Financial planning tips for clients in 2017

January 25, 2017 by Tia Love

about the author:

Tia Love

Support specialist

Tia recently began her career with Advicent, and she spends the majority of her day supporting all of our partners that use our financial planning tools; she really enjoys providing a positive customer experience. Tia is also currently studying to get her Bachelor of Science in Social Work.

New year, new you? It is that time of year where we resolve to make important changes in our lives that will bring us closer to our goals and personal achievements. Typical resolutions involve eating healthier and establishing and maintaining positive relationships. This year, however, we should all resolve to be wiser with our money. Here are three very important tips to give to clients when setting their financial goals for this year.

1. Save, save, save

Many of your younger clients may think they do not have to worry about retirement yet, but retirement is only a reality if you plan for it. These younger clients cannot depend on government funding, such as Social Security, to help them live comfortable in their retirement years unlike many people in the past. The best plan is one that involves them proactively saving their money now, for later.

2. Diversify these savings

There are multiple options when it comes to saving for retirement. There are employer-sponsored plans like the standard 401(k) or the 403(b) if you are a government employee. Banks offer IRA products, and there is a plethora of other options from wealth advisors and financial planners. With so much to choose from, why should your clients only choose one? Help your clients put their money to work. Allocate funds in different retirement vehicles and let them know they will have a higher chance of succeeding at their retirement goal.

3. Seek the help of professional

This is more of a tip for your prospective clients (and a lesson for advisors too). Managing money is hard to do, regardless of how much you have to manage. This is a good time to let prospective clients know that there are people who are skillfully trained in the art of managing money. You, as an advisor, have studied for years to help them turn their money into wealth that can sustain their lifestyle, take care of their family, and save something to pass down to their children. The lesson for financial advisors is to begin clearly showing their value to clients. Financial services consumers have so many options when it comes to advisor, including purely technology options as well. How will you show your value in the market in 2017?

Click here to learn more about how Advicent technology can help advisors become more efficient and onboard more clients in 2017.

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