Holistic Financial Planning

Holistic Financial Planning

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What is a Holistic Financial Plan?

A holistic financial plan takes a 360-degree look at the client’s situation to better understand their short-term and long-term goals for both their life and their money.

Whether planning for high-net-worth clients or the average local retiree—it’s about more than just bringing them the latest investment opportunity or finding the right portfolio.

This type of holistic wealth plan offers financial advisors a solution for any individual’s economic puzzle. A holistic advisor can develop a one-of-a-kind proposal to help maximize their customer’s wealth, health, and happiness while seeking to minimize any potential tax pitfalls and managing gaps in the market.

At C2P, we help advisors establish a holistic financial planning strategy that provides better service to their clients

What is the difference between holistic financial planning and wealth management?

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 ever be the same. Advanced financial advisor strategies use a tailor-made approach to every situation

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The Bucket Plan® Best Interest Process helps financial advisors
grow their business by:

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Implementing a simplified holistic financial planning
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Utilizing step-by-step tools that help educate your
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Increasing your closing ratio with consistent planning
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MAXIMIZE YOUR CLIENT'S FINANCIAL
PLAN WITH TAX PLANNING

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Expand your offering with tax-forward holistic financial
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Build working relationships with tax planning
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What Topics are Covered in a Holistic Financial Plan?

A holistic financial plan educates clients on the many financial items that they will need to consider when preparing for different phases of their life and retirement.

Many advisors will use a holistic financial plan solely to help their customers consider the best investment opportunities for their current goals. But a truly holistic financial plan reviews every instance of a customer’s financial situation. Including but not limited to:

Retirement Planning
Social Security and Medicare Benefits Planning
Education on Low and High-Risk Investment Options
Long-Term Care Planning
End-of-Life Planning
Tax Preparation and Planning
Bucketing Income for Short and Long-Term Financial Goals
Insurance Planning
Assets
Cash Flow Analysis
College Planning
Debt Evaluation
Family Estate Organizer
Risk Assessment
Tax Management
Life Insurance
Health Savings Accounts
Bonds
Fixed Indexed Annuities
Mutual Funds
Real Estate
Stocks

holistic financial planning overview

A holistic financial plan is different from any other investment strategy because it’s based on both internal and external factors—including changes in the market, job loss, birth of a child, death of a spouse, or change in marital status. It considers how a customer’s investment goals will continue to change and works to ensure the best outcome at each phase of the client’s life.

What Makes a Holistic Financial Planner?

The key to being a great holistic financial planner can be summarized in one word.

Adaptability.

Whether working with a high-net-worth individual or a couple looking into the longevity of their current retirement plan, holistic financial planners care more about educating their clients on what their current financial situation means for their future, so they can work to find a solution together.

These holistic wealth managers, that implement a holistic approach, work at nurturing relationships rather than selling high commission products. This ensures that they remain compliant with the best interest compliance standards required by the financial planning industry.

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PROSPERITY CAPITAL ADVISORS

Prosperity Capital Advisors is an SEC-Registered Investment Adviser (RIA) that
equips advisors with an array of fee-based financial planning and investment
solutions.
Leverage the expertise of our community of mentors and tap into an extensive
library of resources designed to help you mitigate risk and enhance your client
experience

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VALOR CAPITAL MANAGEMENT

Valor Capital Management is an SEC-registered investment adviser firm operating
as a Turnkey Asset Management Program (TAMP).

Valor Capital Management helps RIAs and their advisors navigate the right
investment offering, blended portfolio design, and operational implementation
to meet the unique needs of their clients

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CLARITY INSURANCE MARKETING

Clarity Insurance Marketing is an insurance marketing organization (IMO) that
facilitates advanced product screening, selection, and support for all lines of
fixed insurance products.

At Clarity Insurance Marketing, we are dedicated to implementing best interest
practices thatmitigate risks effectively. Clarity Insurance Marketing helps
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CLARITY 2 PROSPERITY

Clarity 2 Prosperity is a financial training, coaching, and IP development
organization that offers financial advisor services, turnkey financial planning,
practice management, and marketing planning and strategy.

Clarity 2 Prosperity offers certified financial planner services to help advisors shift
from a transactional mindset to holistic planners. We give you the tools and the
financial advisor training programs you need to grow from mentorship calls to
personal coaching.

The Holistic Planning Process for Solving Financial Problems

Financial advisors can approach the creation of a holistic financial plan by employing a four-steps of the The Bucket Plan® Process. By using this process, advisors can avoid critical oversites when working to create and maintain a best interest wealth management strategy that is easy for clients to understand and implement.

What is the difference between Holistic Financial Planning and Investment Management?

Managing investments involves creating and making trading decisions on a portfolio of assets to invest a client’s current capital and grow overall wealth in the here and now.

Investment managers are focused more on short-term gains than long-term returns and guaranteed income in retirement.

Alternatively, holistic financial planners recommend products that will satisfy the goals of an individual investor based on their overall lifestyle and wishes for the future, often with an emphasis on life after retirement.

Holistic financial planning takes an in-depth analysis of the client’s current financial position and develops a strategy that will allow the client to live the life they want. It plans for and accommodates events that occur in the client’s life

Step 1: Discovery

In this step, of the Bucket Plan the advisor should review their client’s current financial situation and compare that with their economic goals and objectives. When reviewing these steps, it is important that the advisor consider which services their practice offers for their prospective client’s short-term and long-term financial goals. With this in mind, the advisor can successfully move to the next step of the process where they design the financial plan.

Step 2: Design

Once a financial advisor can prioritize their customer’s goals and objectives compared to their current financial life and estate, it is time to design the initial plan for implementation. The key for an advisor to be successful with the design phase of the Bucket Plan is to provide options when it comes to products. This ensures that they may be able to pivot in case new information comes to light in Step 3 of the process.

Step 3: Delivery

The moment of truth. When a financial advisor is in the delivery stage it is important that they effectively communicate any points of confusion of contention that the client might have with the custom financial plan. As the customer works with their financial advisor to implement their custom holistic plan, it is important to review the progress on a continued basis. At this time, the advisor can work to realign the plan to the customers changing tolerance toward market volatility.

Step 4: Dedication

A holistic advisor is dedicated to proactively communicating with and educating their customers on the impact of different shifts in the market. As these shifts occur, the planner can work on updating their customer’s now, soon, and later buckets to ensure that their customer’s needs are met.

Implementing a Holistic Financial Plan

Implementing a holistic financial plan helps financial advisors build a better client experience by simplifying complex financial concepts into common language anyone can understand. As a result, their clients will feel a sense of ownership over their retirement and economic future, creating a better relationship between both parties.

To properly implement this holistic wealth strategy with their customers requires advisors to look at every step of the customer journey and review how they introduce new information, whether digitally or in person.

To get the most out of advanced financial advisor strategies, advisors should meet with the client and revisit the plan to adjust on a regular basis, so they can update information as it becomes available and manage gaps in the market.

Nearly any event in a customer’s life can influence them financially. Hosting annual one-on-one sessions with clients allows them to take ownership of their financial future and ensures the advisor is aware of any changes and makes modifications accordingly.

How Does C2P Help Advisors Implement a Holistic Financial Planning Strategy?

At C2P, we provide a portfolio of services that have helped to define what makes a successful holistic wealth management strategy. Through our training and coaching programs, we offer resources that help single financial advisors to large firms implement a holistic planning strategy that ensures growth for both advisors and their clients.

The Bucket Plan® Process is the asset allocation system around which our company is built. Advisors use this system to develop holistic financial plans that their clients will understand.

The Bucket Plan® Process has been defined, refined, and tested by our model offices. It includes a set of proven processes that are easy to replicate for your business, no matter the size or scale.

After completing The Bucket Plan® Process live training, you will transform your business with simplified financial planning and an increased closing ratio.

You know how important it is to diversify your client portfolios across equities, bonds, annuities, alternative investments, etc. So, why aren’t you differentiating your tax plans to mitigate future IRS pitfalls?

The Tax Management Journey® is a comprehensive tax planning training course that gives you the marketing tools and planning strategies to attract and convert more clients in the $1 million to $5 million demographic.

The Tax Management Journey® is designed to provide you with the competency and confidence to expand your business, set yourself apart from the competition, and deliver powerful tax planning strategies to your clients and prospects.

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