How Understanding a Client's Vision, Values, and Goals Can Lead to Reoccurring Fees for Financial Advisors
Todd Fithian
Author, speaker, coach, minority interest Investor, fin-techer, and industry thought leader in the financial services industry, focusing on business performance, growth, and the delivery of humanized advice!
As a financial advisor, your primary goal is to help your clients achieve their financial goals and build a secure financial future. But in order to do that effectively, it's important to understand more than just the numbers. It's important to understand your client's vision, values, and goals.
When you understand a client's vision, values, and goals, you can create a comprehensive financial plan that is tailored to the client's specific needs and objectives. This can include creating a retirement plan, an investment strategy, a tax plan, an estate plan, and a risk management plan. The more detailed and comprehensive the plan, the more value the advisor is providing to the client. This allows the advisor to charge for the planning process as it provides a specific and measurable service to the client.
Additionally, by understanding a client's vision, values, and goals, the advisor can help the client to make more informed financial decisions. This can include identifying potential roadblocks and helping the client to navigate them, and providing guidance and support to help the client achieve their goals. This ongoing advice and support can also be a basis for the advisor to charge ongoing, reoccurring fees for their services.
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It's also worth noting that clients who have a clear vision, values, and goals, are more likely to stick to their financial plan and make the necessary changes to reach their objectives. This is valuable for the advisor as it leads to better long-term outcomes for the client and ensures a steady stream of recurring revenue for the advisor.
At The Legacy Companies, we understand the importance of this approach, and that's why we focus on it in our training and coaching programs for financial advisors. We help advisors to understand the importance of understanding a client's vision, values, and goals and how it can open the door for reoccurring fees, which ultimately leads to a more successful business for the advisor.