Differentiating your firm by implementing financial planning

January 22, 2018 by Allison Sobek

A financial professional evaluates FinTech tools for her practice.

about the author:

Allison Sobek

Business development representative

Combining a passion for FinTech and a degree in economics from Miami University, Allison strives to share the value Advicent brings to companies throughout the financial industry.

As technology continues to improve and expand into the financial services industry, it is becoming increasingly important for an advisor to utilize these technologies. For example, an advisor utilizing robust financial planning software will be able to generate more plans in less time — all without sacrificing accuracy or comprehensiveness.

By being able to improve both the quality and quantity of financial plans they can generate, advisors can increase their assets under management and distinguish their practice from their competition.

Implementing financial planning at your firm

For some advisors, adopting financial technology allows them to offer financial plans and use them as a value add to help distinguish themselves from their competition. As the financial services industry changes and the demand for financial planning continues to grow, the ability to provide financial planning as an additional offering will continue to be a differentiating factor to clients between advisors.

For advisors who have already implemented financial planning, it is already understood how the practice streamlines the process and lets them make more plans per month than they previously could have. It also lets advisors build comprehensive plans for clients with millions of dollars in assets, including any and every important detail of their assets. As a result, by making more plans for high-net-worth clients, an advisor can drastically increase their assets under management.

The power of a scalable planning tool

Technology can significantly improve the interaction between the advisor and all of their clients when utilized properly. Having a scalable, customizable software solution allows them to make plans tailored to each client’s specific needs, while following a uniform process each time.

Planning technology can also improve advice quality when it is coupled with existing software integrations, such as CRMs or portfolio management systems. With the increasing popularity of client portals, advisors can discover all of their clients’ held-away assets and account for all of them when crafting plans.

In addition to the planning aspect, implementing financial planning technology also helps from a compliance standpoint. When audits occur, it is very easy for the advisor to show where all of the numbers in the plan came from. This can also help improve trust between the advisor and the client, once again setting the advisor apart from their competition.

Utilizing financial planning and account aggregation technology can help the advisor increase their assets under management, improve engagement and trust between their clients, and have a streamlined planning system that works with any kind of client.

To learn how Advicent technology can help increase ROI at your firm, click here.