A holistic approach: beyond your clients' finances
87% of advisors believe a holistic approach to financial planning is highly effective in helping clients
58% said they are extremely or very familiar with their clients' non-financial goals
Putting it into practice
This survey, conducted in January 2020, highlights a trend that has only accelerated with the global coronavirus pandemic. Advisors report an increase in discussions around a wide range of issues (see chart).
Beyond Finances: Holistic Life Planning Trends Among Advisors, InvestmentNews Research, 2020.
The research found that older and wealthier clients are most likely to demand broader services beyond financial planning. Additionally, family households are more likely than single households, and female clients more likely than male clients, to demand broader services.
We know that many advisors have been having these conversations for years, but with client needs intensified in our current circumstances, now is the time to double down on this approach. Below are some Equitable resources to spark conversation and put clients at ease.
Beyond finances: Make the most of your advisor conversations
Share with clients to help them understand how discussing their finances, their lifestyle and their purpose can help you create the right financial strategy for them. Read more.
Share your love: family discussion guide
Preparing for the end of a loved one's life can be a difficult conversation to have — and one in which advisors are likely to be increasingly involved, as clients expect a broader approach to life and financial planning. In addition to being emotional, there are many logistical details that can leave families overwhelmed. Two things can help: an empathetic advisor and a clear guide to what's important. This workbook can help clients gather information on financial assets, personal property, passwords, information for key contacts, funeral arrangements and more.
Holistic conversations: Tools to engage
Clients who are engaged in planning will be more engaged with you. These tools prompt clients to think about what matters most to them, and consider how their lifestyle and their purpose have an impact on their finances.
The path to a fulfilling future starts with a clear picture of what's most important to you, as well as what needs more attention. Take this quiz to help bring that picture into focus.
IMPORTANT NOTE: For purposes of this discussion, "advisor" is used as a general term to describe insurance/annuity, investment sales and advisory professionals who may hold licensing as insurance agents, registrations with broker/dealers, and registrations as investment advisory representatives (IAR) of registered investment advisors, respectively. "Advisor" in this context is not intended to necessarily refer to IAR-offered fee-based financial advisory/planning services.
For Financial Professional Use Only. Not intended for use with, or distribution to, the General Public.