A generation of affluent investors in the form of Canadian family business owners is pondering a significant transfer of wealth and what to do with the family business. Meanwhile financial advisors are braced to manage billions of dollars set in motion as a result many want to assume their wealth management role as quickly as possible. This is understandable, but can ruin the most promising relationship with a family business owner before it begins.

In my blog of July 16, I wrote that a client or prospect’s trust is a financial advisor’s most important asset. You may be supported by the best-in-class marketing materials, professional networks, speaking skills, effective business presentations and advertising, but you will not succeed in the long term if you can’t earn trust.

To earn the role of trusted advisor, financial advisors need to be squarely on the same side of the table as their business owner prospects.

Here are three things a financial advisor needs to communicate to him or her:

“Before considering the future of your business, ask yourself what you want to do with the rest of your life. What does that look like to you?”
“In guiding you toward your financial goals, I need to learn all I can about you and your business. Please don’t look to me initially to suggest ways to increase your net worth by selling your company or recommending investment options. Job one for me is to get a complete financial picture of where you stand today and what you hope for down the road.”
“Once I understand your long term goals, I will prepare an investment plan based on this information. I would like to share this plan with you and your family members as I feel it’s important to have an open dialogue with each from the start. If we all feel we can work well together, I will look forward to proceeding.”