Do your programs include financial planning software?
Do. We provide the template that provides the executive summary of the financial plan. You keep using your current software to create the planning projections and include these pages in the appendices.
How long will it take me to prepare a financial plan with your system?
Remember these are customized plans and the end product will impress your clients and provide incredible peace of mind. But this does not happen with the push of a button. Even with these templates it still takes us on average 6-10 hours to customize and assemble all the pieces of the plan. The first plan will certainly take longer but it will get faster each time. Your assistant can do about 3 hours of the work. Remember, we charge clients at least $1,500 per plan so you can bet it takes time. But once developed it will be the foundation for all future client meetings.
It seems that it takes a real time commitment to create the plans, what's the benefit to the advisor?
When you offer financial planning you collect data on all of your prospective clients\\\' assets and produce a realistic and tangible plan to allow them to reach their goals. Your will be looked at as a professional and will be judged on numerous things other than simply investment performance. Not to mention you should charge for the preparation of the plan. Typically, 98% of people who have engaged us to produce a financial plan have also joined on as wealth management clients and have requested we help implement the plan by providing the insurance and investment management of all of their assets. Each new client typically generates approximately $4,000 - $6,000 in the first year and at least $2,000/year each subsequent year (we expect our client relationships to endure 20 years+), and keep in mind at Wealth Strategies we invest everything front end at 0% commission (we are fee-based so we earn a 1% management fee with a minimum annual fee of $2,000). For advisors who use the DSC system, the first year income would be significantly higher. Our client retention rate is very high as we continually keep clients focused on the financial plan and their goals and not just the investment rate of return.
Why do you hold regular reviews? What do you cover in your reviews?
The annual or semi-annual review is the best way to retain a close relationship with your clients and ensure you are helping them stay focused on their goals and plan. A financial plan is useless if it is not reviewed regularly to ensure all the steps are being implemented and to determine if your clients are still on target to achieve certain goals like retiring at age 57. Without a regular review, the plan can quickly become of no value. During our reviews we look at where the client is vis-a-vis their retirement, life goals, financial goals, education savings (if applicable), insurance needs, estate plans and of course we also review investment performance and asset allocation. We put the clients\\\' goals on our Client Dashboard that clearly shows clients how they are doing. View a sample dashboard.
Are your products compliant?
Our products are compliant with our dealership and are actually viewed as compliance+ given the level of know your client required to complete a plan and keeping the client updated/informed with regular reviews. However, each dealership and regulatory body has their own unique compliance requirements, so you need to run the product by your own compliance department and have them modify where required. Remember we are sending you editable documents so compliance can modify as needed.
Why would I buy a seminar program that includes a book written by another financial advisor?
The idea behind the book and presentation is that you become the expert to your existing or prospective clients not the author of the book. You are simply using the book and presentation as a means to explain the concept of life and financial goals planning. We have given out numerous books by other financial advisors for our clients to read, some even local advisor authors, and have never had a client leave to go deal direct with them.
I want to read the book No Regrets, A Common Sense Guide to Achieving and Affording Your Life Goals before buying the seminar, where can I get a copy?
Simply go to your local Chapters bookstore and have a copy ordered in or you can purchase it online at the No Regrets Website