Advizr Blog

The Value-add of Financial Literacy (& How Advizr Can Help)

Today’s article will explain the main reasons why you should emphasize financial literacy in your practice, some tips on how to go about doing so and where Advizr can help.

You’ll sometimes hear soccer fans remark that people who don’t like the sport just don’t understand its strategy and intricacies. In other words, they don’t "get it."

If you want your clients to view your firm like the local Manchester United blokes view their team, they need to see you as the bridge between complexity and confusion and true financial literacy. But there is a lot of work to be done. A recent study found that only 15% of affluent Americans feel knowledgeable about financial products[1].

So what can you do? Emphasizing well-timed, relevant financial education can help clients better understand the value you add, and in turn, create stronger advisor-client relationships.

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Tags: Client Engagement, Practice Management

Let Client Profiling Supercharge Your Advisory Practice

There are dozens of ways for advisors to segment their clients: age brackets, earning history and potential, AUM, professional affinity. Financial advisors currently capture these data points, but often don’t use them to accelerate client value and scale their practice. In fact, client profiling may be the most underutilized tool in an advisor’s toolbox!

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Tags: Industry Notes, Client Engagement, Practice Management

Debunking the Three Most Common Myths of Financial Planning

Financial advisors today do more work than ever for their clients, leaving little appetite for time-intensive services that clients may not want and provide limited value to the advisor’s practice. Unfortunately, holistic financial planning often falls victim to these three well-traveled myths.  

In today’s article, we’ll refute each of these and demonstrate how financial planning adds value to both advisors and their clients.

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Tags: Industry Notes, Financial Planning, Client Engagement, Practice Management

How to Plan for Clients Overspending or with Unrealistic Financial Goals

The nature of a cash flow-based approach to financial planning, even if it is centered around the client’s goals, means that any platform assisting in the creation of such a plan should account for a few realities that clients often face, such as what to do about current overspending in a budget or unrealistic goals based on the ability to save towards those goals. In each of these cases, the client ends up with one or more time periods in which they have negative net cash flow. You as the advisor need to decide what to do about the negative cash flow, and at Advizr, we’ve recently given you another tool to help with this decision making process: a simulated loan that can illustrate what it might mean to debt finance the negative cash flow. How is this tool best used? Let’s look at a few examples.

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Tags: Features and Skills, Case Study, Practice Management

Optimizing your financial planning onboarding process

Expert-level financial planning that is intuitive and not a laborious or onerous task. This is core to what Advizr began with and focuses on when we look at the independent channel of the advisory space. Now, as demand from enterprises and institutions for our system grows, we began to ask the underlying reason for this demand. The recurring theme we uncovered is this key core concept: our discovery and profile process.

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Tags: Features and Skills, Practice Management

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