Business of Life

SEI: True Wealth is Well-Being

Last week, I attended a seminar to learn about hedge funds.  I learned a lot, but what I was most interested in was the company that put it on. 

(Full disclosure note - Much to my surprise, I won a $200 bottle of Chateau Margaux in the raffle among attendees which I've put away for a special occasion.)

I first learned about SEI investments in May and was quite intrigued by its holistic approach that I think will prove very appealing to aging boomers.    At this educational seminar with no hard sell, I was surprised to learn how long the employees had been with the company and how much they loved their jobs - always a good sign and one of my rules of thumb.  I later learned on the web that SEI has been named four times to Fortune's List of the 100 Best Companies to work for.

SEI has launched SEI Wealth Network,  a new financial advisor business model, that enables advisors to help their clients realize their true life goals, enriching their lives and the lives of others.

It's not about just trying to sell you products but helping people deal with the messiness and complexities of their lives.  The SEI Wealth Network has a broad set of experts to help solve issues their clients face - from elder care, to caring for a special needs child, to career and life redirection.

While SEI is targeting financial advisors who deal with high net worth individuals and families, what they've uncovered as the new wealth code for advisors is quite interesting. 

Old Wealth Code

    1.  True wealth is being rich.
    2.  Money is its own reward.
    3.  Be an expert in your financial field.
    4.  Deliver great products.
    5.  Offer great service.
    6.  Give me a great deal.

    Success Measure:  ROI
    (Return on Investment - Market Driven)

    New Wealth Code

    1.  True wealth is well-being.
    2.  Money helps to realize a rewarding life.
    3.  Become the expert on my life goals.
    4.  Align my wealth with my life changes.
    5.  Help me solve my life problems.
    6.  Create value with me.

    Success Measure:  ROL
    (Return on Life - Goal Driven)

I believe that all of us want the very best of our professional advisors.  We want them to be our advocates, always on our side.  We count on them to be experts in their profession and to know how to deliver consistently strong investment returns.  But what we really want at important times is the best advice to deal with our personal challenges in life.  That's what SEI is looking to do.  I wish them the best of success.