Don't approach
planning the same way with all your clients
Jun
17, 2019 @ 10:41 am By Libet
Anderson
It's no secret that there's been a trend
toward providing advice and planning. This has been a good development,
reflecting not just evolutions in the regulatory world but the preferences of
an increasing number of investors.
For advisers who are making this shift — or
those who have focused on planning for years but are in the process of
reevaluating their practice — here are some ways to jump-start your planning
business.
• Listen! Don't approach
planning with all clients the same way, using the same technology, the same
communication plan and the same fee structure. That might be a mistake.
Many clients, for instance, will never read a
detailed market data report, nor do they care about tech bells and whistles
that provide granular insights into their plan. Indeed, they may just want
something that will tell them whether they are on track to reach their goals,
caring very little about the journey, only the destination.
You could also encounter prospects who want
help with just one of your services, such as college planning. If you have the
scale, it could be worth coming up with a pricing structure for a la carte
offerings like that. While most advisers listen to their clients, many don't
hear what they say.
• Segment all aspects of your
business. Advisers have used segmentation techniques to prioritize the
clients who provide the best opportunities for growth, based on assets or in
some cases potential assets.
Advisers should apply this basic concept to
planning as well, segmenting clients, for example, based on the various stages
of their life. When filling out a profile, use different technology tools in
addition to varying fee structures. Find out what your clients want and then be
sure to have the tools, platforms and flexibility that can deliver it to them.
• If you don't have what you need, ask
for it. If you are clamoring for a strategy or service that could help
meet the needs of your clients, whether it's a piece of technology or an
investment model, talk to your firm and ask them to add it.
With behavioral finance becoming more of a
focal point, for instance, advisers are increasingly sensitive to the ways fear and anxiety can
roil the investment process. New tech platforms are hitting
the market that will alert advisers when clients log in to their accounts or
make changes to their plan.
Getting frequent alerts — especially during
times of hyper-volatility — would be a surefire signal it's time to pick up the phone or schedule a
meeting. More and more advisers are being tasked with
tempering their clients' emotions, so it's easy to see why they would want
access to a platform like this.
Advisers should always be willing to take a
close look at their businesses to see where they have opportunities to improve.
That's true whether you're relatively new to the industry or a longtime
financial services industry veteran. At the same time, when advisers try to
grow and evolve, firms must be a big part of that process, always searching for
ways to help them.
Libet Anderson is vice president and managing
director of advisory and planning at ProEquities.
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