Planning is what enables clients to achieve their financial goals. And ultimately, planning drastically increases client satisfaction.
During the pandemic, we surveyed eMoney advisor clients, and during this time of heightened uncertainty, 85% believe clients with financial plans were more satisfied with their advisor. The survey also showed 93% of advisors felt the current environment positively affected their client relationships, and nearly four out of five said it positively impacted their ability to connect with clients.
The unexpected events of 2020 have created financial challenges; for some clients it has sped up certain life transitions affecting their retirement, career, marital status, or health condition, driving the continued need beyond one-size-fits-all financial advice.
Historically, those with higher levels of wealth and investable assets were targeted for financial planning. And while there’s nothing wrong with this approach, it does ignore large segments of the market who quite frankly have real planning needs, and who, most importantly, are willing to pay for that advice.
As an advisor, if you want to have growth in your planning business, you need to put effort toward your marketing. You can apply the same principles that make planning valuable to clients — personalization, continuous frequency and comprehensive service — to your marketing strategy.
In a recent survey from eMoney, 63% of investors said insightful and educational content that was personalized would make an advisor’s marketing stand out among its competitors. Eighty-four percent of those surveyed stated personalized content was at least very important to them. This should come as no surprise since generic information and personalized advice have distinct benefits.
In financial planning, if you don’t have a client’s full financial picture, you are limited in your scope of what may or may not impact their specific circumstances. With today’s targeted marketing capabilities, you can achieve a similar level of personalization by sharing content and proactively communicating with them around things that are relevant to them and their situation.