I’m excited to share some key Financial Advisor Trends that I’ve been actively discussing and implementing with our clients and will write about in the coming months.
- Behavioral Succession Planning – Preventing Your Succession Plan Bloodbath
Over the last three decades, I have worked with financial advisors on preventing succession plan bloodbaths in different Succession Scenarios that include Outside Successors, Family Successors, and Assistant Successors using Values and Behaviors Assessments to prevent succession bloodbaths before they happen.
What are your Values and Behaviors, and what are the best Values and Behaviors of a Potential Successor?
- How To Cure Your Shame Of Selling Life Insurance
Why are the life insurance average policies per life insurance agent so low when life insurance is integral to these six components of holistic financial planning?
- Cash Flow
- Financial
- Insurance
- Retirement
- Estate
- Tax
At last count, there were approximately 108,000 life insurance agents in Canada, and last year, 589,000 policies were sold, an average of 5.45 policies per agent. Why are these numbers so low when life insurance is integral to holistic financial planning?
Is your financial planning and life insurance process producing inconsistent results due to Shame Of Selling?
- Hyper-Personalization
Amid an impending historic wealth transfer, hyper-personalization stands out as a crucial strategy for financial advisors to attract, retain, and meaningfully engage clients.
How are you incorporating hyper-personalization strategies, such as using data analytics and AI, to tailor financial advice and services to meet the unique needs and preferences of your clients?
- Intergenerational Wealth Management
Intergenerational Wealth Management refers to the strategic planning and management of financial assets with the goal of preserving and transferring wealth across multiple generations within a family. This approach involves creating comprehensive financial plans that consider the needs of current and future generations, including estate planning, tax strategies, succession planning, and investment management. The aim is to ensure that wealth is effectively passed down while maintaining family values, minimizing tax liabilities, and fostering financial security for heirs.
How do you incorporate intergenerational wealth management strategies into your practice to ensure that both current and future generations of a family are financially prepared and aligned with their long-term goals?
- Outsourcing Managing Hiring/Recruiting
My Role as an FCOO (Fractional Chief Operating Officer) is to listen to my clients, work with them to create a vision and plan, and implement the necessary processes and systems to make their dreams a reality.
One of the processes and systems includes;
- Managing Hiring/Recruiting
- Assistants
- Licensed Assistants
- Associate Advisors
- Successor
We have just completed hired a Commercial Insurance Specialist for an Ontario client and hired an Executive Assistant for a Saskatchewan client.
Have you considered whether outsourcing your hiring and recruiting processes could improve efficiency and help you find the right talent more effectively, allowing you to focus on your core business goals?
- The Client-Centric Discovery Process
A Client-Centric Discovery Process is an approach used by businesses, particularly in financial services, to deeply understand a client’s unique needs, goals, values, and preferences. This process involves structured conversations, data collection, and analysis to tailor products, services, and strategies that best meet the client’s individual circumstances. Unlike one-size-fits-all solutions, a client-centric discovery process focuses on building a personalized experience, fostering trust, and ensuring that recommendations align with the client’s long-term objectives and priorities.
Does your Client-Centric Discovery Process fully captures the unique goals, values, and needs of each client to create personalized financial strategies?
- Value Added Services
Financial advisors are increasingly focusing on holistic, value-added services to enhance client relationships and long-term success. This includes helping clients discover their core values and aligning financial strategies with those values, while implementing behavioral finance techniques to guide better decision-making. Advisors are also placing a greater emphasis on human connectivity, fostering deeper and lasting relationships that span across generations. By offering financial education, promoting financial mindfulness, and supporting overall financial well-being, advisors are positioning themselves as trusted partners in their clients’ financial journeys, creating a more personalized and comprehensive experience.
How do you plan to provide a more comprehensive and personalized experience for your clients?
- Values Based Consulting
Values-based consulting is an approach where financial advisors focus on aligning their strategies, recommendations, and solutions with the core values and principles of their clients. Rather than solely concentrating on financial metrics, values-based consulting takes into account the ethical, cultural, and personal values that drive decision-making within an individual. This approach ensures that the advice provided not only achieves financial goals but also resonates with the client’s broader mission, vision, and long-term objectives, creating a more meaningful and sustainable impact.
How did you identify the core values that guide your financial advisory practice, and how do these values influence the way you serve and advise your clients?
- Transitioning Your Business & Life
The difference between change and transition lies in their nature and how they impact individuals or organizations:
Change refers to the external, often sudden, event or alteration that happens in a situation, process, or environment. It is a shift in circumstances, such as a new policy, a leadership replacement, or a restructuring within an organization. Change can occur quickly and is typically something that happens to people or systems.
Transition, on the other hand, is the internal psychological and emotional process that individuals or organizations go through in response to change. Transition involves adapting to the new circumstances, adjusting behaviors, and finding a new sense of normal. While change is an external event, transition is the personal journey of coping, understanding, and embracing the change, which takes time.
In short, change is the external event, while transition is the internal process of navigating and adapting to that change.
How do you plan to address the emotional and psychological aspects of transitions to ensure you feel supported and well-prepared for the future of both your business and personal life?
- Are You Ready To Partner With A FCOO?
Are you ready to partner with an FCOO (Fractional Chief Operating Officer) who will listen to you, work with you to create a plan, and work with you to do the work to put the following necessary processes and systems in place to make your dreams a reality?
If you’re seeking solutions for any of these trends or questions, call 250-248-6012 or click here to schedule a free consultation with Simon Reilly.
Thank you for the opportunity to be of service.
Simon Reilly
International Values and Behavioral Analyst, Business Coach, Speaker and Author
Executive Coaching Tips for Financial Advisors
Speaking at a City Near You