Women face particular challenges when it comes to navigating the world of financial planning and investing with confidence, whether caused by behaviors more common to them or the way the wealth management industry has historically perceived them. However, with women poised to be on the receiving end of a massive generational wealth transfer in the years to come, advisors need to make sure they are connecting with and supporting their women clients in ways they have not done before. That’s where behavioral finance can help.

Understanding Behavioral Finance

Behavioral finance is a branch of economics that studies how psychology influences financial decision making. It recognizes that our emotions, biases, and cognitive factors motivate people to make choices when it comes to managing their money. This intersection of psychology and financial services also explores concepts such as loss aversion, overconfidence, and herd mentality, all of which can impact a client’s financial outlook.

In an episode of A Woman’s Clarity podcast, Daniel Crosby, Ph. D., Chief Behavioral Officer at Orion Advisor Solutions, told Kirsten Schlumbohm, Vice President of Annuity Sales at C2P, that there are many ways women have been misunderstood by the financial services industry, despite them often outperforming men in investing, and that those should change. “The way our industry has tried to approach women about investing and money, I think a lot of times it’s patronizing, it’s kind of pink-washed … and so we should be speaking to women and meeting them where they’re at, which is in high places.”

Women’s Financial Behaviors

Women face a unique set of challenges in the financial realm. Historical and societal factors have contributed to disparities in confidence and participation. Additionally, research over the years suggests that women may exhibit different behavioral biases compared to men. These biases can include being more risk-averse and seeking more education and information before making decisions.

According to Fidelity’s 2021 Women & Investing Study*:

• 64% of women want to be more active in their finances, which includes making key investment decisions
• 65% of women said they would invest more or have a higher likelihood of investing if they had clearly defined steps of how to
• 70% of women reported they would need to know more about choosing individual stocks.

How Financial Advisors Can Help:

1. Education and Empowerment:

Financial advisors play a crucial role in educating their female clients about financial concepts, investment options, and the importance of long-term planning. By providing comprehensive and tailored financial education, advisors empower women to make informed decisions and take an active role in managing their finances.

2. Identifying Behavioral Biases:

Financial advisors who are skilled at recognizing behavioral biases of their clients can be better fiduciaries. By understanding their women clients’ decisions on a more personal level, advisors can help them feel more confident in their financial plan and investment strategies.

3. Goal Setting and Planning:

By helping women establish goals and using a holistic financial planning process, advisors can create a roadmap for their success. Working with women clients to explain and develop personalized financial plans that consider risk tolerance, time horizons, and income streams, aligning investments with these goals.

4. Behavioral Coaching & Support:

When women clients feel like they have a trusted financial representative, this is reassuring during times of market volatility, helping them stay focused on their long-term wealth objectives. Financial advisors should provide ongoing support for their women clients, guiding them through market fluctuations and create a customized investment portfolio they can feel confident about.

5. Communication and Collaboration:

Effective communication is key to the advisor-client relationship. Financial advisors should take extra time to understand their female clients’ unique circumstances, values, and concerns. Kirsten Schlumbohm added that it’s important for financial advisors to come into meetings with their women clients with open ears and create a safe, inclusive environment. “Women want to be heard, they want to be educated, they want you — the advisor — to come to the table they’ve set, not one that’s been set for them,” Schlumbohm said.

When financial advisors employ aspects of behavioral finance to understand, connect with, and serve their women clients, those clients feel more confident in their overall wealth plan and engaged in the process. By educating, guiding, and listening, financial advisors can better help women build a more secure financial future and feel empowered in doing so.

*Source: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/FidelityInvestmentsWomen&InvestingStudy2021.pdf

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Asset allocation is important for you to explain clearly as an advisor, so your clients fully understand their overall investment strategy. However, taking the somewhat broad topic of asset allocation and attempting to explain it to those not as well versed in wealth management can be a challenge at times.

That’s where simplifying these concepts is key. When you do, you’ll engage your clients and make the main tenets of asset allocation easily digestible for them. This will in turn strengthen your relationship and make it easier to help them achieve their long and short-term goals.

Employ Visuals and Graphics

The financial realm can be confusing to the average person, so it’s important to break it down in a way your clients understand. Since many people are visual learners, one of the best ways to keep your clients in the loop is to use graphics when talking about asset allocation. This makes the way you explain their wealth and their financial planning options easier to follow, so they feel more empowered.

In an episode of The Bucket Plan® On-Demand podcast, Ivy Pierson, CEP, MBA, founder of Pierson Wealth Management, and Joe Salerno, of Salerno Financial Group both describe how using visuals improved the asset allocation dialogue they have with their clients.

Use Analogies

This strategy often pairs well with visual aids because it helps you drive your point home and allows clients to see their finances from a fresh perspective.

When your clients can grasp what their wealth represents and how they need to allocate their assets to ensure a comfortable future, it inspires them to be proactive when it matters — now. Some examples include organizing your clients’ assets into “buckets” representing different time frames or likening your clients’ assets to a coursed-out meal.

Explain EVERYTHING 

It’s easy to forget as a financial professional that your clients aren’t as familiar with the territory as you, which includes some important language. While some concepts surrounding asset allocation are jargon-laden, they can very easily be pared down.

Some key phrases you should clarify plainly when going into detail about asset structuring are:

• Diversification/ a diversified portfolio: talk about the effects of spreading wealth across several asset classes, such as having a mix of stocks, bonds, and cash.
• Risk tolerance: explain how the level of risk they are willing and capable of enduring impacts their investment return and overall plan.
• Time horizon: make sure your client understands how the amount of time they hold their assets factors into them reaching their goals.

Customize Your Explanations

Every client’s financial situation is different, so to best simplify asset allocation, you should work details from their lifestyle into your conversation. This strategy is especially helpful when assessing their short and long-term financial goals. Personalize your approach by asking if there are any trips they plan on taking, if there are any major life events such as children getting married, or if they have any experience with alternative investments, such as real estate.

Helping your clients greater understand their assets and options for investing and securing retirement income will strengthen your relationship with them now and in the future. To learn about proven processes that can help simplify asset allocation for your clients even more, book a call today.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

The June 2023 Mastermind Collegium, or MMC, has come and gone, marked by a talented group of speakers and guests that descended upon Cleveland, Ohio. The venue was the gorgeous Hilton Cleveland Downtown that showcased views of C2P’s home city to all the financial advisors and their teams who attended. Here is just some of the excitement from the three-day adventure.

A Woman’s Clarity Mixer Sponsored by Allianz

They came, they sipped, they celebrated. Advisors and their teams toasted to A Woman’s Clarity, C2P’s newest podcast created by Kirsten Schlumbohm, Vice President of Insurance & Sales, that focuses on the unique financial needs of women clients and how to better serve them.

There were signature cocktails on hand as Schlumbohm and special guest Natasha Schulze, Sr. External Wholesaler at Allianz Life, spoke about how financial services professionals can and should support female clients.

Welcome to Cleveland!

The first evening, the foyer was packed with the financial industry’s top talent networking and catching up since C2P’s last big event. There were delicious snacks and drinks, live music, and Jim Morris, former youth coach and MLB pitcher behind Disney’s “The Rookie,” signed autographs and chatted up attendees.

Morris then kicked off the following day’s events with a presentation where he delivered some poignant lessons on finding your mentors, harnessing your purpose, and following your dreams.

Updates & Innovations from C2P’s Heroes

Three main leaders at C2P teamed up clad in superhero costumes to outline what advisors can expect on the horizon from the organization responsible for the Mastermind Collegium. Jason L Smith, CEP^®, BPC, Founder and CEO; Dave Alison, CFP^®, EA, BPC, President and Founding Partner; and Matt Seitz, Chief Marketing Officer and Partner, each spoke to what’s new and next at C2P, including that Alison was recently named to the 40 Under 40 list by InvestmentNews.

Let Go & Lead with Gina Pellegrini

Owner of Strategic Coach as well as Pellegrini Consulting, Gina Pellegrini shared her expert process and logic behind fine-tuning one’s management style to foster a better work environment. Her methods outlined the importance of empowering employees, boosting accountability, and ensuring positive communication and cooperation within a financial advisor’s firm.

Team & Client Service Track Sessions

These breakouts were invaluable to helping team members learn from each other to stay organized and on track to further their success.

Led by Jennifer Mackert, Chief Operating Officer and Partner at C2P, Gina Pellegrini, Matt Seitz, and others, these activities and lessons included:

• The importance of having a process for qualifying leads and converting them to prospects
• Project planning tools to increase efficiency, organization, and streamline one’s offices
• Guidance on successful calling practices to secure more business
• Communication best practices, including weekly reports and a meeting structure format
• Marketing strategy Q & A that covered everything from social media to artificial intelligence (AI)

Mastermind Groups

Guests were able to create a mastermind group with others in similar roles that can help them meet their goals. Advisors and paraplanners teamed up with others in one session, and client service representatives and other team members gathered in another session — all exchanged ideas and created a plan to follow and check-in with each other. These mastermind groups offer a unique opportunity for top financial industry talent to support each other’s development.

Tax Management, The Bucket Plan®, and Beyond: Special Topics

Guests took advantage of grab-and-go drinks on their way to hear from a powerhouse of speakers, each covering a unique point of view. These included:

• 3 Step Annual Review — Tim Clairmont CFP®, MSFS™, President and CEO of Clear Financial Partners.
• Lead with Tax Management to Turn High-Net-Worth Prospects into Clients — Glen Pier, CFF, President of Infinity Wealth Management.
• The Bucket Plan® 2.0 Innovations — Joe Bilello CFF, CHFC®, CEP®, of Avanti Wealth & Tax Management.
• Top Advisor Showcase of Joe Salerno — how he has maintained success at Salerno Financial Group and the core values that inform his work.

A Night Out in “The Land”

After a long day, attendees were able to unwind and rub elbows on the water at  Lindey’s Lake House in Cleveland’s Flats East Bank entertainment district. Advisors and the C2P crew alike took part in dressing up to support the local charity Superheroes to Kids in Ohio. While a DJ played in the background, guests ate and sipped along the Cuyahoga River until dark.

Values-Based Financial Planning with Bill Bachrach, CSP, CPAE

The final day of the MMC, lead advisors and paraplanners participated in a specialized training with Bill Bachrach, author and creator of AdvisorRoadmap. Bachrach spotlighted the role of character, competence, values, and trust when it comes to being a better financial advisor. He also detailed a step-by-step process when walking clients through the Bucket Plan® that includes when and how to get paid for one’s services.

SuperAdvisor Panel

Top industry performers assembled onstage as Jason L Smith highlighted their successes from the past year. John Del Greco, President/Owner of Del Greco Group Tax & Wealth Management topped the list, followed by Dave Alison, leader of Alison Wealth Management; Bryan Bibbo, AIF®, of JL Smith Wealth & Tax Management; and Jeannette Bajalia, President and Founder of Woman’s Worth®. Each advisor shared their insights and individual strategies on how they sustained growth.

Marketing Closes the Mastermind Collegium

To finish out the MMC, Matt Seitz took guests through a marketing roundup, first with a presentation that homed in on why it’s critical as an advisor to integrate sales into the marketing process. Seitz explained how doing so ensures quality leads never fall through the cracks so an advisor can fully capitalize on all marketing channels.

Then, Seitz sat down with a panel of C2P’s “marketing superheroes,” or advisors harnessing the power of marketing and seeing concrete results. Whether it’s a host of solid leads, new business in their practices, higher rankings on Google’s search results, and more, these advisors were recognized because they’re embracing and implementing marketing best practices. The panel consisted of:

• Gary Pelfrey, Director of Business Development for JL Smith
• Glen Pier, CFF, Infinity Wealth Management
• Greg Hammer, CEO/President, Hammer Financial Group

Another Groundbreaking MMC Down — Until Next Year

The 2023 Mastermind Collegium in Cleveland was the highest attended C2P MMC to date, and the first to include advisors’ trusted staff. C2P consistently evolves to better serve financial advisors by building our offerings, infrastructure, and capacity. With our help, advisors can thrive and focus on what matters — being there for their clients. Plus, we make sure it’s not all work and no play with fun events like the MMC.

Don’t miss out on the dynamic support, training, turnkey processes, and more we can provide you as an advisor.

If you’re curious about our future MMCs, contact us today or schedule a 20-minute complimentary consultation with one of our talented team members to learn more about working with C2P!

 

We are proud to share that our own Dave Alison, President and Co-founder of C2P, was named one of the financial industry’s top up-and-comers under the age of 40 by InvestmentNews. Based on his remarkable accomplishments, contributions, leadership, and promise in financial services — the four criteria to making the list — Dave was selected to be part of this prestigious group of experts. This recognition continues to prove his commitment to clients and industry innovation as a whole, and C2P is thrilled to have him at the helm helping drive the success of our advisors.

Read the press release below to hear Dave’s thoughts on being among the few young professionals chosen by InvestmentNews!

 

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FOR IMMEDIATE RELEASE  

CONTACT  

AdvisorPR^®  

(702) 685-7450  

  

  

C2P Enterprises’ President and Founding Partner, Dave Alison, Named to 2023 InvestmentNews 40 Under 40 List

Recognized For His Accomplishments as a Mentor, Thought Leader and Educator, Alison’s Mission is to Simplify Financial Planning for Families

Cleveland – June 7, 2023 – C2P Enterprises (C2P), a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve, is pleased to announce that Dave Alison, CFP^®, EA, BPC, President and Founding Partner of C2P, has been named to InvestmentNews’ 2023 40 Under 40 list. The annual awards program celebrates 40 remarkable young professionals in the financial advice industry for their leadership and accomplishments, placing them among an elite class of role models and rising stars. To view Alison’s 40 Under 40 profile, visit: https://40under40inadvice.com/winners/dave-alison/.

“Receiving this accolade alongside so many esteemed industry colleagues is both a tremendous honor and a humbling experience,” said Alison. “I have dedicated my career to developing innovative solutions that empower financial professionals to better serve their clients, and our work within the industry is far from over. C2P is committed to driving positive change in the industry, and I’m grateful for this opportunity as we work to educate, train, grow, and support holistic financial advisors so that families can achieve prosperity.”

 Alison is a highly accomplished mentor, thought leader and advisor with a passion for taking complex issues and developing simplified solutions to make holistic financial planning more accessible. As a dynamic educator and articulate speaker, he trains thousands of financial professionals each year on the turnkey financial planning and practice management processes he’s helped create, test and package. His most recent innovations include The Tax Management Journey^TM, a client process and advisor training program combining his expertise as both an Enrolled Agent and CERTIRED FINANCIAL PLANNER^TM to close the gap between tax planning and financial advice. When he’s not training or teaching advisors, Alison is still “in the trenches,” working as an advisor at Alison Wealth Management, his own holistic wealth management firm that he founded in 2018. Alison Wealth works with about two dozen families and manages $100 million in assets, but those families have another $100 million+ in other assets, particularly company stock.

“This recognition is a testament to Dave’s exceptional leadership and contributions to the financial services industry,” said Jason L Smith, founder and CEO of C2P. “The innovations he has brought to our company have had a profound impact that have not only helped more Americans access quality, holistic plans but have also helped thousands of financial advisors become more successful business owners. We are honored to have Dave on our team, and we are confident that his expertise and vision will continue to shape the future of financial planning,”

For more information about C2P Enterprises, visit www.c2penterprises.com.

 

About InvestmentNews 40 Under 40
The InvestmentNews 40 Under 40 program recognizes and celebrates up-and-comers in the financial advice industry. Each year, the outlet’s editorial team reviews more than 1,000 nominations to create a list of 40 outstanding financial advisers, or industry professionals supporting advisers, who are 39 or younger. Honorees are judged on their accomplishments, contribution to the industry, leadership and promise.

 About C2P Enterprises: C2P Enterprises is a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve.  United by the vision to provide planning and financial products in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit www.c2penterprises.com.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

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(702) 685-7450

 

 C2P Enterprises Receives Three Accolades

for Rapid Growth and Success

Recent Accomplishments Include Financial Times Ranking, Financial Advisor Magazine’s RIA Ranking and Crain’s Cleveland Investment Adviser List 

September 29, 2022 – Cleveland – C2P Enterprises, a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve, has recently been recognized for its industry contributions, rapid growth and success. C2P Enterprises has been named to Financial Times’ ranking of “The Americas’ Fastest Growing Companies 2022”. C2P Enterprises subsidiary, Prosperity Capital Advisors, an SEC Registered Investment Adviser (RIA), has earned a spot on Financial Advisor Magazine’s Registered Investment Advisers ranking, as well as named to Crain’s Cleveland Business’ Investment Advisers List 2022.

“To say that I am proud of our team’s success over the past year and the positive impact we’ve had on the industry would be an understatement,” said Jason L Smith, Founder & CEO, C2P Enterprises. “We built this company as advisors first, so we understand the unique challenges one can face in growing a financial practice. Our recent accomplishments are proof that what we’ve always set out to do – provide actionable, easy-to-follow, proven processes that allow advisors to grow and scale their business – is resonating within the industry.”

According to the Financial Times, C2P Enterprises experienced a three-year compound annual growth rate of nearly 18 percent between 2017 and 2020. Additionally, Financial Advisor Magazine’s ranking found that Prosperity Capital Advisors saw nearly 17 percent annual growth in assets from 2020 to 2021. Recent accomplishments for Clarity 2 Prosperity include The Bucket Plan^®, a best interest planning process that has been recognized as a proven approach for turning assets into income, became academically recognized after the concept has been incorporated into The American College of Financial Services^® RICP^® curriculum. The Bucket Plan Certified^® (BPC) designation for professionals who master this signature planning process also became recognized by FINRA, an achievement that will continue to expand the firm’s reach and delivery of its mission of simplifying holistic financial planning. Financial professionals that hold the BPC designation possess skillsets representing elevated knowledge as a holistic financial planning professional and deliver clients a Best Interest Planning Process and customized financial plan in the form of The Bucket Plan.

For more information about C2P Enterprises and its subsidiaries, click here.

 

Financial Times Methodology

The FT Americas’ Fastest-Growing Companies 2022 is a list of the 500 companies in the Americas that have the highest growth in publicly disclosed revenues between 2017 and 2020. The ranking was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons. Full the full list and methodology visit: www.ft.com/content/6ee8f978-a2e0-4644-b7c7-0718a334adb7

Financial Advisor Magazine Methodology

Financial Advisor Magazine’s RIA ranking is an independent listing produced by FA Magazine. Firms must be registered investment advisers and provide financial planning and/or related services to individual clients. Eligible firms must be either independently owned or a freestanding subsidiary of another business and have at least $100 million AUM as of Dec. 31, 2020. Neither the RIA firms nor their employees pay a fee to FA Magazine to be included in the listing. The full list can be found at www.fa-mag.com/research/ria-survey.

Crain’s Cleveland Business Methodology

This list consists of registered investment advisers in Northeast Ohio ranked by how much money they managed out of their local offices as of Dec. 31, 2018 (these firms mainly focus on allocating those assets to diversified funds and other advisors; local firms that invest most of their assets directly into stocks and bonds appear on our Money Managers list). The list includes services offered, minimum account size, local executive names and basic contact information for each firm, including email addresses for some companies. The full list can be found at www.crainscleveland.com/data-lists/10802/investment-advisers.

About C2P Enterprises: C2P Enterprises is a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve.  United by the vision to provide planning and financial products in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit www.c2penterprises.com.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

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Executive VP of Marketing at C2P Enterprises, and CMO at JL Smith, Matt Seitz, hosts this episode of the Rainmaker Multiplier On-Demand Podcast. He is joined by C2Pe’s Digital Marketing Manager, Nico Vonderau, and Marketing Manager at JL Smith, Suzanne Scheiman, to discuss the importance of marketing automation and technology in the financial services industry. 

Marketing automation includes software that helps companies, especially their marketing teams and sales departments, effectively market to and communicate with multiple channels, including leads, clients, audiences, personas, etc. 

This omnichannel approach includes communication tools for financial advisors that ensure that the right message goes to the right person at the right time.  

Customer relationship management (CRM) software and content management systems (CMS) can help financial advisors organize their clients and their communications to make sure prospects remain in the sales funnel and don’t fall through the cracks.  

Start small. 

“You don’t need to go out and buy the Ferrari right away.” 

Ask yourself the following questions. 

• What do you want your financial advisor client communications to say? 
• Who do you want to send your message to? 

• What action do you want the recipient to take after your message? 
• How do you want to communicate your message? 

• Emails 
• Social Media Posts 
• Paid Ads 

• SMS Messages 
• Seminars 
• eBooks 
• Newsletters 

We talk a lot about holistic financial planning at C2P Enterprises. There’s an educational component that just makes sense when it comes to marketing automation. As the advisor, it’s your job to give them the information they need to make educated decisions about their financial future. 

The Bucket Plan is designed to simplify holistic financial planning for both advisors and their clients.  

To learn more about how our marketing programs for financial advisors, book a free call with one of our business development representatives.  

Q: What’s one of the most effective ways to promote your holistic planning services?

A: Write a book!

Yes, you can … and here’s why you should. Writing a book validates your credibility as an expert, instantly. It makes you newsworthy, boosts your visibility, and establishes your professional legacy. And—if done right—your book will help people in your community achieve greater financial security and freedom.

We learned this firsthand with Jason’s book, The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement, which garnered more attention than we ever imagined it would.

Now it’s your opportunity to become a published author. Beginning this winter, New York Times bestselling ghostwriter and long-time friend of C2P, Pamela Suarez, will be ready to partner with you to create a book about holistic planning that you’ll be proud to share with clients and prospects. Pamela and her team have developed a streamlined process for creating quality books quickly and cost effectively. They do all the heavy lifting, and you’ll have your books in a matter of weeks.

This turn-key book service starts at just $10,295—that’s a fraction of what it costs to create a book the traditional way—and includes the first 250 copies shipped directly to you. You’ll be able to order additional copies for as little as $4 each.

Book package availability is limited, so if you’re interested in this amazing marketing opportunity, don’t delay. Contact Pamela today at writer@pamelasuarez.com.