Creating financial luck with preparation

March 13, 2020 by Moriah Diedrich

Creating financial luck with preparation by Advicent

About the author

Moriah Diedrich

Demand generation specialist

Moriah Diedrich is a demand generation specialist at NaviPlan, the financial planning technology provider of choice for more than 140,000 financial professionals.

Have you ever found yourself caught in a downpour without an umbrella? What about missing a bus because you were late to the bus stop? We might call ourselves unlucky in these situations but, the truth is, these could have been prevented with proper planning. Why, then, do people leave their financial futures up to luck instead of taking charge of their financial plans?

Financial planning can seem an overwhelming task, causing people to put off getting a financial advisor and hoping they will somehow save the right amount for retirement. Advisors, however, understand the sense of security and peace of mind that a comprehensive financial plan can create for clients. How can advisors help clients overcome their financial anxiety and create a plan that will set them up for a successful retirement?

Setting client expectations

The key to a successful client onboarding is setting expectations. To demonstrate the level of personalized attention and customer service your clients can expect, a good place to start is the client portal. The NaviPlan client portal expedites client onboarding through its eFact Finder, allowing advisors to spend less time entering data and more time demonstrating their value. The client portal also gives clients unhindered access to their financial plans, creating transparency between advisors and clients to help build the relationship.

Unearth possibilities for advisor efficiency and firm prosperity.

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Addressing unexpected expenses

Besides the obvious flaws in leaving one’s financial future up to luck, people might not prepare for unexpected expenses in retirement or think about the importance of estate planning. This is where comprehensive financial plans really shine, backed by the knowledge and advice of an advisor. The NaviPlan calculation engine enables advisors to model virtually any retirement income scenario with detailed tax-analysis. Further, NaviPlan offers a variety of estate planning solutions that empower advisors to craft estate strategies while minimizing taxes.

Our latest addition to NaviPlan, the Guided Retirement tool, helps advisors provide visually-engaging financial needs analyses after entering one data point – income.

Establishing goals & formulating advice

After you have laid the groundwork determining a client’s current financial standing, it is important to assess what the clients want in the future. Perhaps they want to renovate their home or to fund their child’s college expenses, but it is unlikely they will luck out and win the lottery or that their child will receive a full-ride scholarship. These goals should be incorporated into their plans and backed by cash flow analysis to determine feasibility. NaviPlan simplifies this goals-based planning approach and allows advisors to form advice on how clients can achieve each goal.

Save the horseshoes and four-leaf clovers for Vegas and equip yourself with the technology designed to remove the uncertainty of working with financial advisors. After all, capturing more clients and share of wallet doesn’t have to be a game of luck.

For more information on how NaviPlan is built to fit your firm’s planning strategy, click here >