Most wealthy families know they need to keep track of their assets - and hire a wealth management advisor to help them do so. However, not as many think about the things which are not measured in dollars and cents.
Families have lots of traditions that produce items that have sentimental value - sometimes, these same items can have monetary value, but this isn't always the case. Tracking these items can make it easier to ensure the transfer of wealth over time. Enhancing the complexity of these efforts, however, can seem downright impossible.
These efforts can be greatly simplified by the technology being used to track wealth and to ensure compliance - and this can be easily built upon. Wealth management software has helped countless wealthy families and the advisors they work with to account for money and its path. Expanding upon this same idea to start tracking other important things probably seems simple enough - but it's a concept that can be difficult to implement. An advisor will find that the efforts provide a worthwhile payoff.
The top options in this software will ask about lifestyles and values and you can discuss the supplied answers with your clients. Even though this might seem a bit impersonal and cold at first, it will invariably have the exact opposite effect.
By teaching clients how to keep track of their own traditions and values, the software makes them more aware of them. It also allows the advisor to build a deeper, more personal relationship, with those values at their fingertips. This, in turn, helps with client retention and referrals.
You may find it alien to track personal values with software, but it can allow you to offer far more comprehensive services to your clients while providing a far greater level of attention and care overall. This will set you apart from the competition and help you attract high-value clients that will take you beyond being a basic financial planner.
Families have lots of traditions that produce items that have sentimental value - sometimes, these same items can have monetary value, but this isn't always the case. Tracking these items can make it easier to ensure the transfer of wealth over time. Enhancing the complexity of these efforts, however, can seem downright impossible.
These efforts can be greatly simplified by the technology being used to track wealth and to ensure compliance - and this can be easily built upon. Wealth management software has helped countless wealthy families and the advisors they work with to account for money and its path. Expanding upon this same idea to start tracking other important things probably seems simple enough - but it's a concept that can be difficult to implement. An advisor will find that the efforts provide a worthwhile payoff.
The top options in this software will ask about lifestyles and values and you can discuss the supplied answers with your clients. Even though this might seem a bit impersonal and cold at first, it will invariably have the exact opposite effect.
By teaching clients how to keep track of their own traditions and values, the software makes them more aware of them. It also allows the advisor to build a deeper, more personal relationship, with those values at their fingertips. This, in turn, helps with client retention and referrals.
You may find it alien to track personal values with software, but it can allow you to offer far more comprehensive services to your clients while providing a far greater level of attention and care overall. This will set you apart from the competition and help you attract high-value clients that will take you beyond being a basic financial planner.
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