Advisors with sophisticated financial planning software can work collaboratively with their client to not only demonstrate any impacts in real time but also quickly make new recommendations or adjustments. Technology can enable both parties to view current market changes, as well as forecast their ramifications decades into the future. Possessing the ability to alter a financial plan in a flexible, dynamic manner can go a long way in easing the client’s fears and building trust.
Estate Planning With Confidence And Clarity
For a high-net-worth client, transferring wealth to their heirs is a much larger operation considering the complexity and diversity of the assets at hand, as well as the volume of money involved. The right technology stack allows advisors to formulate more sophisticated wealth transfer plans that move certain assets at the appropriate time to avoid excessive taxes and fees. Considering the complexity of the operation, ensuring that the assets and all appropriate documentation organized can help make the transfer a more seamless process.
Additionally, the generation inheriting this wealth is even more technology-hungry than their parents. As an advisor, demonstrating your dexterity by adopting technological solutions to meet their needs will go a long way in courting them to eventually become clients at your practice as well.
High-net-worth prospects are eager for a high-tech relationship with their financial advisors. Not only will the right financial planning software add value to the client experience, it will save advisors hours of time clearing out filing cabinets and manually entering data points into spreadsheets. If you want to tap into this goldmine, partner with the right technology provider to ensure you can handle the extra workload and provide these investors with the level of service they demand.
Ken Lotocki is the product director at Advicent, a provider of SaaS technology solutions for the financial services industry, based in Milwaukee, Wis. For more information, visit their website at www.advicent.com.