Don't be afraid of financial planning

November 15, 2016 by Jyasi Corbett

About the author:

Jyasi Corbett

Account executive

Jyasi has worked with more than 300 different firms from the RIA, B/D, Bank, and CPA sectors. He focuses on educating advisors on technology trends in the industry and helping advisors efficiently implement new technology.

The financial industry has the ability to make people feel secure or terrified, depending on the individual situation. When money is plentiful, people feel great. On the other hand, running out of money is often times a person's biggest fear. Luckily, we live in a world with technology that can help advisors answer the hard questions for their clients. The problem is, many advisors choose not to provide a financial plan.

Creating a plan is not a waste of time 

Many advisors are afraid to provide financial plans. Advisors tend to fear that they may waste time on a financial plan and that the prospect might not come on board as a client in the end. This leads to a loss of valuable time that the advisor cannot get back to use for growing their practice. As a result, advisors lean towards a model that provides lower quality service to a higher quantity of prospects in order to expand their client base and grow their business. This cycle can be tedious and stressful, which puts the advisor in the mindset that there is no time to waste. A common misconception is that financial planning is strictly time-intensive, but even the simplest plan can be impactful for clients. The best part is, answering questions from clients and helping them see their financial standing in a plan helps build stronger client-advisor relationships, generate more referrals, and gain more valuable and profitable clients.

Advisors and clients reap mutual benefits with financial planning 

The immediate impact for clients can also be incredibly beneficial. Clients may be afraid of the answer they think they are going to receive when they start asking questions about their financial situation and seeking advice from a professional. Unfortunately, clients cannot fix their problems without some sort of plan. As a fiduciary, providing a financial plan will help put clients' best interests at the forefront of service. A sound financial plan will help clients build a plan to reach their goals and give them the financial comfort they deserve. As a former advisor, I have seen the stress melt away from my clients’ eyes when they realize that they do not have to be afraid of saving, planning, or retirement anymore.

The Narrator® Clients portal and Narrator® Advisor dashboard from Advicent offer a collaborative client-advisor experience and actionable analytics to ensure advisors are providing the best plans and advice. To learn more, click here or call (855) 885-7526 to speak with an Advicent representative.