• Build the resources to keep you independent (non-negotiable needs)
Hortz: How do you work with other advisors with your re-visioning of this advisor-client relationship?
Loewe: The primary thing we can do for advisors is to walk them through my “theluckiestguyintheworld” business model and how I applied it to myself and my financial services business. We developed a four step process to show them how to rebuild their practices and restructure their client base to “right-fit” clients around this retirement life planning approach - clients that will get what they do and appreciate what they do for them.
In applying this model to their clients, they can then direct their clients to our website where clients can take our courses in a self-study setting that advisors can provide further counseling and application assistance to their particular goals and life circumstances. We would be paid through course fees. We could also create a more immersive private discovery (counseling) group for their clients that centers around the courses and working with their advisors throughout their retirement years. It would be private branded just for the advisor and their clients.
Hortz: What best advice can you share with advisors about how to look at client engagement and the future of the advisor-client relationships?
Loewe: Every advisor is constantly looking for shelf space with the consumer. The key question is how can you differentiate yourself from other advisors? It’s not good enough anymore to be just a good financial advisor. It’s assumed that you will manage money well and do a good financial plan…but so can anyone else. What are the value-added features you will bring to the table to attract clients, get referrals, and keep them happy?
I think you have to become like a financial psychiatrist. That means also adding non-financial services to your platform is important, like teaching your clients how to retire. Teach them how to create a non-financial retirement plan… in other words, what will they do with the whole rest of their lives?
I believe you have to further deepen and evolve your client relationships. The answer is to create experiences for your clients, help them with important decisions, both financial and other, and help clients expand their concepts of life, retirement and learn to balance work, play and money.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors—Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, and Charter Financial Publishing (publisher of Financial Advisor and ETF Advisor magazines). For more information, click here.