SEI Investments (Nasdaq: SEIC) has launched a revolutionary life and wealth program that will help advisors answer the demands of today’s changing wealthy clients.
SEI recognizes life-centric advice as one of the primary new demands of the growing wealth marketplace. The SEI Wealth Network was designed around what the company sees as an emerging new “Wealth Code” among the affluent – the intrinsic set of values and beliefs wealthy people have about money. Drawing on an extensive examination of generational trends and proprietary research of the affluent and their advisors, SEI has uncovered a set of six universal principles that define the way today’s affluent families view both their wealth and the people who advise them.
Old Wealth Code
- True wealth is being rich.
- Money is its own reward.
- Be an expert in your financial field.
- Deliver great products.
- Offer great service.
- Give me a great deal.
Success Measure: ROI (Return on Investment – Market Driven)
New Wealth Code
- True wealth is well-being.
- Money helps to realize a rewarding life.
- Become the expert on my life goals.
- Align my wealth with my life changes.
- Help me solve my life problems.
- Create value with me.
Success Measure: ROL (Return on Life – Goal Driven)
This new wealth code is not being satisfied by traditional advisory approaches. Recent studies among the affluent show that clients believe they have more complex needs than their advisors are currently capable of handling. In one survey of high-net worth individuals, only 59 percent said they were pleased with their advisors’ performance – a sharp decrease from 79 percent just two years prior. Another study showed that while nearly half of wealthy clients stated they were considering switching advisors, 31 percent of that group hadn’t switched because of a lack of viable alternatives.