SEI Investments, the leading provider of turnkey asset management services, has launched a revolutionary new Life-Wealth Advisory Platform, designed to help independent financial advisors meet the broad-based needs of the wealthy baby boomer market. SEI believes the platform - which emphasizes profitable growth for advisors by integrating new marketing, end-client advice and technology systems - is the first of its kind in the advisor marketplace.
A catalyst in transitioning independent advisors to fee-based business models during the 1990s, SEI is looking to repeat by leading advisors into the Life/Wealth advisory business. Unveiled at SEI's Select Advisors Council meeting held last week, the offering was met with overwhelming support. Rich Donnelly, President, SAI Financial Advisors, San Diego, CA, who attended the meeting, said, "SEI, long a leader in serving the independent advisor, has once again demonstrated that they are at the forefront of delivering the next- generation of services to our marketplace."
Jack May, head of SEI's Advisor Solution Unit, explained: "Our research has shown that a number of financial advisors recognized that financial advice alone is inadequate for the affluent baby boomer, and they've been patching together outside experts to assist them in fulfilling their clients' broad set of needs. Our Life-Wealth Platform addresses this market need, providing a one-stop, highly integrated solution for our advisor clients."
SEI's new Life-Wealth Advisory Platform includes the following:
1. A lead generation system successfully tested during 2003, which includes CPA partnerships, direct mail campaigns and specially staged "boomer experience" events.
2. An End-client Life & Wealth advice program that includes a broad set of experts and services available to advisors including estate planning, credit, long-term care and insurance.
3. A web-based technology platform that transitions the financial advisor from a "single domain" investment manager to a "multiple domain" Life/Wealth coach.
4. Comprehensive Life & Wealth Training that prepares the advisor in virtually all aspects of baby boomers' life planning needs.
5. A Business Assessment program initiated during 2003 provides advisory firms with customized Action Plans that guide them through transforming their practices to the new Life/Wealth space. Over 70 advisors are currently participating in this program.
For the past year, SEI, which has over 4,000 financial advisor clients, has been testing components of the Life-Wealth Advisory Platform with selected advisors, and will begin rolling out the entire program during the second-half 2004.
"Our Life-Wealth Advisory Platform is designed to help advisors transform their business model to meet the more complex demands of the affluent baby boomer client," said Scott Dell'Orfano, head of SEI's Advisor Market Unit. "This represents our biggest strategic initiative since first serving the advisor market over 10 years ago."
Advisor Reaction
Scott Mason, Rubicon Wealth Management, Bala Cynwyd, Pa, who is now serving clients initiated through SEI's lead generation program, noted, "I was never really competitive in attracting $15 million net worth clients. They would only use me for a piece. With SEI's system and branding, I can now capture the entire relationship."
According to Lisa Lyons an advisor in Woodland Hills CA, "The SEI Business Assessment of our firm was eye-opening and extremely impactful. The analysis revealed the financial value of a complete firm wide restructuring which we implemented earlier this month."
SEI is publishing a series of White Papers that will provide financial advisors with strategic insight into the fundamental change that's occurring in how baby boomers view and manage wealth, as well as how advisors should transform their business to attract this important segment. The first in the series, entitled "Baby Boomers - Demanding the Next Generation of Advice," was released today.