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An Innovative New Planning Tool

As the landscape gets more competitive, wealth management firms are finding it harder and harder to differentiate.  

The Value of Comprehensive Planning

It has always been a challenge to demonstrate the value of wealth planning on the front end.  As a client, you have basically needed to experience it before you can really see the value.  Ten years ago, however, an advisor could still draw a meaningful distinction by explaining to prospects that (s)he takes a goals-based, comprehensive planning approach.  Even if clients didn't quite know what that meant, many of them agreed that customized goal-based advice was preferable to investment-based advice.  

Now, with the proven success of the planning-centric model, pretty much all firms are using this same language.  As a result, even firms who do not actually provide true, holistic wealth planning are using those words.  The end result is that, from the viewpoint of a prospective client, it is nearly impossible to differentiate.  

To make matters worse, wealth advisors generally do not have tools that can show the value of planning to prospects.  When we talk of a "proposal," it is almost always an investment proposal.  This is inconsistent with the fact that comprehensive wealth planning is the true value advisors are offering (as opposed to investment advice which is becoming increasingly commoditized).  

The Need for a Planning Proposal Tool

Advisor Solutions 360 has developed a proposal tool that allows advisors to efficiently create a proposal to show prospects the specific ways in which they can help them through the financial planning process.  It delves beneath each broad planning category (i.e., Retirement Planning) in order to identify the pertinent strategies and considerations pertaining to it that will be addressed through the wealth plan (i.e., Timing of when to take Social Security, Funding of retirement needs, developing a plan for sustainable income, etc.).

retirement planning graphic

The end result is a proposal that translates broad, industry terms and jargon into meaningful and specific topics that will be addressed.  

The Need to Show Existing Clients What You've Done for Them

In addition to helping drive new business by showing clients what you can do for them, advisors also need to substantiate their value to existing clients.