What Is A Holistic Financial Advisor?

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In order to arrive at a destination, an individual must plan their journey. They will need to choose what mode of transportation to use. Studying a map is a vital part of choosing the proper route. The individual will need to prepare to overcome unexpected inconveniences like a flat tire as well.


The world of financial planning is very similar. Individuals need to choose a financial destination to plan for, like retirement, marriage, home buying and having children. Once that goal is set, the individual needs to devise a plan to reach retirement. This is where a holistic financial advisor can help. A holistic financial advisor can look past the hype of individual investments in order to help a client map out a plan for their personal financial goals.


Client Comes First!

In the world of financial planning, preparing for the future is crucial for individuals to meet their financial goals. Holistic financial planning focuses first and foremost on the individual’s wants and needs. Building a connection is vital with each client in order to plan for future life events. Creating a financial game plan for the individual is the holistic advisor’s goal, while focusing on short term performance of specific investments is a secondary goal.

This style of wealth management is in contrast to the methods of a stock broker. These advisors spend the majority of their resources analyzing investments, rather than discussing a client’s needs. While it is important to find the right investments, many clients today prefer that an advisor creates a personalized financial plan. Even though some clients would be pleased when the stock broker chose successfully, this method does not take into account each client’s risk tolerance. What looks like a great investment for the 30-year-old newlywed may not be suitable for the 65-year-old that is about to retire!


Be the Expert For Your Client!

Once an advisor decides to use a holistic wealth management style, they need to implement a repeatable strategy. It is important for the advisor to remind themselves they are the financial professional, and the client is looking for their advice! An advisor should go above and beyond generic risk tolerance recommendations, and instead ask their clients lots of questions about their future. Understanding a client’s future living expenses is the first step into being a holistic financial advisor.

In order to create a financial plan, the advisor needs to ask its clients the right questions. Often time a client will overlook future life expenses that can be burdensome. For example, a couple that just had a child may be focused on immediate expenses for their newborn. While clothes and food are immediate necessities for any child, many parents will one day want to send their kid to a 4-year university. This can be a burdensome expense for many families that are not prepared. A dedicated financial advisor will work this type of large expense into their client’s bigger financial picture.


Technology: The Friend of the Holistic Planner!

Embracing the new age of technology is critical for any holistic planner. Using a client relationship management tool can allow you to build an online profile for your clients. Conversations with clients about their long-term financial plan can be stored within a CRM. This gives advisors who refer to past interactions an advantage over those advisors who rely solely on their own memory.

When looking for the right CRM tool for your holistic practice, you should be considering what features will be relevant for your clients. One favorite of holistic advisors is AdvisorEngine’s Junxure CRM platform as it specifically caters to financial professionals. Many of the employees of AdvisorEngine were former financial professionals. Their previous experience allowed for the team to create wealth management CRM software that was very goal centric and captured the full profile of a client.

Data management has a much broader use case than many financial professionals realize. While data is critical to investment analysis, interactions with clients now can be stored and organized for an advisor’s viewing. Unless you are dealing with just a couple clients It is critical to have a way to store all the goals of the client. The use of a marketing CRM is thus considered a must have for anyone who is going into holistic financial planning. Features to look for include advanced document management, integrations with other tools as most advisors rarely use just one and a strong capability of workflow automations. It is the workflow automations that allow you to do a more holistic strategy at scale.


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