Clients Is Education

This article is more than 5 years old.

How bold are you when it comes to attracting wealthy clients?

Would you be willing to demand that wealthy prospects pay to take a class held at a university with a 200-page textbook before you would be willing to take them on as a client?

Kirk Cassidy, president of Senior Planning Advisors and Strategic Investment Advisors in Farmington Hills, Michigan, is that bold.

“I won’t work with a client unless they take our seven-hour course we teach at a university,” says Cassidy. “Last week I turned down a prospect with a net worth of $11 million in investable assets because he would not take the course.”

Cassidy practices what I call the Educating Expert Model. Prospects hunger for knowledge, especially for something as high stakes as retirement. Unlike most in his industry, he has gone beyond the free-dinner-seminar approach.

“If it is a free dinner seminar, then people expect to be sold,” says Cassidy. “In our course we do not solicit; we just educate.”

Six years ago he invented the course-before-client approach to help those planning for retirement figure out the complex equation that is retirement planning.

“Through our courses held at University of Michigan, Eastern Michigan University and Michigan State University, we believe we provide part of the equation by educating those 50 years or older on the essential aspects of retirement,” says Cassidy.

Does fortune favor the bold? It does for Cassidy. The average net worth of his clients is $1.4 million in investable assets, which excludes their home.

Cassidy is a fiduciary who holds a Series 65 securities license, as well as a life insurance license in Michigan and many other states. In addition, he is an advisory board member for a $6.5 billion institutional money management firm. But what makes him stand out is requiring clients to pay to take his course.

The details are at www.retirementplanningedu.com. The cost to attend the course is only $29, so price is not a barrier. The bigger issue is the student’s investment of time.

“At our Retirement Education courses, our goal is to address the biggest retirement concerns and give students the tools and confidence to tackle them,” says Cassidy. “We believe that there are two key components to making a good decision: having the knowledge to know the right course of action and having the courage to do the right thing.”

Over the years, Cassidy has taught thousands of attendees and helped hundreds of people all over the country retire with a comprehensive retirement plan that best fits their needs. He teaches that proper tax planning can help increase asset performance in retirement without taking on greater risk.

“Last year 200 people wanted our help, but I was only able to say yes to 82,” says Cassidy. “When I take on a client, I spend 20 to 40 hours running hundreds of scenarios without the help of software to find the investing sweet spot.”

And what exactly does he teach? Cassidy has developed an asset allocation model that provides clients with a road map to help preserve and distribute financial assets, while also helping to reduce taxes and increase their wealth.

“Having a financial strategy with a retirement income plan is essential for reaching your retirement goals,” says Cassidy. “Having knowledge is essential to making good decisions.”