After graduating from the University of Wisconsin-Madison, Patrick helped individuals with their insurance needs. Now in the FinTech world, Patrick is driven by his desire to help advisors adapt and profit from the ever-changing financial landscape.
As one year closes and another year begins, I see advisors who fall into one of two categories. The first category is advisors that kick their feet up and enjoy the holiday with the families. The second category is advisors that do not take any extra time off because they do not feel they can get everything done.
There are plenty of reasons why a financial services firm wants to be both efficient and specialized, but the two can often work against each other. In response to these sacrifices that firms found themselves making, a common trend in the financial planning industry has been implementing central planning.
Financial planning has been around for a lot longer than just the digital age, and there are a few nontraditional reasons why financial planning is beneficial to have in any advisory practice.
You’ve likely heard of the Pareto principle before, which states that 80 percent of the effects are produced by 20 percent of the causes. In the advisory world, this is often true, where 20 percent of clients will result in 80 percent of a firm’s business.
As much pressure as you may feel to step up your digital game, it is important to remember a simple question that can dictate your business decisions: will I make money by investing in this technology?
Leveraging financial planning in your practice can have a variety of positive benefits, including a unique value proposition, establishing a relationship with clients, cross-selling products, ensuring your advisors are acting in a fiduciary manner, and more; however, how do you go from a firm who historically has not engaged in these conversations to a new age, comprehensive planner?
When something seems complicated or overly difficult, most people tend to avoid that task — even with the more complicated questions HNW prospects will undoubtedly ask. Therefore, it is best to keep it simple
Running a small business is difficult — especially in the financial services industry with sweeping regulation changes, shifting client expectation, and new technology popping up every year.
Whether you choose to get licensed yourself, hire a financial advisor, merge with another firm, or partner with an advisor to exchange referrals, here are nine ideas to improve the financial planning side of your accounting practice.
Similar to how the financial planning needs of a client can vary, the way plans are created varies as well. There are four different types of financial planning models, each with its own set of advantages and disadvantages.
When talking to advisors, I consistently hear that when a client is first onboarding, there are multiple meetings between the initial meeting and when the first plan is delivered.
Beyond the obvious benefits of delivering cutting edge service to improve customer engagement and increase cost efficiency, personal financial management technology allows advisors to actively attract Millennial and legacy clients.