Welcome back to the 219th episode of the Podcast on the success of the financial advisor!
My guest on today’s podcast is Coventry Edwards-Pitt. Covie is the Chief Wealth Advisory Officer at Ballentine Partners, an asset management firm headquartered in Waltham, Massachusetts that manages nearly $ 8 billion for just over 230 ultra-wealthy families.
What is unique about Covie, however, is that if their company has an AUM of nearly $ 8 billion for “only” 230 family households, it means they average Customer has almost $ 35 million of investable assets … and as a result, Covie’s company is uniquely focused on issues beyond “just” doing good work when it comes to the technical aspects of wealth management and the problems that can create very large sums of money tighten Instead of solving, you are helping families make the decisions that can affect generations … and the unintended consequences those decisions often have if not carefully considered first.
In this episode, we talk at length about how Covie is helping ultra-wealthy families (many of whom “couldn’t get out of money” and suddenly found themselves in unfamiliar parenting waters after a liquidity event) teach valuable lessons about money when they default on parenting scripts Boundaries – like “We can’t buy this because we can’t afford it” – suddenly no longer affect what Covie has learned about children from very affluent families who are well rounded (and well grounded). and the shared experiences they share to develop a basic sense of self-worth and achievement outside of what they were born into and why Covie and the Ballentine team may not introduce these deeper discussions until years after starting the client relationship and completing all of the initial complex technical asset management work (and clients are willing to personalize this money talks).
We also talk about how Ballentine Partners organizes its own internal structure around Senior Client Advisors who manage customer relationships as “generalist experts” as well as lead internal knowledge management teams and look after a customer load of “only” 10 to 15 ultra- . Wealthy (and highly complex and high-performing) customers, why the company at the family office level (and the myriad of topics and problems that the company deals with with customers) has committed itself to an annual flat-rate structure, and the matrix structure that the company uses to build the institutional knowledge that emerges from managing 230 wealthy family relationships.
And be sure to listen to the ending where Covie shares her own journey that eventually led her to a senior position at a high net worth company and how difficult it was to help families where family relationships have already been damaged as part of that what led her to write two books about the rich and why it was pursuit of her passion for writing that helped open new doors for both herself and her company.
Whether you want to learn what it’s like to work with high net worth clients, why it’s the deeper conversations that help them raise informed children that really set a company like Covie’s apart, or how such a company is structured, we hope for enjoying this episode of the Financial Advisor Success podcast.
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