Physicians Thrive is an RIA that offers many services for physicians. In addition to financial planning and wealth management these services include contract review for new residents, disability insurance, and more. Across the two primary financial advisors, Dave Swan and Michaela Speer, the firm serves about 200 wealth management clients.
Having worked with physicians for many years, advisors at physicians thrive saw a major gap in how they monitored progress and showed clients how they were making improvements in their financial life. The need for a concise, simple, and easy to produce view of a clients progress was a top priority.
We felt like we did a pretty good job onboarding people and that we did a pretty good job developing or delivering an initial plan or guide for advice. But we didn't really have any way to actually make sure that we were making improvements for that client. Like there was no solid foundation for monitoring.
How They Use Elements.
Advisors at Physicians Thrive use Elements as the primary and first-step tool for comprehensive financial planning clients, serving as a central hub for client engagement and data management. In addition, the firm uses Elements to onboard clients, collect data, and keep financial information up-to-date, enabling proactive and tailored financial advice.
The following show ways that the advisors use Elements with their clients:
Encourage Clients by Highlighting Progress.
Using Elements’ progress reporting feature, Physicians Thrive increase client optimism and add value to ongoing relationships by tracking the progress of clients over time.
Encourage Clients by Highlighting Progress
Using the historical record of data in Elements, financial advisors can track the progress of clients over time. Advisors at Physicians Thrive find that when clients are discouraged or looking toward the next stage in their journey, they can use Elements to show clients the positive progress they’ve made.
This enables the firm to position their service of continuous financial monitoring and advice. They can maintain an active and responsive dialogue with clients, updating plans in real-time and addressing changes in their financial lives. This approach underscores the firm's commitment to providing dynamic, ongoing support rather than a static financial plan, setting the expectation for a proactive and adaptive advisory relationship from the very beginning.
Proactively Identify Client Opportunities.
Using Elements’ client snapshot feature, Physicians Thrive can quickly identify threats and opportunities that may affect their clients’ outcomes.
Encourage Clients by Highlighting Progress
Using Elements vitals to monitor client progress enables advisors at the firm to be hyper-responsive to client questions and life changes. Through continuous monitoring of Elements scores, such as the Savings Rate, Liquid term, and Total Term, advisors can quickly identify changes in a client's financial situation.
For instance, a significant uptick in the liquid term score might indicate an increase in liquid assets, prompting a conversation about potential investment opportunities or adjustments to the financial plan. This level of monitoring allows advisors to proactively reach out to clients with tailored advice and solutions, ensuring that the financial plan remains aligned with the client's current circumstances and goals. By keeping a close eye on these dynamic scores, the firm not only stays ahead of changes but also fosters an environment of trust and reliability, demonstrating their commitment to their clients' financial well-being through timely and informed responses to their evolving needs.
By using Elements’ client snapshot feature, Advisors at the firm can quickly identify threats or opportunities that may affect their clients’ outcomes.
Kickstart The Planning Process.
Using Elements’ client-led onboarding feature, advisors at Physicians Thrive is able to demonstrate the value of ongoing advice to clients from day one. Learn how they use Elements in conjunction with traditional planning software…