Are You Ready To Grow As a Financial Advisor?
Wealth managers help clients reach their financial goals and increase wealth, but a good financial advisor does so much more. No two retirement plans should be the same. Advanced financial advisor strategies use a tailored approach to every situation
A holistic financial plan differs from any other investment strategy. Why? It’s based on both internal and external factors.
These factors include market changes, job loss, birth of a child, death of a spouse or marital status changes. It considers how a client’s investment goals continue to change and works to ensure the best outcome at each phase.
Are You Ready To Grow As a Financial Advisor?
You can approach the creation of a holistic financial plan by employing The Bucket Plan® process’s four steps. With this process, you can avoid critical oversights when creating and maintaining a best-interest wealth management strategy that’s easy for clients to understand and use.
Managing investments involves creating and making trading decisions on a portfolio of assets. Its goals are to invest your client’s current capital and grow their overall wealth now.
Investment managers are focused more on short-term gains than long-term returns and guaranteed retirement income.
But a holistic financial planner recommends products that’ll satisfy an investor’s comprehensive goals. You do so based on a client’s overall lifestyle and future wishes, often emphasizing life after retirement.
Holistic financial planning deeply analyzes the client’s current financial position. Then, you develop a strategy that allows the client to live the life they want. You plan for and accommodate events that occur in your client’s life.
In this step of the Bucket Plan, you review your client’s current financial situation and compare it with their economic goals and objectives. When reviewing these steps, you must consider which services your practice offers for your prospective client’s short- and long-term financial goals. With this in mind, you can successfully move to the next step, where you design the financial plan.
Once you can prioritize your client’s goals and objectives compared to their current financial life and estate, it’s time to design the initial plan. The key for you to succeed with the design phase is to provide multiple product options. This ensures you can pivot if new information comes to light during Step 3.
It’s the moment of truth! When you’re in the delivery stage, you must effectively communicate any points of confusion or contention that a client might have with their custom financial plan. As your client works with you to implement their custom holistic plan, it’s critical that you regularly review the progress. At this time, you can work to realign the plan to the client’s changing tolerance toward market volatility.
As a holistic advisor, you’re dedicated to proactively communicating with and educating your clients on the impact of different market shifts. As these changes happen, you can work on updating your client’s now, soon and later buckets to ensure they meet the client’s needs.
Schedule a call with us when you’re ready to learn holistic financial planning strategies that get results!
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