HomePrivate WealthArticlesBuilding Relationships With Clients Through A Personalized Three Cords Approach

Building Relationships With Clients Through A Personalized Three Cords Approach

Rocco A. Carriero is a comprehensive wealth advisor specializing in working with business owners, CEOs and entrepreneurs. He is a Chartered Retirement Planning Counselor, Accredited Portfolio Manager Advisor, and holds an MBA in banking and finance with over 25 years of experience.

Russ Alan Prince: Please describe your practice?

Rocco A. Carriero: Our practice specializes in working with CEOs, entrepreneurs and business owners. We provide anticipatory world-class service and advice to those clients we work with and really understand. Our process revolves around our Three Cord approach to life and wealth management process. We look to help our entrepreneurial clients to plan and advise them in the three most important areas of their life—themselves as an individual, as a family person and as a businessperson. All three are the keys to true wealth and success.

Prince: Can you give us an example?

Carriero: We helped one of our newest high-net-worth clients with our Three Cord approach who never worked with a financial advisor before and did all of his own asset management and thought he had a plan. When he came in he thought he had done a good job with his planning and wealth management, and as it turned out he missed many of the areas that we help our clients with, from tax loss swapping opportunities to a portfolio that is built based on his own risk tolerance and goals, improving his cash flow, improving the rate of return on cash, helping him prepare for the sale of his company, getting his estate plan in order, looking back at his life insurance and long term care protection, looking at the debt on his balance sheet and helping to define clearly how much he actually spends.

Prince: How do you see the private wealth industry changing?

Carriero: Some areas within the industry continue to change and become commoditized, specifically in the asset management area with margins declining. Some areas within the industry are requiring practices to improve upon and enhance services, an example being personalized advice and planning service and those margins are increasing.  

Premium services are personal and personal service comes at a premium. You can listen to Dave Matthews through iTunes for 99 cents but if you want to be upfront and personal and hear Dave you’re potentially going to pay 750X times the 99 cents. Both options allow you to hear his music, but one is personal, creates an experience and one is not. We provide that personal service and advice.

Russ Alan Prince is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He consults with family offices, the wealthy, fast-tracking entrepreneurs and select professionals.


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