The need to acquire new skills and accreditation through formal education never stops, says Kathryn Del Greco, senior investment advisor with TD Waterhouse Private Client Group in Toronto.

Her success, she told advi-sors at the 2008 Top Advisor Summit in June, can be attributed to her commitment to continuing education and a strong belief in client communication.

A fellow of the Canadian Securities Institute, Del Greco recently attained a new designation, the chartered professional strategic wealth, by completing a wealth-management course offered by CSI Global Education Inc. The Ch. P. strategic wealth designation is geared toward the needs of high net-worth clients, and it complements the designations Del Greco already has in investment management, securities and insurance.

“My edge is my commitment to high professional standards,” says Del Greco. “The needs of clients who are approaching retirement go far beyond investments, and advi-sors need to know how to fit various pieces of the puzzle together.”

Since Del Greco entered the financial services business in the early 1980s as a junior assistant to a rookie broker, her career has been a series of steps to upgrade qualifications and enhance her expertise. She left her first job to become an assistant to a commodities trader, and subsequently earned her commodities trading licence. She concentrated on this volatile area of the market from 1987 to 1993, when she decided to broaden her scope.

“Although commodities trading was exciting, it was stressful and there was a high burnout rate,” she says. “The light-bulb moment came for me when I realized I was concentrating on risk capital — the smallest part of the wealth pyramid, in which only 10% of net worth is concentrated. If I wanted to increase my opportunities, I needed to take a bold step. [I] decided to reinvent myself by shifting to comprehensive wealth management.”

Del Greco’s business has evolved to the point at which she has a stable of high net-worth clients with minimum investible assets of $1 million. She manages $150 million in assets for 125 families, and her clients include professionals such as lawyers and accountants, as well as business owners and entrepreneurs.

“I plunged right into the wealth-management business, and I love it madly,” she says. “But you must constantly retool your practice, evolve the services you are offering and expand your knowledge and expertise. If you don’t embrace constant change, you become like a shrivelled-up grape, stuck in the same mode. You need to stay ahead of the curve, as far as clients’ needs are concerned.”

A large number of Del Greco’s clients are baby boomers in their mid- to late 50s. She says people of this age group are profitable clients because they typically have significant wealth, generally are debt-free, and are at the height of their income-earning years. They are also approaching a significant lifestyle change — retirement. Within 10 years, baby boomers, now between the ages of 42 and 62, will be controlling 72% of the wealth market.

“Studies show that 51% of people with financial advisors fire those advisors within five years of retirement,” Del Greco says. “They feel their advisor will not be able to address their changing needs during that period. After years of being on the hamster wheel, earning and saving money, people reach a point in life at which they want to preserve wealth and generate investment income. ”

Clients at this stage of life also need help with business-succession strategies, managing inheritances, tax and estate planning, and philanthropic and charitable activities. For these complex issues to be properly addressed, she says, clients need the right advisor.

Del Greco doesn’t intend to be among those advisors who lose clients when clients make the transition to retirement. Instead, she is viewing the tendency of clients to change advisors at this stage as an opportunity to win those clients whom other advisors will lose.

Aside from qualifications and expertise, Del Greco also emphasizes a high standard of service that encompasses regular client contact as well as special touches that enhance the relationship bond.

“The soft side of relationship-building is important,” she says. “I take the time to get to know what’s important to my clients. If you care what happens to people, it draws them much closer to you.”

@page_break@Client contact is more important than ever. “In this day of instant news, clients are information-rich but understanding-poor,” she says. “I know that clients don’t hold me personally responsible for what happens in the market, but they do hold me responsible for communicating with them.”

When talking to clients, Del Greco takes extensive notes, keeping records of clients’ interests, hobbies and tastes, as well as family details. She uses this information later when tailoring client appreciation events or selecting gifts for clients. She also sends clients any interesting media articles that touch on their interests, and she is always on the lookout for reasons to make friendly contact.

“Traditionally, service was executed as an art form, and things were done as they crossed your mind,” she says. “We want to transform it into an actual science, and use a computerized system to keep things on track.

“The relationship is based on trust and integrity, but physical appearances do make an impression,” she adds. “If your office looks like a bomb went off in it, how can clients feel comfortable about your attention to detail?” IE

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