Scalability is the future of the financial services industry

March 9, 2018 by Sean Marus

A firm works to adapt their business strategy to shifting client demands.

about the author:

Sean Marus

Product marketing specialist

With years of experience in product marketing and content generation in the financial services industry, Sean is committed to providing informative and impactful content to financial professionals and the clients they serve.

At Advicent, our team speaks with financial professionals nationwide who want to maximize their operational efficiency. The problem for them, however, is that they often do not know where to begin.

Typically, these financial professionals use up to five tools — and sometimes more — just to offer a full range of services. These services include quick calculations, new client onboarding, insurance sales, and holistic financial planning.

Offering easy-to-use calculators, simplified planning experiences, advanced estate planning, and more, NaviPlan® can cater to anyone who walks into your office. Gone are the days of financial advisors sticking to their individual niches; to compete in an increasingly competitive and regulated industry, advisors must be able to adapt to every client request.

Calculators

Only taking about five minutes to complete, calculators help you show high-level snapshots of client and prospect goals. Calculators can offer a quick analysis of goals, educate clients on financial concepts, or deliver a report on a specific request without the need for generating a full financial plan.

Comparing loans, mortgages, and types of IRAs are some of the most widely utilized features in NaviPlan, as they can be used to easily demonstrate what is being offered by an advisor compared to what the client currently has.

Forecaster assessments

Requiring about seven minutes to complete, forecaster assessments deliver a simple needs assessment to identify the clients' current financial situation and to clearly illustrate what is required to meet the clients' goals. For many financial institutions, this functionality bolsters their firm-wide compliance efforts.

Forecaster assessments help identify additional needs for clients, and advisors can then promote the assessment to a level 1 or level 2 plan to offer more detailed planning insight. This assessment allows an advisor to make recommendations for retirement, education funding, major purchases, survivor income, disability income, and more.

Level 1 and level 2 plans

The level plans offer all of the same functionalities as the quick forecaster assessment, while also allowing an advisor to provide more advice and solve for more needs. This allows an advisor to get as in-depth as they need while providing maximum flexibility in the planning process.

Level plans deliver the holistic and comprehensive financial planning that leverages the robust calculation engine in NaviPlan. This can account for everything previously mentioned and asset allocation, estate planning, human life value calculations, long-term care, emergency funds, equity compensation, business planning, and Monte Carlo analysis.

There are many more features to uncover within NaviPlan; this is the tip of the iceberg. Unlocking your potential as a financial professional can solidify your book of business as financial services presses onward into the future.

To learn how robust financial planning services are integral to the future success of financial professionals, click here.