Most wealthy families know they need to keep track of their assets - and hire a wealth management advisor to help them do so. However, not as many think about the things which are not measured in dollars and cents.
Families tend to have things of sentimental value that reflect their own traditions and values - at times, these can have actual monetary values, but they may not. Tracking these items is a great way to reduce conflict when determining how to transfer wealth to future generations. Combining this with the already complex task of tracking investments and cash, however, is daunting to say the least.
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 tend to have things of sentimental value that reflect their own traditions and values - at times, these can have actual monetary values, but they may not. Tracking these items is a great way to reduce conflict when determining how to transfer wealth to future generations. Combining this with the already complex task of tracking investments and cash, however, is daunting to say the least.
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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