### WordPress - Web publishing software
Copyright 2011-2019 by the contributors
This program is free software; you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation; either version 2 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin St, Fifth Floor, Boston, MA 02110-1301 USA
This program incorporates work covered by the following copyright and
permission notices:
b2 is (c) 2001, 2002 Michel Valdrighi - m@tidakada.com -
http://tidakada.com
Wherever third party code has been used, credit has been given in the code's
comments.
b2 is released under the GPL
and
WordPress - Web publishing software
Copyright 2003-2010 by the contributors
WordPress is released under the GPL
---
### GNU GENERAL PUBLIC LICENSE
Version 2, June 1991
Copyright (C) 1989, 1991 Free Software Foundation, Inc.
51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA
Everyone is permitted to copy and distribute verbatim copies
of this license document, but changing it is not allowed.
### Preamble
The licenses for most software are designed to take away your freedom
to share and change it. By contrast, the GNU General Public License is
intended to guarantee your freedom to share and change free
software--to make sure the software is free for all its users. This
General Public License applies to most of the Free Software
Foundation's software and to any other program whose authors commit to
using it. (Some other Free Software Foundation software is covered by
the GNU Lesser General Public License instead.) You can apply it to
your programs, too.
When we speak of free software, we are referring to freedom, not
price. Our General Public Licenses are designed to make sure that you
have the freedom to distribute copies of free software (and charge for
this service if you wish), that you receive source code or can get it
if you want it, that you can change the software or use pieces of it
in new free programs; and that you know you can do these things.
To protect your rights, we need to make restrictions that forbid
anyone to deny you these rights or to ask you to surrender the rights.
These restrictions translate to certain responsibilities for you if
you distribute copies of the software, or if you modify it.
For example, if you distribute copies of such a program, whether
gratis or for a fee, you must give the recipients all the rights that
you have. You must make sure that they, too, receive or can get the
source code. And you must show them these terms so they know their
rights.
We protect your rights with two steps: (1) copyright the software, and
(2) offer you this license which gives you legal permission to copy,
distribute and/or modify the software.
Also, for each author's protection and ours, we want to make certain
that everyone understands that there is no warranty for this free
software. If the software is modified by someone else and passed on,
we want its recipients to know that what they have is not the
original, so that any problems introduced by others will not reflect
on the original authors' reputations.
Finally, any free program is threatened constantly by software
patents. We wish to avoid the danger that redistributors of a free
program will individually obtain patent licenses, in effect making the
program proprietary. To prevent this, we have made it clear that any
patent must be licensed for everyone's free use or not licensed at
all.
The precise terms and conditions for copying, distribution and
modification follow.
### TERMS AND CONDITIONS FOR COPYING, DISTRIBUTION AND MODIFICATION
**0.** This License applies to any program or other work which
contains a notice placed by the copyright holder saying it may be
distributed under the terms of this General Public License. The
"Program", below, refers to any such program or work, and a "work
based on the Program" means either the Program or any derivative work
under copyright law: that is to say, a work containing the Program or
a portion of it, either verbatim or with modifications and/or
translated into another language. (Hereinafter, translation is
included without limitation in the term "modification".) Each licensee
is addressed as "you".
Activities other than copying, distribution and modification are not
covered by this License; they are outside its scope. The act of
running the Program is not restricted, and the output from the Program
is covered only if its contents constitute a work based on the Program
(independent of having been made by running the Program). Whether that
is true depends on what the Program does.
**1.** You may copy and distribute verbatim copies of the Program's
source code as you receive it, in any medium, provided that you
conspicuously and appropriately publish on each copy an appropriate
copyright notice and disclaimer of warranty; keep intact all the
notices that refer to this License and to the absence of any warranty;
and give any other recipients of the Program a copy of this License
along with the Program.
You may charge a fee for the physical act of transferring a copy, and
you may at your option offer warranty protection in exchange for a
fee.
**2.** You may modify your copy or copies of the Program or any
portion of it, thus forming a work based on the Program, and copy and
distribute such modifications or work under the terms of Section 1
above, provided that you also meet all of these conditions:
**a)** You must cause the modified files to carry prominent notices
stating that you changed the files and the date of any change.
**b)** You must cause any work that you distribute or publish, that in
whole or in part contains or is derived from the Program or any part
thereof, to be licensed as a whole at no charge to all third parties
under the terms of this License.
**c)** If the modified program normally reads commands interactively
when run, you must cause it, when started running for such interactive
use in the most ordinary way, to print or display an announcement
including an appropriate copyright notice and a notice that there is
no warranty (or else, saying that you provide a warranty) and that
users may redistribute the program under these conditions, and telling
the user how to view a copy of this License. (Exception: if the
Program itself is interactive but does not normally print such an
announcement, your work based on the Program is not required to print
an announcement.)
These requirements apply to the modified work as a whole. If
identifiable sections of that work are not derived from the Program,
and can be reasonably considered independent and separate works in
themselves, then this License, and its terms, do not apply to those
sections when you distribute them as separate works. But when you
distribute the same sections as part of a whole which is a work based
on the Program, the distribution of the whole must be on the terms of
this License, whose permissions for other licensees extend to the
entire whole, and thus to each and every part regardless of who wrote
it.
Thus, it is not the intent of this section to claim rights or contest
your rights to work written entirely by you; rather, the intent is to
exercise the right to control the distribution of derivative or
collective works based on the Program.
In addition, mere aggregation of another work not based on the Program
with the Program (or with a work based on the Program) on a volume of
a storage or distribution medium does not bring the other work under
the scope of this License.
**3.** You may copy and distribute the Program (or a work based on it,
under Section 2) in object code or executable form under the terms of
Sections 1 and 2 above provided that you also do one of the following:
**a)** Accompany it with the complete corresponding machine-readable
source code, which must be distributed under the terms of Sections 1
and 2 above on a medium customarily used for software interchange; or,
**b)** Accompany it with a written offer, valid for at least three
years, to give any third party, for a charge no more than your cost of
physically performing source distribution, a complete machine-readable
copy of the corresponding source code, to be distributed under the
terms of Sections 1 and 2 above on a medium customarily used for
software interchange; or,
**c)** Accompany it with the information you received as to the offer
to distribute corresponding source code. (This alternative is allowed
only for noncommercial distribution and only if you received the
program in object code or executable form with such an offer, in
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The source code for a work means the preferred form of the work for
making modifications to it. For an executable work, complete source
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operating system on which the executable runs, unless that component
itself accompanies the executable.
If distribution of executable or object code is made by offering
access to copy from a designated place, then offering equivalent
access to copy the source code from the same place counts as
distribution of the source code, even though third parties are not
compelled to copy the source along with the object code.
**4.** You may not copy, modify, sublicense, or distribute the Program
except as expressly provided under this License. Any attempt otherwise
to copy, modify, sublicense or distribute the Program is void, and
will automatically terminate your rights under this License. However,
parties who have received copies, or rights, from you under this
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**5.** You are not required to accept this License, since you have not
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**6.** Each time you redistribute the Program (or any work based on
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You are not responsible for enforcing compliance by third parties to
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If you cannot distribute so as to satisfy simultaneously your
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example, if a patent license would not permit royalty-free
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or indirectly through you, then the only way you could satisfy both it
and this License would be to refrain entirely from distribution of the
Program.
If any portion of this section is held invalid or unenforceable under
any particular circumstance, the balance of the section is intended to
apply and the section as a whole is intended to apply in other
circumstances.
It is not the purpose of this section to induce you to infringe any
patents or other property right claims or to contest validity of any
such claims; this section has the sole purpose of protecting the
integrity of the free software distribution system, which is
implemented by public license practices. Many people have made
generous contributions to the wide range of software distributed
through that system in reliance on consistent application of that
system; it is up to the author/donor to decide if he or she is willing
to distribute software through any other system and a licensee cannot
impose that choice.
This section is intended to make thoroughly clear what is believed to
be a consequence of the rest of this License.
**8.** If the distribution and/or use of the Program is restricted in
certain countries either by patents or by copyrighted interfaces, the
original copyright holder who places the Program under this License
may add an explicit geographical distribution limitation excluding
those countries, so that distribution is permitted only in or among
countries not thus excluded. In such case, this License incorporates
the limitation as if written in the body of this License.
**9.** The Free Software Foundation may publish revised and/or new
versions of the General Public License from time to time. Such new
versions will be similar in spirit to the present version, but may
differ in detail to address new problems or concerns.
Each version is given a distinguishing version number. If the Program
specifies a version number of this License which applies to it and
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conditions either of that version or of any later version published by
the Free Software Foundation. If the Program does not specify a
version number of this License, you may choose any version ever
published by the Free Software Foundation.
**10.** If you wish to incorporate parts of the Program into other
free programs whose distribution conditions are different, write to
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the Free Software Foundation, write to the Free Software Foundation;
we sometimes make exceptions for this. Our decision will be guided by
the two goals of preserving the free status of all derivatives of our
free software and of promoting the sharing and reuse of software
generally.
**NO WARRANTY**
**11.** BECAUSE THE PROGRAM IS LICENSED FREE OF CHARGE, THERE IS NO
WARRANTY FOR THE PROGRAM, TO THE EXTENT PERMITTED BY APPLICABLE LAW.
EXCEPT WHEN OTHERWISE STATED IN WRITING THE COPYRIGHT HOLDERS AND/OR
OTHER PARTIES PROVIDE THE PROGRAM "AS IS" WITHOUT WARRANTY OF ANY
KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE
PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME
THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.
**12.** IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW OR AGREED TO IN
WRITING WILL ANY COPYRIGHT HOLDER, OR ANY OTHER PARTY WHO MAY MODIFY
AND/OR REDISTRIBUTE THE PROGRAM AS PERMITTED ABOVE, BE LIABLE TO YOU
FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE
PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING
RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A
FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF
SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.
### END OF TERMS AND CONDITIONS
### How to Apply These Terms to Your New Programs
If you develop a new program, and you want it to be of the greatest
possible use to the public, the best way to achieve this is to make it
free software which everyone can redistribute and change under these
terms.
To do so, attach the following notices to the program. It is safest to
attach them to the start of each source file to most effectively
convey the exclusion of warranty; and each file should have at least
the "copyright" line and a pointer to where the full notice is found.
one line to give the program's name and an idea of what it does.
Copyright (C) yyyy name of author
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA.
Also add information on how to contact you by electronic and paper
mail.
If the program is interactive, make it output a short notice like this
when it starts in an interactive mode:
Gnomovision version 69, Copyright (C) year name of author
Gnomovision comes with ABSOLUTELY NO WARRANTY; for details
type `show w'. This is free software, and you are welcome
to redistribute it under certain conditions; type `show c'
for details.
The hypothetical commands \`show w' and \`show c' should show the
appropriate parts of the General Public License. Of course, the
commands you use may be called something other than \`show w' and
\`show c'; they could even be mouse-clicks or menu items--whatever
suits your program.
You should also get your employer (if you work as a programmer) or
your school, if any, to sign a "copyright disclaimer" for the program,
if necessary. Here is a sample; alter the names:
Yoyodyne, Inc., hereby disclaims all copyright
interest in the program `Gnomovision'
(which makes passes at compilers) written
by James Hacker.
signature of Ty Coon, 1 April 1989
Ty Coon, President of Vice
This General Public License does not permit incorporating your program
into proprietary programs. If your program is a subroutine library,
you may consider it more useful to permit linking proprietary
applications with the library. If this is what you want to do, use the
[GNU Lesser General Public
License](http://www.gnu.org/licenses/lgpl.html) instead of this
License.
Client Loyalty And Why Affluent Clients Sack Advisors - sinth.info
Client retention is one of the biggest drivers of advisors’ long-term success. Advisors seeking to build elegant, upmarket wealth management practices don’t just have to attract ideal high-net-worth clients—they also need to keep them as clients. Advisors with loyal clients generally report stronger financial results, more high-quality referrals and greater AUM per client.
To achieve high client retention rates, it’s crucial to understand the key factors that prompt clients to reconsider their advisory partnerships. Armed with that information, advisors can assess whether they’re excelling in the specific areas of their business that build and strengthen client loyalty over time.
Advisor Proactivity Is Key
One of the biggest misconceptions shared by many advisors is that clients jump ship mainly because they’re unhappy with their investment returns. But CEG Insights research reveals that portfolio performance, while an important consideration, is not the single (or biggest) reason behind most clients’ decision to seek out different advisors.
Take, for example, a far more important driver of client dissatisfaction: advisors’ lack of proactivity. HNW clients expect their financial advisors to anticipate their needs and stay ahead of market trends. Advisors who address tax law changes or new market conditions before their clients raise these issues themselves demonstrate their value and commitment in ways that build trust.
And yet, just 25.1% of clients strongly agree that their advisor reaches out to them regularly (see Exhibit 1). Another 25.5% agree somewhat that their advisors are proactive.
Exhibit 1: The Quality Of Advisor Relationships (By Total)
Put another way, nearly half of advisors’ clients today feel their advisors don’t regularly reach out to them.
In today’s rapidly evolving financial landscape, clients value advisors who are visionaries in wealth management. Proactivity includes staying ahead of market trends, understanding economic impacts on portfolios, and adjusting strategies to align with clients’ life changes and aspirations. Advisors embracing a proactive approach can enhance client relationships, ensuring the loyalty and satisfaction that are crucial to building elegant, upmarket wealth management practices.
Going Beyond Generic Advice
HNW clients expect more from their financial advisors than standard investment advice. They seek insights and solutions tailored to their unique financial situations and life goals, in areas such as wealth preservation, growth strategies, tax optimization and bespoke investment options.
But, as seen in Exhibit 2, far too many advisors seem to be failing to deliver these tailored services. Only around one-quarter of HNW clients believe they receive tax planning and estate planning services from their advisors. Worse, fewer than 10% believe their advisors offer them wealth protection planning and charitable planning services. Our research indicates that HNW clients often shift away from advisors who provide generic advice and fail to consider their specific long-term wealth objectives, particularly in areas such as tax mitigation and estate/legacy planning.
Exhibit 2: Perception Of Services Received By HNW Clients From Advisors (By Total)
Advisors who go beyond the usual to offer innovative, client-specific advice—for example, unique investment options or strategic tax planning—stand a far better chance of retaining HNW clients. A high-quality, personalized approach meets clients’ expectations and cements the advisor’s role as an indispensable partner in their financial journey, which is critical in serving the upscale market.
The Importance Of Responsiveness In Client Satisfaction
Timeliness in communication—being highly responsive—is another critical aspect of high-net-worth client loyalty. Our research (see Exhibit 1) reveals that only 60% of clients receive quick responses from their advisors, leaving 40% dissatisfied with the response times. Additionally, barely half of the investors (50.6%) report that their advisors regularly initiate communication, indicating a weakness in consistent engagement.
This is a problem, as prompt and effective communication directly reflects advisors’ levels of commitment and professionalism. In an industry where decisions often hinge on rapid market shifts and personal circumstances, advisors must prioritize responsiveness to maintain client trust and satisfaction. Effective communication is not just about crisis management; it extends to all interactions, including routine inquiries and complex financial discussions. By leveraging technology and establishing clear communication protocols, advisors can ensure they meet the high standards their clients expect.
Client Loyalty In The Wake Of Firm Changes
To HNW clients, the stability and continuity of their financial advisory firms are crucial factors. When advisors change firms, it can significantly affect client perceptions—often leading to concerns about service continuity, investment philosophy shifts, and personalized attention changes.
Our research reveals some telling statistics: If their primary financial advisor were to leave their firm, 49% of clients stated they would stay with the firm—while a similar 51% expressed loyalty to the advisor rather than the firm.
Transparent communication about changes at a firm becomes critical. Advisors must reassure clients about the sustained quality of service and the firm’s continued alignment with their financial goals. By effectively managing transitions and consistently reaffirming their commitment to clients’ financial objectives, advisors can reduce or alleviate concerns, maintain trust and loyalty, and ensure a seamless advisory relationship—regardless of firm changes.
Portfolio Performance Remains Important
While effective service and communication are paramount in maintaining HNW client relationships, the importance of portfolio performance cannot be overlooked. According to our research, 19% of HNW clients cited investment losses over five years as a reason for changing their financial advisor.
This underscores that while other factors like service quality and responsiveness play a more significant role, clients also hold their advisors accountable for the stewardship of their investments—and advisors must still deliver competent investment performance.
Advisors are tasked with managing and nurturing client portfolios, especially in volatile market environments. Preserving trust and satisfaction during downturns demands that advisors set realistic expectations and consistently communicate investment strategies. Ultimately, balancing strong investment performance with exceptional service and communication is the key to long-term success in wealth management, as that balance helps ensure that clients both feel secure in their financial outcomes and valued in their advisory relationships.
The Road Ahead: Ensuring Long-Term Success With High-Net-Worth Clients
Clearly, the relationship between HNW clients and their financial advisors is multifaceted, hinging not only on financial acumen but also on the subtleties of service, communication and trust. While investment performance is an important element in client retention, the more intangible aspects of the advisor-client relationship often dictate client satisfaction and loyalty to a greater degree.
Maintaining high-net-worth client relationships is an ongoing journey of adaptation, communication, and commitment to excellence. Going forward, advisors who excel in proactivity, tailor their advice to individual client needs, respond promptly, navigate firm changes effectively, and adeptly manage portfolio performance put themselves on the path to higher client retention—and greater success.