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Should You Provide Comprehensive Financial Advice?

The Comprehensive Advisor Newsletter

April 2019


You may have a good business. Your lifestyle and income may be exactly where you want them to be. So, why rock the boat? This mentality is something we often run into when talking to financial advisors about making the risk management discussion a real part of their practice. At The BluePrint, our commitment is to help you be a more comprehensive advisor. Having conversations about protecting a client and mitigating risk is a big part of providing comprehensive financial advice. We believe the financial advice landscape has changed and with that change clients want a comprehensive client experience. In this month’s, The Comprehensive Advisor Newsletter we discussed why you should consider providing comprehensive advice, incorporating the right language, and a simple plan to start.

Do It for Your Future Self

Things today may feel great but if you believe there is fee compression, then your future self may feel the squeeze if you don’t evolve your business and service offering. The business of investment advice has changed significantly over the past couple of years. The emergence of robo advisors and other low-cost investment options have forced advisors to offer more to substantiate their value. Providing clients comprehensive financial advice is a simple way to “do more” for clients than just providing investment advice. We have found that clients find tremendous value when advisors simply ask questions that go beyond investing. Asking questions about family protection, long-term care and reviewing existing policies is an easy way to start.

Do Your Words Matter?

Imagine you have 2 advisors who started in the business in the same month 20 years ago. Both started at the same firm, the same training plan, and same education. Advisor 1 is now on Barron’s Top 100 list, and Advisor 2 is struggling. How does this happen? Maybe advisor 1 works harder or is just luckier. Those may be true, but we believe Advisor 1 likely evolved his practice and likely communicates differently than Advisor 2. We are in a business of relationships. Right or wrong, usually the better “communicators” thrive. We have attached a fascinating white paper from BNY Mellon. They took a deep dive into how advisors create value. They prove that your words matter. They illustrate that clients like “comprehensive” and 76 of the Barron’s Top 100 describe their practice as providing “comprehensive solutions. ” Click here to download the white paper.

It Starts with a Conversation

Change is hard. We meet a lot of advisors that want to evolve their practice but sometimes changing habits is not easy. The good news is our process to incorporate the risk management conversation is simple, easy and effective. We believe it starts with asking a question. Inserting the right question at the right time in a client’s life provides fodder for a thoughtful, comprehensive planning discussion. We have created “Client Conversations” which help you know which risk management discussion fits at each stage of your clients’ lives. We provide you simple questions to add to your agenda or next client meeting. We provide an outline of the possible answers you will get and where each may take you. The goal is to help you feel confident and prepared. If you would like to learn more about our “Client Conversations,” please contact us and we will schedule a time to walk you through the process