Today’s direct-to-consumer way of business has given the buyer greater control over their information and decisions—something they have grown to expect. One result is that financial planning clients want to collaborate with their advisors. And why not? There are so many good things that result from it. Being in the co-pilot seat results in numerous practical and emotional benefits for the client. Best of all, increasing client engagement results in time and cost-saving benefits for the advisor.
Including the client as co-pilot is a collaborative approach where the client’s role is clearly defined. And that can be made easier by using the Elements Financial Monitoring System. Onboarding is a particularly time-consuming and costly part of planning. With Elements, the client becomes responsible for much of their own onboarding, plus they can continue to make sure their financial data stays up to date. With more efficient onboarding, advisors can then increase their focus on other aspects of growing their business.
A co-pilot approach also results in positive changes to the advisor/client relationship. Clients feel empowered and confident when they are part of the planning process. This feeling of participation leads to trust, and as trust builds clients are more likely to follow their plan. It’s an approach that improves a client’s awareness of their net worth, savings, and other financial metrics. As a result, they begin to better understand their relationship with their money. Including a client as a planning co-pilot allows them to feel like the hero of their financial journey and is an essential ingredient for a scalable advice-driven practice.