Nathan is an account executive at Advicent, the financial planning technology provider of choice for nearly 100,000 financial professionals.
In addition to the revenue stream generated by plans themselves, here are three key ways that advisors leverage holistic financial plans provide to — and extract value from — their clients.
Charging for financial plans is a business model that a relatively small minority of advisors has been using for years, but the concept has really taken off since the introduction of the DOL fiduciary rule in 2015.
Modern technology is often over-packed with features. If the tech is any good, at least some of those features are genuinely useful and have daily relevance.
Within financial services, we should explore the diametrically opposed and seemingly mutually exclusive opinions advisors have on whether or not it makes sense to charge for financial plans.
I have spent a great deal of time meeting with advisors to determine how our planning technology fits with their firms. Whether I am working with a trust department at a bank or an RIA with a $5 million minimum, I always start the conversation by trying to get an understanding of where new prospects come from and what steps are taken to convert those prospects into profitable clients.
As a financial advisor, the things you think are interesting and the ways you interpret and absorb information are entirely different from those of your clients.