Many wealthy people are already aware of the need to keep tracking their financial assets - which is why they often hire wealth management advisors in the first place. Unfortunately, however, few of these same individuals are tracking things that cannot be measured in terms of money.
Families have values, traditions, and items of sentimental value - in some cases, these may also have monetary value, but not always. Keeping track of these things can reduce conflict and help with the difficult task of ensuring the transfer of wealth through the generations. Adding this to the already complicated task of tracking money and investments, however, can seem monumental, or even impossible.
The answer is to look at the technology already used to keep track of money and help ensure compliance with laws and the tax - and then build on that. Wealth management software has made a huge difference to wealthy families and their advisors by keeping track of money and where it is going. Expanding the concept to track other things of importance is perhaps easy to think of - but hard to implement. For advisors, though, the payoff is worth it.
The right software will ask clients questions about their values and lifestyle, which the advisor can then discuss with them. Although it might seem that using software to track "values" is cold and impersonal, it actually has the opposite effect.
When you show your clients how to track their values and traditions using software, they will become infinitely more aware of these things. As such, , you will be able to build deeper and far more personal and personable relationships with these individuals, given that these values will be right at home. This can also increase referrals and client retention rates.
You may find it alien to track personal values with software, but it can allow you to offer far more comprehensive services to your clients while providing a far greater level of attention and care overall. This will set you apart from the competition and help you attract high-value clients that will take you beyond being a basic financial planner.
Families have values, traditions, and items of sentimental value - in some cases, these may also have monetary value, but not always. Keeping track of these things can reduce conflict and help with the difficult task of ensuring the transfer of wealth through the generations. Adding this to the already complicated task of tracking money and investments, however, can seem monumental, or even impossible.
The answer is to look at the technology already used to keep track of money and help ensure compliance with laws and the tax - and then build on that. Wealth management software has made a huge difference to wealthy families and their advisors by keeping track of money and where it is going. Expanding the concept to track other things of importance is perhaps easy to think of - but hard to implement. For advisors, though, the payoff is worth it.
The right software will ask clients questions about their values and lifestyle, which the advisor can then discuss with them. Although it might seem that using software to track "values" is cold and impersonal, it actually has the opposite effect.
When you show your clients how to track their values and traditions using software, they will become infinitely more aware of these things. As such, , you will be able to build deeper and far more personal and personable relationships with these individuals, given that these values will be right at home. This can also increase referrals and client retention rates.
You may find it alien to track personal values with software, but it can allow you to offer far more comprehensive services to your clients while providing a far greater level of attention and care overall. This will set you apart from the competition and help you attract high-value clients that will take you beyond being a basic financial planner.
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