Stickiness Factor with Client Retention and Referrals
Most advisors are restricted and confined to a narrow approach to their business model and therefore are just another commodity in the financial industry: become a true holistic wealth manager
Challenge
- Working w/in the confines of a BD and most RIA's, the compliance component results in a business model based upon what the firm's compliance department thinks is the most conservative and easiest to control approach to providing investment choices and options for clients and prospective clients.
- This compliance challenge reduces the ability to differentiate the advisor's practice from all the rest of the advisory noise: most advisors are just another commodity.
- Most advisors are forced to chase returns to retain relationships.
Solution
- Practice Management Group allows each practice to create their own identity.
- Advisors are shown how to charge an annual fee for services which can include: income planning, tax planning, tax preparation, estate planning, estate preparation, legacy planning, education planning, risk management, Medicaid planning, asset protection, and the ability to address all financial matters.
- By providing simple and advance tax planning; estate planning and creating the actual estate itself; the advisor is able to deliver a service that no other financial firm provides: truly holistic wealth planning and management.
Outcome
Increased Revenue
Advisor Representative benefited substantial increase in annual reoccurring fees.
True Differentiation
The Advisor Representative has a competitive advantage in their community as no other firm provides these types of comprehensive services.
Increased Competitiveness
Representative provides comprehensive services and does not need to worry about poaching from other practice areas: CPA's and Estate Attorney's referring your clients to another advisor for a 2nd opinion.
Captures More Assets
By providing more specific ongoing service to the client, it could potentially increase the advisor’s assets under management while maintaining client satisfaction.
Client Satisfaction
By providing a more holistic approach, clients will feel better situated as they enter into and go through retirement. Satisfied clients are more likely to provide referrals, further growing the advisor’s business.
Ready to take your practice to the next level?
Our team is here to provide you with personalized support and tailored solutions. Whether you need detailed guidance, seamless team integration, or custom strategies, we're committed to your success.