February 26, 2024

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Ash Chopra’s clients have had a harrowing experience waiting in the emergency room for their children to see them, sometimes taking hours for patients to get help.

It was a humbling moment for the client, Chopra said, who was “a very wealthy man.”

The client came to Chopra afterwards. “He said, ‘I never want to have that experience again, Ash. How do we fix this?'”

Chopra, Founder and CEO, Registered Investment Advisors Syon Capital, which he founded in October After leaving Merrill Lynch Private Wealth Management, these questions may seem irrelevant to a traditional financial advisor’s job managing investments, but they are commonplace in his practice serving ultra-high-net-worth clients.

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quantity ultra high net worth family Those with a net worth over $30 million have been on the rise, with An estimated 101,240 of them are in the U.S. As of 2021, their lives are getting more complicated. Like Chopra’s clients, they often turn to advisors for solutions in a variety of areas.

Chopra spoke Wednesday at an industry panel event hosted by VettaFi on serving ultra-high-net-worth clients in the RIA space, describing his experience in providing bespoke services to these clients. He was joined by President Kelly Maregni. Multi-Family Offices and RIA Pathstone.paul ferguson Managing Director, Schwab Advisors Family Office, host. Both Syon and Pathstone are customers of Schwab Advisor Services, Charles Schwab’s hosting business for RIAs, which includes Ferguson’s division.

“Clients look to us for more than just financial advice and guidance,” Chopra said on the panel, adding that their wealth management at this level often extends to “a holistic view of their culture, their education, their lifestyle.” “support. “.

In the above case, Chopra decided to partner with Concierge Medical Services so clients can receive immediate, personal medical support in the event of a health emergency. It came in handy in the case of a client on vacation in Hawaii with Chopra, as the man broke his neck on the beach, was paralyzed and nearly drowned – but luckily, he was able to quickly Was flown to Honolulu for emergency surgery to “put him back together.”

That level of focus is now needed to stay competitive with the wealthiest clients, panelists said.

read more: 5 takeaways from Arizent’s research on the Great Wealth Transfer

Ferguson agrees, citing interviews he’s conducted in the field in which he found that successful multi-family offices are always “the client’s first call. They’re trusted advisors, the first call for everything, Whether financial or non-financial.”

For more insights from a panel of experts on how to attract and keep these elite businesses, scroll down our card showcase.