What is scalable planning and why is it important?

September 4, 2018 by Robert Gunther

about the author:

Robert Gunther

Account executive

Robert Gunther is an account executive at Advicent, the financial planning technology provider of choice for nearly 100,000 financial professionals.

The financial industry is a complex business to be a part of. The needs of clients and the subsequent services provided by advisors can vary drastically on a case-by-case basis. Lately, we have seen a rising need for a more “flexible” and “scalable” financial planning tool, but what does that really mean? Let’s take a look at some of the reasons to incorporate this type of tool.

Different stages

The beginning stages of the client-advisor relationship primarily consist of relationship building and data gathering. As the relationship progresses, a client’s needs, wants, and aspirations are likely to change. Rather than having two tools to solve these needs (one tool for the simple, beginning needs and one tool for the progressive, complex scenarios), NaviPlan has been leading the charge in scalability. This allows an advisor to gather data in a simplified manner but then scale the plan to be more comprehensive as needed.

Full coverage

From a client’s perspective, a large trend plaguing the industry is that advisors don’t cover their needs in every spectrum of the financial picture. For example, there are many advisors who handle life insurance, health insurance, and retirement planning, but not as many for education and estate planning.

If a client whose main worry is planning for their child’s college fund, they won’t see value in working with an advisor who primarily specializes in life insurance. By adopting a flexible planning tool like NaviPlan, advisors are able to cater their services to meet the needs of a wider client base.

Transition from onboarding

NaviPlan helps simplify the onboarding process to make the first client meeting easier, while still having an accurate calculation engine in the background for when a plan becomes more complex. Some advisors will be stuck using two platforms, paying for both, and having to create a separate plan once moving from one system to the next. Not only is this process cumbersome for the advisor, but it also leaves room for mistakes in the data transfer and reporting stages.

By implementing a scalable and flexible tool like NaviPlan, advisors are able to meet a wide range of client needs with pinpoint accuracy. The result is increased client satisfaction, a larger customer base, and a far more efficient firm.

To learn how one of the largest banks in Canada increased advisor efficiency and prospect-to-client conversion rates using NaviPlan, click here.