Is Financial Planning a Thing of the Past
With the emergence of new technologies in the financial and insurance sectors, many financial advisers fear that their livelihoods may be threatened. However, the future may not be as bleak as some believe.
That’s because financial planning is essentially a relationship and people business; something that a robot cannot easily replicate. Would you ever consider having a relationship with a robot? Probably not in the foreseeable future.
At this point in time, technology is most valuable as a tool to enhance your work, and not as a replacement for the relationships that advisors have with their clients. So-called RoboAdvisers still lack the emotional aspect required for effective planning; what we call the human touch.
That said, financial advisers should not avoid new technology, but rather adopt digital solutions to improve the service they can provide. FinTech and InsurTech tools will empower financial advisers to do their work better.
GoalsMapper is one such solution that has become an indispensable planning tool for financial advisers today. Here are three key reasons why:
1. Millennials have short attention spans
Having grown up with technology that gives them instant access to information, entertainment and services, millennials are unlikely to have the patience to sit through boring presentations of spreadsheets and detailed financial planning reports.
To address this problem, the GoalsMapper tool allows for a real-time interactive discussion that can instantly and clearly illustrate a client’s forecasted financial future through easy-to-understand charts. This allows the adviser to have a meaningful and productive discussion in less than an hour if the client’s financial situation is not too complex.
What’s more amazing is that after completing a detailed goals and scenarios analysis, the adviser can immediately generate a personal financial report that provides key information customised for the client. Request for a demo today!
2. Clarity allows clients to make better financial decisions
Today’s clients tend to be more financially literate, and as such are more hands on in managing their own affairs. As a result, they are demanding more clarity from their advisors to help them make important financial decisions, such as committing to a long term investment or savings plan.
So if you still think that drawing two circles on a piece of paper is sufficient for you to impress clients, it’s probably time to relook your planning methodology.
At GoalsMapper, we redefine the financial planning experience for clients. It’s no longer a one-way presentation from adviser to client. Rather, it increases the quality of the planning process by allowing clients and advisers to collaborate in simulating different life scenarios to stress-test the resilience of the financial portfolio. It’s probably the most accurate and detailed planning tool ever created. Request for a demo today!
3. Start attracting the right clients, stop hunting the wrong ones
The old prospecting methods of road shows, road canvassing and cold calling are frowned upon by many. Despite this, it’s still the most common prospecting method that many newbie advisers are using. One common reason they give for doing this is because they do not want to talk to their friends. However, if you don’t even have enough conviction to talk to people you know, isn’t it harder to convince complete strangers to trust you?
With GoalsMapper, you can now start to attract responsible clients who are serious about managing their finances. This tool allows you to focus on adding value to your clients in a session that focuses on effective financial planning, rather than just pushing products.
Once your clients sees the value of financial planning, they will definitely refer all their friends to work with a professional like you. That’s how you attract the right clients, rather than hunt the wrong ones!
Request for a demo today!