In this episode, Steve talks with Michael Evans of Cogent Strategic Wealth, based in Chicago. As Michael puts it, all the people Cogent serves likely have the ability to do what he does, but simply don’t want to.
Michael’s firm serves 65 families in 17 different states, with clients ranging from heads of households to their adult children.
Michael shares his personal story with Steve about how he ended up as a wealth manager and the gut check that led him there. He also gives insight on how vulnerability can lead to greater trust between clients and advisors.
”I think wealth management is just so much more than wealth management. I think you’re actually helping people be better people, better leaders, better spouses, better parents, better community members, better board members for different organizations. I think by having your financial house in order, I absolutely believe you’re going to be there for others in a better way when they need to count on you the most. ” ~ @cogentadvisor
- Wealth management is an exercise in revelation. You’re asking your clients to reveal personal desires or fears around their money. Doing the same on your end can build a stronger relationship and deepen the trust they have with you.
- The only thing you should be an expert in is your clients. Understanding your clients well and bringing them a unique solution is one of the best things that you can do for them.
- When dealing with couples, it’s always best to get their individual opinions about wealth management and how they see their money working in the future. They may say something that’s never been discussed before between them.
- Managing wealth is more than just asset management; it’s bettering the people that you’re working for by helping them put their financial house in order.