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 top options in this software will ask about lifestyles and values and you can discuss the supplied answers with your clients. Even though this might seem a bit impersonal and cold at first, it will invariably have the exact opposite effect.
By showing people how to track values and traditions, these programs increase awareness. They also allow advisors to establish deeper relationships given increased knowledge of those values. As such, this type of software can produce greater referrals and increased customer retention given.
Using software to track values might seem like an alien concept, but it really can help advisors serve their clients in a better, more comprehensive manner. The business will stand out from the crowd and attract the kind of high value customers that turn somebody from a mere financial planner into something more.
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 top options in this software will ask about lifestyles and values and you can discuss the supplied answers with your clients. Even though this might seem a bit impersonal and cold at first, it will invariably have the exact opposite effect.
By showing people how to track values and traditions, these programs increase awareness. They also allow advisors to establish deeper relationships given increased knowledge of those values. As such, this type of software can produce greater referrals and increased customer retention given.
Using software to track values might seem like an alien concept, but it really can help advisors serve their clients in a better, more comprehensive manner. The business will stand out from the crowd and attract the kind of high value customers that turn somebody from a mere financial planner into something more.
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