Most wealthy families know they need to keep track of their assets - and hire a wealth management advisor to help them do so. However, not as many think about the things which are not measured in dollars and cents.
Families tend to have things of sentimental value that reflect their own traditions and values - at times, these can have actual monetary values, but they may not. Tracking these items is a great way to reduce conflict when determining how to transfer wealth to future generations. Combining this with the already complex task of tracking investments and cash, however, is daunting to say the least.
The solution is to find technology that tracks money and ensure compliance with tax laws and other laws - and then expand upon this. Wealth management software can be invaluable to those with wealth as well as to their advisors by tracking money and its flow. Enhancing the concept for efficient tracking in other areas of important is easier said than down. As an advisor, however, you will find that it is well-worth the effort.
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 tend to have things of sentimental value that reflect their own traditions and values - at times, these can have actual monetary values, but they may not. Tracking these items is a great way to reduce conflict when determining how to transfer wealth to future generations. Combining this with the already complex task of tracking investments and cash, however, is daunting to say the least.
The solution is to find technology that tracks money and ensure compliance with tax laws and other laws - and then expand upon this. Wealth management software can be invaluable to those with wealth as well as to their advisors by tracking money and its flow. Enhancing the concept for efficient tracking in other areas of important is easier said than down. As an advisor, however, you will find that it is well-worth the effort.
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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