“The new era of the financial advisory model is upon us, and it is less about the product transactions and more about the counsel, advice and planning.” -Bob Holcomb, Chief Marketing Officer, First Allied Securities
More than ever before, financial advisors are looking for ways to deepen their relationship with clients. They want to engage in more meaningful conversations with both prospects and clients and do so without having to go through any extended training or complex systems. In a world where access and information is being commoditized through technology, it is critical for advisors to demonstrate their value to their clients, beyond traditional services such as trading and reporting. To be appreciated by their clients, advisors ought to take the role of a guide rather than lead with products. Both senior and junior-level advisors struggle to deliver financial planning much less financial life planning profitably.
Additionally, more financial advisors are retiring faster than young advisors are entering the industry. To better prepare for succession or the sale of an advisory practice, there is an urgent need to design an “apprenticeship” model focusing on active listening and interviewing skills. There is a need for a straightforward, easy-to-use system to help advisors adjust to the demands of the new era of the financial advisory model.
The MoneyCapsules Financial Life Planning System
Having attended many seminars and training programs on financial planning methods, I’ve noticed that very few advisors actually implement them. This inspired me to develop a simple system that advisors would find easy to adopt. Thus, MoneyCapsules was born with a game- board to create a fun and interactive experience for prospects and clients while helping the advisor stay on track. While it feels light and fun, it goes to the core of the prospects’ or clients’ motivation for making decisions—their values. The advisor branded game-board is designed to hold the seven MoneyCapsules cue-cards, the three score cards which track the players’ progress. The players interact with the cards while the advisor gains clarity on what matters most to clients or prospects.
For financial advisors, who are interested or struggling to adopt holistic financial planning in their practices, the MoneyCapsules Financial Life Planning System offers a simple game-like framework to guide both experienced and young advisors provide quality interaction and counsel. Unlike other elaborate methodologies, the MoneyCapsules system can be put into practice within a week and provide an advisor with the benefits of greater wallet share and profits while enhancing their compliance with regulators.