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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
In the 157th episode of Kitces & Carl , Michael Kitces and clientcommunication expert Carl Richards discuss how advisors can alleviate a prospect's anxiety by setting clear expectations for the introductory meeting – both in terms of logistics and emotional preparedness. Read More.
While financial advisors offer valuable services for their clients, it can sometimes be challenging to gauge how much clients actually value those services. On one hand, a client's willingness to pay an ongoing fee for financial advice suggests that they find the advisor's services worthwhile.
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
And while Black Diamond has cut a deal with Morningstar to be the 'default' option for Office advisors to move to, a host of other portfolio management platforms are offering their own incentives as well, leaving Morningstar Office advisors with an opportunity to evaluate a large and crowded landscape of options to find the platform that will work (..)
In the 156th episode of Kitces & Carl , Michael Kitces and clientcommunication expert Carl Richards discuss how they use AI tools such as ChatGPT to expedite their creative and strategic processes – and how to ‘ask’ ChatGPT better questions to get more effective and relevant answers. Read More.
For many small tax firms, the process of collecting client tax documents can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work. Client experience is another area where manual processes fall short.
Many financial advisors approach prospect meetings with a mindset of giving potential clients ample space to consider the relationship before making any commitments. For example, the advisor may frame a second meeting as an opportunity to review documents while having paperwork ready for those who are still ready to proceed.
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
The traditional way that most financial planning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client's financial strategy that was delivered either on a one-time basis or updated annually.
Communicating ongoing value to clients and prospects can be a challenge for financial advisors. Although there are many ways to articulate how an advisor can create value for a client, there is no guarantee that any one particular method will resonate with every potential client.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. The agreement should also lay out some acknowledgments for the client to review.
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. The agreement should also lay out some acknowledgments for the client to review.
Which positions the software as either a white-labeled solution for advisory firms that want a way to engage a high volume of prospects in their funnel, or simply a solution to convert its own 70,000+ active users into paying clients of NewRetirement's own financial advisors.
Annual reviews are the backbone of client relationships, but coordinating them shouldn’t eat up your valuable time. Financial advisors are discovering that compliant texting platforms like MyRepChat can cut down review preparation time while improving client engagement. Quick Updates Not every client needs a full review.
Style guidelines for financial services firms can help you to make your written communications more consistent and thus easier to read. It can be distracting if writing styles are inconsistent within and across documents published by your firm. My client style sheets would typically fit on one page, if printed out.
One of the most common client questions heard by tax preparers is, “So, what do you need from me?” Communication Is Key Your preparer should tell you when to expect the engagement letters, organizers, etc., Those two documents cover most, if not all, of what you will need to provide for your return to be complete and accurate.
In today’s fast-paced financial landscape, systematizing your office is essential for efficiency and delivering exceptional client service. This not only helps in providing better service to clients but also enhances the overall productivity of the office. 01 Why is systematizing your financial advisory firm important?
If the next natural disaster comes for your clients, will they be ready? 3 If that many houses are without proper coverage, it’s likely many of clients’ other valuables are as well. Helping your clients prepare for disasters goes beyond preserving wealth, however—it’s really about their health.
Category: Clients Risk. When it comes to their investment portfolios many tend to have a low-risk tolerance and with the unsettling economic situation with the ongoing pandemic, the word “risk” has become even more of a fearsome word for clients. This will allow you to get a general sense of where your client’s risk tolerance stands.
Freeman is the Co-Founder of La Crosse Financial Planning, an RIA based in La Crosse, Wisconsin, that oversees nearly $50 million in assets under management (AUM) for 73 client households. My guest on today's podcast is Freeman Linde. Read More.
Freeman is the Co-Founder of La Crosse Financial Planning, an RIA based in La Crosse, Wisconsin, that oversees nearly $50 million in assets under management (AUM) for 73 client households. My guest on today's podcast is Freeman Linde. Read More.
They can easily keep track of transactions, identify any changes or miscalculations, and help their clients take timely actions to spot any kind of misuse. Further, financial advisors can educate their clients on elder investments that may be appropriate for investors in their age group. Annuity plans, pension plans , etc.,
As a financial planner, you’re well-positioned to collaborate with a client’s estate attorney to make sure their wishes are carried out. If your clients need a little nudge to get going on creating or updating an estate plan , these three examples might help illustrate the consequences of when wealth transfer goes awry.
Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. Tax-related documents: When you have multiple residences, you may need to file state income tax returns in each state where you are considered a resident.
Key Highlights We will discuss how to build a strong brand identity and use referrals to attract clients. Learn how to tailor your messages for different clients. They must attract potential clients attention. When they achieve this, they can build solid relationships with potential clients and grow their business.
5 Steps to Client Retention for Financial Advisors As a marketing agency for financial advisors, we post a lot about growing your business and attracting new clients. But all too often we see financial advisors ignore marketing when it comes to how to retain clients once they’ve signed. BOOK A FREE CALL NOW!
In a Nutshell: Steve and Amy Koenig , a financial advisor coach, are back for a deep dive on an issue every advisor will face at some point which is, how do you transition existing clients to another advisor and do it so the clients stay and there’s no drop in service. Prioritizing and segmenting clients within a transition plan.
Feldman, CLU, ChFC Clients and financial advisors have different perspectives. Train yourself mentally to understand that and then relay that information to the client. That’s when you become a true professional because you’re solving problems that your clients don’t even know they have. By Marvin H.
In the process of growing your accounting firm, building better client relationships is one of the most important elements of long-term success, and that starts with a robust client onboarding process. Table of Contents What is Client Onboarding? Why is Client Onboarding So Important?
Financial professionals are often guided to group their clients and prospects in accordance with segmentation guidelines. And this is a great starting point when trying to determine the best products and services for your specific client base. 2 When meeting with a new client, our first instinct is to ask them about their goals.
You’re juggling client meetings, market analysis, and a never-ending stream of communications. But what if there was a way to streamline your client interactions and boost your productivity? By enabling texting on your office line, you ensure that all clientcommunications come through a single, familiar number.
He’s taking the world by storm as an hourly financial planner, not managing any assets just giving out powerful financial planning guidance that clients love. Why he chose to become an hourly planner Kevin noticed that there is usually more time spent in the early years in a client relationship. How does he get new clients?
Category: Client Relations. Every business has those clients that are difficult to deal with. These clients are usually irate, emotional, and short-tempered. Failing to deal with difficult clients will not only lead to an upset client looking to terminate the contract but could also become a source of reputational damage.
Attempting to deceive clients by distorting the price and the value of the security. Pressuring a client to buy or sell securities that are not in their best interest. Pressuring a client to buy or sell securities that are not in their best interest. Not accurately disclosing the level of risk of a security to a client.
Category: Clients Risk. Determining the client’s risk tolerance is not an exact science and requires you to communicate with your client. What Does The Word “Risk” Mean For Your Clients? What Does The Word “Risk” Mean For Your Clients? Such a client might have the financial ability to handle losses.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. The more a firm can either automate processes or outsource tasks, the more time it’ll have to build deeper client relationships.
A prospect discovery meeting is an essential step for financial advisors to get to know their prospective clients, understand their needs, and recommend their planning services accordingly. With the right preparation, you can set yourself up for a successful meeting and end with a clear path forward for both you and your new client.
Stepchildren, remarriages, and ex-spouses: For the modern wealth management client with a blended family, planning to transfer wealth presents a web of complexity. Why Focus on Estate Planning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
How We Advise Clients With Concentrated Positions achen Mon, 10/16/2017 - 10:00 “Strategic advice” is a very open-ended term, but when we use it, we have a specific meaning in mind. In many cases, the solution we deliver to a client may be a straightforward answer to a clear request.
How We Advise Clients With Concentrated Positions. We think of our role in relatively simple terms: Our job is to listen to each of our clients, understand the unique nature of their challenges and aspirations, and then deliver effective and creative solutions that help them achieve their goals. Mon, 10/16/2017 - 10:00.
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