My Financial Future | Tour Video With a passion for developing personalized financial strategies, we’ve created an effective and easy to use tool for financial advisors, planners, investment managers and their clients. Here are the most important features that allows you to guide your clients better: SIMPLE & INTUITIVE. It’s easy to set-up your account, […]
The clients expect their advisor to advise.
Regulators continue to add regulation. It was about 10 year ago that Know your client document (i.e. ‘KYC’) was about one page long. Now it’s like a book. We recently heard of an advisor’s client who was reading the full agreement from their custodian, it was 147 pages long. It seems that the regulators want advisors to regulate, however, the clients expect their advisor to advise. In order to make both parties happy advisors need tools that simplify the process for them but also adds a great deal of value to the client.
Financial planning is taking an increasingly important role in financial advisors’ menu of services offered to clients.
For Cary List, President and CEO of the Financial Planning Standards Council (FPSC), advisors’ increasing attention to financial planning comes at no surprise.
“There’s growing recognition and acceptance – both by advisors on the ground and at the corporate level – that the future of advice is in financial planning….but we have to stop talking about financial planning as a process, [You] have to start talking in the language that the client is going to buy into.”
Many advisors stated that they need simplified software tools, that are easy to understand, and include simplified training support, to be able to bring simplicity to complex issues.
My Financial Future is built to do exactly that. It is easy to enter client data, simple to use and provides tremendous amount of value to clients including: online access, seeing their financial growth over time and knowing how they are progressing to their retirement goal.
The duty of financial planners is to help clients live your life with greater certainty around their finances and how they are prepared for the future.
The financial services industry is in the midst of great change. Gone are the days of clients being excited to invest in mutual funds or being content with their advisor talking about rates of return and portfolio structure. Regulators have continued to add more and more regulations so that it seems advisors are being paid to do paperwork to satisfy regulators more than meeting with clients to help navigate important financial decisions. There is a squeeze on advisor compensation and still clients expect to receive great service. There is a great need for advisors to demonstrate the value of their advice.
Research has shown that people who have a financial advisor have 67% higher net worth than those who do it on their own.*
When you combine:
- Increased regulation
- Downward pressure on fees
- Client pessimism to the investment markets
there is a very present need for advisors to not only provide value to clients but to deliver the value of advice. This in turn will provide a strong level of retention of current clients and also an increase in referrals to new clients.
My Financial Future is built to do exactly that, to help advisors quickly demonstrate:
- How client wealth has grown over time
- How easy clients are to achieve their financial goals
- What they need to do to reach their desired retirement
It is simple to use, easy to enter client information and increase the depth of your conversations with clients.
To see My Financial Future solutions for advisors, click here or email us to set up a demo.
*Check out some useful resources with IFIC here: https://www.ific.ca/wp-content/uploads/2013/02/ific-value-of-advice-report-2012.pdf/1650