Shawn has more than 15 years of experience in the financial services industry and has held leadership positions in both the broker dealer and RIA space. Shawn leverages his vast industry experience to help investment firms implement financial planning technology solutions which allow their clients achieve financial success.
Over the past decade, many advisors have chosen to begin making the switch from a commission-based book of business, and have begun doing more fee-based work.
One of the challenges that many firms experience is that their clients have spending habits that go directly against what their financial plan states they should be doing in order to achieve the goals outlined in their plan.
Try using this simple three-step process to evaluate what changes your firm could easily make to be positioned for success regardless if the DOL rule lives or dies.
While clients who have amassed large amounts of assets can certainly benefit from financial planning services, other client segments should not be excluded from the planning process.
With 15 years of experience in the industry, I have had many conversations on the topic of financial planning. In many cases, there is a misconception that financial planning is synonymous with portfolio management.
Advisors are experiencing increased competition from online firms, low cost index funds, robo advisors, and more. Subsequently, advisors need to do more to stand out from the crowd and find ways to truly differentiate their practice from the competition by offering an enhanced client experience.
The DOL rule gets to the core issue for investors: trust. Trust remains one of the biggest reasons investors pick their advisor.