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Saturday, November 21, 2020

The Importance of Making a Sample Financial Plan For Your 401k Clients

In his recent Periscope broadcast, Michael Kitces talks about the necessity to create a Sample Financial Plan for prospective and new clients as an essential step in building trustful relationships with clients, leading to comfortable sharing of their financial information.

Originally, gathering forms with financial data has been a challenge, not only because of the lack of time but also due to an unorganized structure. Fortunately, in today’s digital era, gathering data becomes much easier, for instance, one can link their accounts to their advisor’s portal and download the data directly to their planning software!

Even though automation systems are now widely used for our convenience, some clients still hesitate to share their data if they don’t have complete trust in the advisor. Hence, one of the best ways to show the real value of an intangible financial planning service is through a Sample Financial Plan of exactly what they will get if they work with an advisor.

So if you you’re struggling as an advisor to convince clients to share their financial data with you, it is best to demonstrate the relevant value you can bring to them by creating a good Sample Financial Plan.


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