“It takes a village” is a saying we’ve all heard before, highlighting the need for a communal or network approach to tackling any challenge. But have you thought about a “village” approach to your client’s financial planning?
Build your own village
Today’s clients increasingly require complex and sophisticated financial planning, and favor convenience and simplicity in their interactions with advisors. These three essentials can help you build a “village” to manage your client’s financial future.
In today’s complex and ever-changing market environment, it’s important to be able to call upon the counsel of subject matter and regional specialists across practice areas – retirement planning, estate planning, investment planning and business owner planning – in order to help your clients toward achieving their unique financial goals.Industry networking events and conferences, social media sites like LinkedIn and trusted referrals from peers and colleagues can all help you get started in building your village of specialists.
Technology, and its impact on our industry, is here to stay. Digitization is the way of the future as clients’ needs and preferences are changing. They increasingly want a more-interactive and mobile experience and to play a bigger role in developing, reviewing and calibrating their investment strategy as part of the financial planning process.Advisors who can integrate new and emerging technology into their practice -Webex and video conferencing, interactive financial planning tools, integrated CRM and practice management technology, digital and robo offerings - will have the most resources to reach clients at all levels and across generations.
Relationships and insights
In addition to access to outside specialists and resources, peer-to-peer networking and the sharing of case studies and best practices is of great value to advisors in growing their practices and serving their clients. Fostering collaboration, not competition, should be an important component of your practice as we are all working toward the same goals – a more secure financial future for clients.
Comprehensive financial planning is becoming increasingly important in our world today. Clients of all ages, income levels and demographics want to protect and grow their assets for the future. And more than ever clients are looking for convenience and simplicity – a one-stop-shop to meet all their growing financial needs. Do you have the right “village” to support your clients’ financial future?
Ben T. Huddle, CFP®, CRPC
Director of Financial Advisory Services
Ben is a Director of Financial Advisory Services for Lincoln Financial Network, responsible for the development, training, and implementation of fee-based financial planning, with a focus on retirement transition planning. Ben received his master’s in business administration from The University of Houston and a bachelor’s degree in industrial management from Purdue University.