Many wealthy people are already aware of the need to keep tracking their financial assets - which is why they often hire wealth management advisors in the first place. Unfortunately, however, few of these same individuals are tracking things that cannot be measured in terms of money.
Families have lots of traditions that produce items that have sentimental value - sometimes, these same items can have monetary value, but this isn't always the case. Tracking these items can make it easier to ensure the transfer of wealth over time. Enhancing the complexity of these efforts, however, can seem downright impossible.
The answer is to look at the technology already used to keep track of money and help ensure compliance with laws and the tax - and then build on that. Wealth management software has made a huge difference to wealthy families and their advisors by keeping track of money and where it is going. Expanding the concept to track other things of importance is perhaps easy to think of - but hard to implement. For advisors, though, the payoff is worth it.
The right software will ask clients questions about their values and lifestyle, which the advisor can then discuss with them. Although it might seem that using software to track "values" is cold and impersonal, it actually has the opposite effect.
By showing people how to track values and traditions, these programs increase awareness. They also allow advisors to establish deeper relationships given increased knowledge of those values. As such, this type of software can produce greater referrals and increased customer retention given.
Tracking values with software can seem like a foreign idea, but it actually helps wealth management advisers service their customers in a far more efficient and comprehensive manner. It can make your business stand out and it will help you attract quality clients that can move you beyond being merely a financial planner.
Families have lots of traditions that produce items that have sentimental value - sometimes, these same items can have monetary value, but this isn't always the case. Tracking these items can make it easier to ensure the transfer of wealth over time. Enhancing the complexity of these efforts, however, can seem downright impossible.
The answer is to look at the technology already used to keep track of money and help ensure compliance with laws and the tax - and then build on that. Wealth management software has made a huge difference to wealthy families and their advisors by keeping track of money and where it is going. Expanding the concept to track other things of importance is perhaps easy to think of - but hard to implement. For advisors, though, the payoff is worth it.
The right software will ask clients questions about their values and lifestyle, which the advisor can then discuss with them. Although it might seem that using software to track "values" is cold and impersonal, it actually has the opposite effect.
By showing people how to track values and traditions, these programs increase awareness. They also allow advisors to establish deeper relationships given increased knowledge of those values. As such, this type of software can produce greater referrals and increased customer retention given.
Tracking values with software can seem like a foreign idea, but it actually helps wealth management advisers service their customers in a far more efficient and comprehensive manner. It can make your business stand out and it will help you attract quality clients that can move you beyond being merely a financial planner.
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