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How Does Your Independence Benefit Your Clients?

Freedom from quotas, potentially larger payouts, control over how you run your business. These are just a few of the many benefits that going independent offers to an advisor. But what about your clients? How does your independence as a financial advisor benefit them and their money? Here are a few things to highlight to your prospective clients to show them the value you bring to the table. 

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What Motivates People To Hire An Advisor?

You chose to work in this field, so of course you see the incredible value of having an organized, strategically planned financial life. And, most likely, you became a financial advisor so you could help people take control of their money and reach their goals. But not everyone thinks hiring a financial advisor is necessary, as 75% of Americans manage their own money. (1)

When you are out prospecting for new clients, it helps to understand their motivations, to figure out why they aren’t currently working with an advisor and what would push them to make that kind of commitment. By knowing what motivates people to hire an advisor, you can then meet them where they are, speak to their concerns, and stay top-of-mind until they are ready to take the next step. 

1. Retirement And Other Milestones

It should be no surprise that the number-one reason people hire a financial advisor is so they can get help with retirement. (2) After all, it’s one of life’s most significant milestones, and lack of preparation can make or break those all-important golden years. Next to retirement, people tend to seek out an advisor when they are facing a divorce or the death of a family member.

What do these three life events have in common? They are all major milestones that can either throw a wrench in your well-laid plans or cause stress and uncertainty. Anytime you experience a transition in life, whether it’s changing careers, sending your kids off to college, moving, or saying goodbye to your working days, there are countless decisions to be made and strategies to take. Many people feel insecure about which options are best for their situation and turn to a professional to help them align their decisions with their long-term plan and set up safeguards to protect their finances when life changes. 

2. They’ve Reached The Limit Of What They Can Do On Their Own

We have apps, software, and Google at our fingertips, providing us with more information than ever before. But sometimes you just don’t know what you don’t know. For example, you might find general rules of thumb for how much to contribute to your 401(k), but those guidelines don’t tell you if that prescribed amount will help you prioritize your ideal retirement. 

Many people reach a point where they’ve done all they can for their financial management, but they aren’t sure if they are missing something or if they are still on track. They need a specialist who can tailor their next steps to their unique life. 

Clients who are motivated by a need for a specialist want a lifelong financial partner who provides education, personalized service, professional advice, and ongoing guidance as they encounter new challenges and opportunities. They want someone to help them feel empowered to make informed decisions and walk out their life with confidence. 

3. They Don’t Want To Deal With Money

Managing money is stressful. No matter how much you have, money leads the race as the number-one cause of stress among Americans. (3) And instead of facing this stressful task head-on, our human nature often leads us to avoid the cause of stress at all costs. (4) As you know, that only leads to more problems. That’s why people look to a professional to carry this burden for them. They know their financial life is too important to ignore, so they place the details in your capable hands. 

Aside from stress, many people hire an advisor because they just don’t have the time to manage the complexities of their financial life. Staying up to date on the stock market, tax laws, and retirement plan limits can quickly become a full-time job, and since our society runs at a faster pace than ever, your prospective clients want someone who specializes in this area to take care of it for them so they can focus on what’s most important in their life. 

How To Be There When They Need You

Okay, so you know the core motivations that push someone to seek out the advice of a financial advisor, but how can you ensure you are the financial advisor they choose?

Deepen Your Current Client Relationships

Referrals tend to be one of the biggest sources of growth for financial advisory firms, (5) and one study found that 50% of investors have referred their advisor. (6) If you’ve created trusted, long-term relationships with your current clients, focusing on their needs, providing exceptional service, and increasing their confidence, you can bet that they’ll pass on your information when a friend shares their money woes. 

Maximize Your Niche

There’s a lot of competition out there for financial advisors. What you need is a niche clientele and a specialization that sets you apart. That way, when someone searches for “financial advisor for corporate executives in [your city],” your name shows up. Set yourself up as the go-to person for a specific group of people or a specific financial concern, and you’ll be the one those people turn to.

Do Your Branding Due Diligence

We live in a digital world and rely heavily on technology to help us gather information and make decisions. Statistics show that more than 70-80% of people research a company online before committing to buy a product or service. How much more important is it to research someone with whom you will entrust your money than someone who will pressure-wash your driveway? 

Make sure you have a solid online presence through a user-friendly, easy-to-find website that clearly portrays your brand and message. Then be where the people are, connecting with people through social media accounts and providing timely, relevant content so they can’t ignore you or the value you provide! 

Get The Growth You Want

There are many people in need of what you provide, but the steps between setting up your firm and increasing your client base can seem overwhelming. At Freedom Wealth Alliance, we set you up to succeed, helping you with technology, best practice services, and marketing, just to name a few. Learn more about our firm and how we can help you stay top-of-mind and attract the right clients by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

For Investment Professional Use Only

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(1) https://www.cnbc.com/2019/04/01/americans-are-more-confident-about-their-retirement-savings-now-versus-three-years-ago-pre-trump-according-to-the-invest-in-you-savings-survey.html

(2) https://www.newretirement.com/retirement/the-top-3-reasons-why-people-seek-a-financial-advisor-financial-planning-for-retirement-tops-the-list/

(3) https://news.northwesternmutual.com/planning-and-progress-2018

(4) https://www.apa.org/helpcenter/financial-avoidance

(5) https://www.investmentnews.com/gallery/20181005/FREE/100509999/PH/6-biggest-sources-of-aum-growth-at-advisory-firms&Params=Itemnr=4

(6) https://www.prnewswire.com/news-releases/research-reveals-financial-advisors-are-missing-opportunity-to-attract-clients-through-referrals-300525996.html

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How Can You Make It Easier For Prospects To Get Started?

When you are growing your business, it may feel like following leads and prospecting potential clients is all you do. You work hard to build relationships, share the value of your services, and then celebrate when you gain a new client. But what then? How do you set the stage for a successful, fruitful long-term relationship with your new client? 

You need an onboarding process that introduces and welcomes your new client to your firm and makes it simple for them to partner with you to manage their financial life. How you handle these fragile few weeks communicates to them how much they can trust you, how much you care about them as a person, and how much you respect their time and energy. Here are some ways to make the onboarding process seamless and stress-free by offering a top-notch, client-focused onboarding process.

1. Set Clear Service Expectations

Whether they are communicated or not, every partnership involves expectations that both parties bring to the table. And since everyone has different definitions of what makes great service, not setting clear expectations could lead to a lot of disappointment or frustration.

Therefore, the key to a successful relationship is a clearly laid-out service standard that brings everyone together on the same page, reflecting the expectations of everyone involved. Consider creating a client service standards document that covers what the client can expect from you. Here are a few questions to get started: 

  • How often will you be in touch with the client?
  • What information can they expect to receive from you? Regularly scheduled content? Personalized reports? 
  • Through what mediums can the client reach you? 
  • How quickly will you respond to clients’ phone calls or emails?
  • Who on the team will be working with the client, and in what way?
  • What is your investment philosophy, and how do you handle risk?
  • What can the client expect when they meet with you?

Encourage your client to ask plenty of questions and start building a strong foundation of trust and transparency. 

2. Build Trust Through Transparency

This probably won’t surprise anyone, but trust is the main reason clients choose one advisor over another. (1) Since trust is built over time, you can’t expect your new client to have complete faith in you from the start. You obviously conveyed your trustworthiness in the prospecting process or they wouldn’t have agreed to work with you, but you need to continue to build that trust through each step of the process going forward.

The best way to do this is by demonstrating a commitment to transparency. Don’t leave your client wondering if you’re holding something back or stretching the truth. If they have a question you are unsure about, be honest, then tell them you will find an answer and get back to them. Have an open dialogue about what you do, how you do it, and how much experience and knowledge you have. Share openly about your firm, introducing other team members and explaining what they do and who you can contact for different issues. 

Simply put, you can’t overemphasize trust in the onboarding process. Make it easier for your clients to trust you by starting out on the right foot. 

3. Make The Most Of Technology

Our whole life has integrated technology, from making appointments online to sharing calendars to paying bills. It really does seem like there is an app for everything. Because of that, clients expect their advisors to offer user-friendly technology to help them communicate, monitor their accounts, and streamline their financial life. 

Adopting technology to simplify workflows and increase efficiency can facilitate your relationship and build trust. If your clients are busy professionals who travel, providing video conferencing technology increases convenience and lets the client know you are willing to be flexible to accommodate them. An online account portal allows clients to stay on top of their money without constantly contacting you. Providing robust resources on your website shows your clients that you are dedicated to providing education and improving the quality of their life. Digitizing documents cuts down on paperwork and allows clients to sign documents without the hassle of faxing or coming into the office.

Trust us, your clients will appreciate your intentional use of technology to make their lives easier. 

4. Have A Robust Online Presence

These days, if a company doesn’t have an online presence with a consistent and easily recognizable brand, they can seem to lack credibility. Did you know that 81% of consumers research a product or company online before taking the next step? (2) Not only are your website and social media accounts a prime way to share your mission and personality so clients can determine if you are the right fit, but they are also a prime way to communicate with prospects and existing clients.

I don’t know about you, but if I have a question about something, I’d rather visit an FAQ page or read a company’s blog post instead of making an appointment or even a phone call. Offering free resources, relevant blog content, and sharing appropriate personal details, like community involvement and charitable causes you support, can help your prospect feel like they know you before they do business with you. Instead of a blind date, their first contact with you comes with solid background information. 

Besides, one of the keys to marketing to prospects and retaining clients is to be where they are. It’s likely the majority of your niche is online and frequenting social media sites, so you should be there in a big way too. Don’t make your client work too hard to find you—be where they want you to be. 

It’s Worth It

At Freedom Wealth Alliance, we believe in the power of expertly designed best practices, workflow, and process implementation for distinguishing your firm from the rest. We know you care deeply about your clients and the services you offer, so why not communicate that passion to your new clients by offering them an onboarding process that is second to none? 

If it seems overwhelming, we can help. Not only do we provide state-of-the-art technology, on-site portfolio management, and an advisory meeting program that deepens your client relationships, but we support you in every aspect of your business, every step of the way. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

For Investment Professional Use Only

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(1) https://www.qualtrics.com/customer-experience/financial-advisor-report/

(2) https://www.vividfish.co.uk/blog/89-of-customers-begin-their-buying-process-with-a-search-engine-source-fleishman-hillard

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Why Do Clients Really Choose An Advisor?

With over 200,000 financial advisors across the country, clients have no lack of choices for who will help them manage their money. (1) But not every advisor is the same. The financial advisor clients choose can have a significant impact on their investment strategy, the fees they pay, and the confidence they have in their financial future. It’s not a decision they take lightly.

As a financial advisor yourself, do you know what these clients are looking for when they come to you? Here are some factors that clients take into consideration when choosing an advisor and how you can leverage them to build your business.

1. A New Level Of Service

Gone are the days when clients just wanted to sign up for a product and walk away. Consumers today want personal service that goes beyond their bank account. They want someone who takes the time to get to know them and offers something more than a cookie-cutter solution. And regulators have taken notice of this, handing out fines to advisors who don’t act in their clients’ best interest. (2)

At Freedom Wealth Alliance, we know that the number-one thing clients want from their advisors is that they listen to them and understand their needs. (3) That’s why we are aggressively redefining client service. Not only do we free you up from the many administrative duties that take time away from your clients, like compliance, on-site investment management, workflows, and technology, we also optimize your client meetings with our Advisor Meeting Program (A.M.P.©).

We know you entered this business because you want to make a difference in your clients’ lives. We give you a top-notch service model that helps you do just that.

2. Transparency And Trust

Thanks to the endless information on the internet and the many headlines about fraud and ethics issues, consumers are much more educated about the differences between the types of advisors, particularly the fiduciary standards for an RIA versus the commission-based stockbrokers of the 90s.

And since only 49% of Americans think that financial advisors are trustworthy, they aren’t going to hand over the reins of their financial life to just anyone. (4) Expect them to do their research on you, looking into your credentials, experience, fee structure, and code of ethics.

3. The Right Fit

More than fancy strategies and flashy products, consumers want a long-term relationship with the person managing their money. That’s why they search for someone who they not only get along with and are comfortable with, but whose passions align with theirs and whose philosophies they agree with.

That’s why referrals from friends and family are a key way for people to find an advisor they like. It’s best practice for advisors to replicate their favorite clientele through referrals and networking through hobbies and interests. Not only does this form of marketing work, but it’s fun too!

If you want to attract the right clients to your business, it’s time to redefine your ideal client and build your business accordingly. Our “pay to prune” program helps you hold onto your best clients and let go of the ones who are not a good fit, maximizing your time and energy. We handle your marketing and even purchase and service the clients you would like to let go of. Everyone benefits from the right fit.

4. A Load Off Their Back

Think about the daily lives of your clients. They have demanding jobs, families to care for, communities to serve, and the list goes on. They turn to an advisor so they can offload some of the financial stress in their lives. They want someone with knowledge and experience—someone they trust—to handle their money so they don’t have to. That doesn’t mean they don’t take their money seriously; they just want a partner to help them stay on track so they can enjoy their lives.

At Freedom Wealth Alliance, we know you want that too, not just for them, but also for yourself. As you carry your clients’ financial burdens, we carry your business burdens through our unparalleled suite of services, such as portfolio management, risk analysis software, workshops to educate your clients, client appreciation events, and the list goes on! You give freedom and peace of mind to your clients, and we give freedom and peace of mind to you.

5. Comprehensive Wealth Management

Financial planning is more than just saving for retirement. The financial landscape has become increasingly complex, with clients now having to deal with health insurance, taxes, estate planning, business ownership, etc. Each of these areas affects other aspects of their financial life, which means the slightest mistake or oversight in one area can cost them.

Does that mean you need to offer every single one of these services? No, but it does mean that you are up against a lot of competition from others in the industry. We help you through the complexities by providing the expertise your clients need access to so you can act as their quarterback, making sure all the elements of their financial life work together.

Grow Your Firm And Attract The Right Clients

Now that you have an idea of what clients want as they search for their future financial advisor, let us help you provide unprecedented customer service, transparency, relationships, and comprehensive services so you can build your business on a solid foundation. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

For Investment Professional Use Only

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(1) https://www.bls.gov/oes/current/oes132052.htm

(2) https://www.investopedia.com/updates/dol-fiduciary-rule/

(3) https://www.im.natixis.com/us/resources/natixis-individual-investors-survey-2017

(4) https://www.guidevine.com/newsroom/new-york-post-americans-are-clueless-when-it-comes-to-personal-finance/

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Don’t Do Your Own Heart Surgery

If we could sum up the purpose and mission of Freedom Wealth Alliance and every service we offer in one sentence, it would be this: You don’t have to do this alone. You became an independent advisor because you have a passion for putting your clients first and taking the financial burden off their back. Don’t you want to focus on that instead of all the other tasks that compete for your attention?

Think of it this way: when was the last time you heard of a family member, friend, or anyone other than a trained doctor perform heart surgery? Instead, the patient goes to the person who specializes in the problem and has been trained to take care of the issue with efficiency and precision. Think of Freedom Wealth Alliance as your heart surgeon. We handle multiple parts of your business so you can focus on your specialty.

Advisor Meetings Done For You

Your face-to-face time with your clients is critical to building a long-lasting relationship and to the growth of your business. But because time is a limited commodity, you might find yourself conducting meetings with little preparation, not optimizing the opportunity to connect with your clients. We’ve solved this problem for you through the Advisory Meeting Program. With one click, you can take care of the whole meeting process, including communicating with the client and preparing materials. Not only will you feel more confident and prepared, but your clients will also appreciate your professionalism and respect for their time.

State-Of-The-Art Tools And Technology

Technology often equals headaches. It is a necessary evil. But what if you could delegate the management of your tools and technology to someone so you can harness their advantages without wasting precious time on the administrative side? We provide the necessary tools to help your business thrive, ones that are normally reserved for top advisors and large firms. We pride ourselves on the advanced technology we use to benefit our advisors, investing in the best tools to do our jobs effectively from anywhere in the world.

On-Site Portfolio Management

Why do your clients come to you? They need help with their finances. They don’t want to invest on their own and want you to manage their portfolio for you. But at the same time, they don’t want a one-size-fits-all investment model. They have unique goals, risk tolerance, time horizon, and life situation, and they want their asset allocation to reflect that. Freedom Wealth Alliance offers a solution in the form of over 40 models of investment management based on 4 distinct themes of money management: low-cost ETF models, value-based models, flexible risk models that change with market conditions, and specialty models for clients who want a custom approach. Our structure saves you time and money because we do the heavy lifting, and all in a more affordable format than you will find anywhere else.

A Variety Of Options To Fit Your Stage Of Life

Are you just starting out as an independent advisor or already nearing retirement? You will have different needs depending on where you are in the business cycle. If you are looking for growth, we can help you buy assets, build branches, or prune your book of business to focus on your most productive relationships. If you are ready to transition out of your business, we provide three succession options to fit where you’re at in the process. We have all your bases covered, regardless of your season of life.

Multiple Ways To Affiliate

Do you want to build your own brand or does that sound exhausting? We believe in choice, so we have created multiple affiliation options that make it easy for you to work with us. You can choose to operate under our brand, your own brand, as an employee, or as an independent advisor. Either way, we walk with you through the whole process, taking care of the details so you can focus on what you love.

Partnering With Someone Who Cares

Everything Freedom Wealth Alliance offer stems from our passion to help you. You can’t put a price on the importance of having the support of a boutique firm that truly cares about you and your clients. Don’t do this alone. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

 

For Investment Professional Use Only

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The Many Faces Of Succession

If you’re like more than 50% of active financial advisors, you plan to scale back your work or retire fully within the next decade. (1) But that’s easier said than done, especially without a plan. Of those who are nearing retirement, 28% admit that they don’t have a concrete succession plan in place and are unsure about what they want the transition to look like. (2) With a decision this significant, it’s understandable to feel paralyzed or indecisive, but the future of your business is too important for you to ignore.

Unfortunately, independent financial advisors often have two things working against them when it comes to succession planning: lack of time and lack of options. You spend your days building your business and taking care of your clients’ futures and haven’t thought about your own or had the margin to map it out. Or, you know you want to start moving into the next phase of life, but you aren’t sure if you’re ready to completely let go of your business.

Freedom Wealth Alliance solves both of these problems for you with our three distinct turnkey succession options for you, your clients, and your team—and our guaranteed support every step of the way.

Option 1: Go Hybrid

What is it you love about your work? Interacting with clients? Creating strategies that bring results? Oftentimes, the day-to-day burdens of running a business interfere with the work you enjoy. Our hybrid RIA option gives you the freedom to run your business through an affiliation with us and prepare for an eventual and smooth transition out of the business.

In your working years, we help you take care of non-productive tasks like technology management, compliance, and marketing. And when you’re ready to move out of the business, we provide you with a built-in continuity plan and all the tools you need, including messaging for your clients and workflows to ensure the business transitions with as few hiccups as possible. This option is ideal if you want to spend your final working years focusing on what’s most important to you.

Option 2: Linger Longer

No matter how much you love your work, you may be ready to spend more time with family or start chasing your personal goals. When you run your own business, transitioning to part-time work may feel like a pipe dream. There are just not enough hours in the day to take care of all your tasks and cutting back feels impossible.

This desire to keep working while also seeking flexibility and a more sustainable work/life balance is becoming more and more popular. That’s why we love our Linger Longer model, a valuation-based acquisition plan coupled with a part-time semi-retirement. Working two to three days a week, or just a few hours a day, from anywhere, with no responsibility for technology, management duties, or paying the firm’s bills, you can ease out of your career while still holding onto the aspects of your business that you love and the personal relationships that provide satisfaction and fulfillment in your life. While it may sound like it, we make sure it’s not too good to be true!

Think of it this way: when you sell your practice and remain on board, everyone wins. We keep an experienced advisor, and your best clients continue to receive your great advice. You deserve to finally simplify your life, gain personal flexibility, and more time to pursue your passions.

Option 3: Continuity Insurance

Many advisors struggle with the thought of someone else taking over their business and client relationships because of how emotionally attached they are. There’s no doubt that this is a hard transition, but would it make it easier if you had a team with great ethics, a track record of successful transitions, and which didn’t demand you or your staff to leave? That’s what we do.

We will serve as your business successors when you want to retire and/or if something unforeseen happens in your life. In our best-of-both-worlds approach, we help you develop the continuity plan that you and your clients deserve and avoid the disasters that can occur when financial advisors die without a plan in place for their families, staff, and clients.

What’s Your Plan?

Succession planning is critical for ensuring a smooth transition and an organized transfer of ownership. Let us at Freedom Wealth Alliance help you continue the legacy of your business and retire the way you want, when you want. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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(1) https://www.thinkadvisor.com/2018/09/07/where-will-advisors-be-in-10-years/

(2) https://retirementincomejournal.com/article/babybust-only-11-7-of-financial-advisors-are-under-35-cerulli/

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Best In Class Advisor Tools: FWA Introduces A.M.P. – Advisory Meeting Program

You work tirelessly to gain new clients. You market yourself. You create efficient workflows and use technology to your advantage. You adhere to a top-notch service model to set yourself apart from others in your field. Then what?

According to a Northwestern Mutual study, 44% of Americans who work with a financial advisor say that their advisor doesn’t give them an understanding of their complete financial picture, and 59% say their advisor doesn’t give them tailored attention. (1) But when you only meet with clients once or twice a year, how do you develop long-lasting relationships with clients and provide them with the financial confidence they long for?

Have A Plan

If you want to maximize your client meetings, regardless of how often they occur, the key is to go into the meeting with focused objectives and clear communication. Your meetings are not just information updates, they are an opportunity to get to know your client better and gather more information, which in turn adds more value to the services you provide. That all sounds great in theory, but when your time is scarcer than ever and a large part of your job isn’t client-facing, you don’t have hours to spend preparing for your meetings. Is there a happy medium? A way to deliver an ideal client experience while also making the best use of your time?

Enter A.M.P. © — Freedom Wealth Alliance’s Advisory Meeting Program

At Freedom Wealth Alliance, the mission that drives everything we do is to relieve your stress so you and your clients can live well and live free. We do this by offering an unmatched set of services for independent financial advisors to help them grow their business, operate their business with excellence, and provide compliance and legal oversight. Just as we offer best practices, access to technology, and marketing services, we have also created the Advisory Meeting Program, just to help you make the most of your client meetings.

How It Works

Whether you are just starting out as an advisor or have been in the business for years, A.M.P. meetings are pre-formatted to allow for best practice execution. With one click, you can:

  • Schedule a client meeting covering 24 critical life events and financial concerns.
    • There are 8 core meeting topics, such as goal planning, tax reviews, estate planning, and investment risk, designed to be performed regularly to help create and update the critical data needed to provide expert advice. These core meetings also serve as a diversification tool. If all you do is asset management, you have all your eggs in one basket. The variety of services you provide in your core meetings grows your value and protects you from poor investment performance risk.
    • An additional 16 meeting topics provide advice and guidance for critical events in a client’s life, such as divorce, the death of a spouse, early retirement, Social Security, and more.
  • Send a pre-meeting letter.
  • Give instructions to your client so they can prepare for the meeting.
  • Confirm the meeting and communicate pertinent details by phone.
  • Offer printed materials and a binder to the client when they arrive for the meeting, including meeting tabs and guidance about record retention and going paperless.
  • Provide information to the client about who to call for administrative tasks, keeping your schedule more open for other important business functions.

Do I Really Need Help With My Client Meetings?

The result of this well-thought-out and thorough process is a client who is prepared for your presentation and has a stake in the outcome and an advisor who comes across as personal, professional, and knowledgeable. Clients walk into a meeting that is predictable, productive, and a solid use of their time. This solidifies the advisor-client relationship.

With practice, even beginner advisors can perform comprehensive meetings with as little as  three minutes of preparation. In addition to a clear agenda for all parties involved, A.M.P. gives you a directed checklist of key questions and talking points to move through each topic, access to our helpful calculators to help clients with their decisions, and an FWA-integrated client relationship management software (CRM) workflow that coordinates the delivery of service tasks within the office so nothing slips through the cracks. Think of A.M.P. as a complete client meeting package, with every detail covered from start to finish.

A.M.P. Can Make A Difference

At Freedom Wealth Alliance, we’d love to see your client meetings flourish. If you want to optimize your client interactions and use them as the foundation of your relationship, we invite you to reach out to us to discuss how A.M.P. can take your business to the next level. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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(1) https://news.northwesternmutual.com/planning-and-progress-study-2016

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Are You Ready To Sell Your Business?

Your situation as an independent financial advisor is unique. When you are ready to move on to another career or even retirement, it’s not as simple as giving your notice and packing up your desk. You have grown your business with your own blood, sweat, and tears, and created relationships with your clients, guiding their financial life. Even though you are ready to close the book on this chapter of your life, you still want the best for your clients because of how much you’ve invested in their lives. Is it possible to make a smooth transition that will benefit everyone?

Moving On

Many advisors who dream of retiring in the near future need to first sell their practice to fund a comfortable retirement. Before you make such a move, there are countless questions that need to be addressed, such as:

  • How do I minimize the impact of this transition for my family and my clients?
  • What are my roles and responsibilities?
  • How much is my business worth, and how can I be sure I will get paid?
  • Will my client relationships be handled with the same level of care that I provided?
  • What are the risks, and how do I best handle them?
  • What resources are available for me to understand my options?

According to a report by the Financial Planning Association, only 27% of all advisors have a formal plan to transition their business. (1) Just like preparing for retirement, preparing your practice for sale is most effective when you start early and rely on a professional to guide you through the process.

How Can I Sell My Practice?

If you have worked for decades to build your practice from nothing, the decision to sell might feel like giving up a child. You aren’t selling a product, you are selling the years of relationships you have invested in. That is why it is critical that you find the right fit with an ideal buyer so you can move into retirement with confidence. You want to be sure your buyer not only has the right qualifications to take care of your clients’ needs, but also shares the same values and goals as you. Your future buyer might do some things differently, but if you can find someone who will treat your clients like family, then you can rest easy, knowing your clients are in good hands.

How Much Do I Sell For?

Once you’ve decided that you’re ready to walk away from your business, you need to figure out how much your business is worth. Since your business is an extension of you and your hard work, it might be hard to put a number on it. That’s why you need a professional valuation that takes multiple considerations into account, such as your client demographics, your historical average growth rate, your firm’s profit margin, economic conditions, among others.

In addition to the above factors, there are specific steps you can take to maximize the value of your firm, including systematizing and documenting your processes, preparing the financials, reducing personal expenses, and increasing your cash reserves.

How Do I Get Started?

You have put your clients first throughout your whole career; now it’s time to continue making them a priority by creating a plan that will take care of them and their money. At Freedom Wealth Alliance, we support you in this process by providing you with the experience and resources to get the answers necessary for your peace of mind. If you are looking for an opportunity to plan the eventual sale of your business for the maximum value or to transition your practice to another advisor, we can help.

At FWA, we have successfully acquired, merged, or aligned with financial advisors of all sizes and experience levels. We start with an initial meeting to see if there is a good fit, looking at everything from your goals for yourself and your clients and your current business structure.

Once we understand what your ideal transition looks like, we examine professional valuation options, set up roles and timelines for each person involved in the transition, complete legal requirements, communicate with clients, and celebrate (we’ll bring the champagne)! The bottom line is this: with Freedom Wealth Alliance, you have a variety of options to fit your personal goals. We have been part of many successful transitions. Let us help you with yours.

Learn more about our firm and how we can help you with the sale of your business by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979 and find out your firm’s value by using our online valuation calculator.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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(1) https://www.onefpa.org/business-success/Documents/FPA-Succession-Planning-Report-0418FINAL.pdf

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Investment Management: The Heart Of The Advisory Relationship

Do you know what your prospective clients are looking for in an advisor? Trust and a good investment track record top the list for almost half of those surveyed in a recent Financial Advisor Client Experience Report. (1) Clients come to you not only for guidance through life’s milestones and advice for their decisions, but also for you to manage their money and get them closer to their goals.

In this same survey, poor investment record was the biggest reason clients felt disappointed in their advisor. In other words, investment management matters. It’s at the heart of what you do and how you serve your clients. But in order to grow your firm, build relationships with your clients, and handle the intricacies of running a business, you may have to turn to investment management models. Unfortunately, these models are often too “off the rack” and not customized to client needs. Is there a way to rely on time-tested models while also exceeding your clients’ investment needs?

Money Management Themes

Freedom Wealth Alliance offers a best-of-both-worlds solution in the form of over 40 models based on 4 distinct themes of money management: low-cost ETF models, value-based models, flexible risk models that change with market conditions, and specialty models for clients who want a custom approach. Our structure saves you time and money because we do the heavy lifting. Here’s how we can help.

More Options For Less Money

Most models available through national third-party money managers are so costly that they are only available to large firms. As your partner, we offer this investment platform to you at a wholesale cost below even some of the largest investment companies in our industry. Even though you save money, you still receive a plethora of resources and technology to go along with your CFA-crafted models, such as direct access to the Freedom Wealth Alliance investment committee to gain deeper insights into Freedom Wealth Alliance portfolio performance and positioning and access to a Freedom Wealth Alliance portfolio manager for one-on-one meetings.

Through one easy platform, you even have the option to customize within each model, such as restricting fixed cash balances or individual securities you want the model to ignore. You’ll be able to manage your clients’ money like never before—and with less stress.

Fewer Headaches

DOL and fiduciary regulations, while necessary, can cause you stress and take your time away from your clients. With such a high standard of due diligence required to vet your process and methods, you need to invest time and money into research, cost calculations, and documentation. Thankfully, the Freedom Wealth Alliance investment management platform reduces your due diligence. Our investment managers prepare the fiduciary documentation you need to prove that what you do is in your clients’ best interest. We also give you access to our full research library for each fund manager, easing this aspect of your workload.

Client-Approved

Once you’ve done the hard work of investing your clients’ money, you still need to communicate your process and philosophy and keep your clients up to date. We give you the tools and program materials to help you explain your investment choices, provide quarterly market updates individualized to each model, and a full range of infrastructure tools built and paid for by Freedom Wealth Alliance to provide a best-in-class client experience. Our platform also offers institutional share class pricing for reduced all-in client fees. Not only will you love our investment management solution, but your clients will too.

An Investment Platform For You

The Freedom Wealth Alliance investment management platform has been designed to provide you with leverage for your business in a structure that fits your clients’ needs. Free up precious time by partnering with us to handle portfolio management, research, trading, communications, and compliance so you can focus on building and maintaining client relationships. Learn more about our firm and its unique advantages by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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(1) https://www.qualtrics.com/customer-experience/financial-advisor-report/

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Technology: Friend Or Foe?

How do you feel about technology? Are you one of the 68% of advisors who admit that learning about and keeping up with technology is their top challenge? (1) As an independent advisor, technology is a necessary evil. Think of it this way: if you don’t spend the money on the best financial and client tools, you will struggle to remain competitive and meet your clients’ needs. But because you are running your own business, and all that goes along with it, implementing and maintaining technology often ends up being a thorn in your flesh.

Despite the challenges, technology is critical for any advisor’s success. Here’s why.

1. It Reprioritizes The Client

In a survey of over 800 advisors, almost all of them said that technology has the ability to help them give the best service possible to their clients. (2) Your clients are at the core of why you do what you do. Since they are the priority, don’t you want to create systems that give you more time and energy to focus on them?

2. It Encourages Growth

You are only one person and therefore have limits on what you can do in any given day. Technology makes you more efficient and takes on some of your more administrative tasks so you can grow your firm.

3. It Sets You Apart

Your clients want to know that you are taking care of their financial needs, and that often means having software to aggregate their accounts, assess risk, and monitor their plan. This is especially true of clients in the younger generations who see technology as an integral part of their lives. In a study conducted by the CFA Institute, the results showed that 70% of millennials believe a core value any advisor brings to the table is the technology they offer. (3) If you want to stand out from the crowd, invest in technology.

Unfortunately, no matter how much advisors value technology, there are often seemingly insurmountable obstacles to adopting it.

Technology Pain Points

For independent financial advisors, not only is technology increasingly expensive but it can turn into a full-time job that has to be outsourced just to keep hardware and software running. You don’t have time for that, and your money can be used better elsewhere. In addition, you have the added pressure of maintaining cyber security to keep up with new regulations.

On the other hand, advisors who work with broker-dealers have to deal with closed architecture that typically doesn’t allow for customization or addition of technology. They also don’t allow for data integration or ownership, meaning that the advisor has to dig in several different locations to create a complete picture of a client’s finances. If you choose to leave that broker-dealer, you cannot take your client’s information with you. This may make you feel stuck and disempowered, unable to offer your clients the level of service you desire.

Is there a way to make technology work for you, not against you?

We Have A Solution

Freedom Net is our answer to the technology headaches of independent advisors. We provide the best tools and technology that are normally reserved for top advisors and large firms. We pride ourselves on the advanced technology we use to benefit our advisors, investing in the best tools to do our jobs effectively from anywhere in the world. Additionally, we’ve spent the time learning the tools inside and out so we can use them effectively and help our advisors do the same. Let us help you leverage technology and turn it into a blessing, not a curse. Learn more about our firm and our suite of technology tools we offer by visiting www.explorefreedomwealthalliance.com. You can also email us at krozman@freedomwealthalliance.com or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit www.explorefreedomwealthalliance.com and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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(1) https://www.thinkadvisor.com/2018/03/09/wealth-managers-say-technology-is-their-biggest-ch/?slreturn=20190113143919

(2) https://www.forbes.com/sites/russalanprince/2018/02/14/the-most-successful-financial-advisors-leverage-technology/#738908384602

(3) https://agreementexpress.com/what-do-wealth-clients-want-and-how-can-firms-deliver/

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