Those people who are running a simple household budget, probably won’t need a financial planner. However, if they have investments, own homes, run a business, or they have goals for their future then they most probably will want financial advice. Good, reliable, and viable advice. As a financial planner, who wants to help your clients build their financial portfolio or start up a new, successful business, then financial planning tools are going to be an essential piece of your arsenal. Let’s explore why financial planning tools are so important to increasing your client retention and satisfaction.
Businesses
In the world of financial planning, a client can come to you for many reasons, but essentially, they want you to help them achieve their goals. No matter what those goals are, they need a plan. In the case of running a business your client needs a budget and cost analysis, a cash flow projection, financial and breakeven statements, and a business plan. The business plan is the foundation to any successful business. It is the best way to assess the viability of a business idea by detailing its:
- Purpose – what the business will offer, services or products.
- Weaknesses and strengths – what you need to learn to do and what you excel at.
- Capital – the amount of money you will need to begin.
- Expenses – this includes the direct and indirect costs.
- Incoming – knowing how much income you need to cover your costs will help determine the price you charge and/or the number of sales you need to achieve.
Not only is a business plan important for your client to understand their business, but if they need to borrow money a good solid plan will help. Luckily, financial planning tools make writing business plans easier and more accurate.
Investors
Clients who are investors will need their financial planner to produce risk assessments, financial statements, financial projections, as well as plans, budgets, and more. The more investment portfolios your clients have, the more convoluted and time-consuming they will become. However, financial planning tools will not only have you looking more professional, but they will also allow you to work quicker and more accurately. They will help you give your clients the best advice, backed up by calculations, charts, documents, and assessments.
Money management
Unlike the investor client, the clents who want their money managed aren’t usually the risk takers, but like the investor they want to know exactly where their finances stand. The want budgets; cash flow analysis’s, income and expenditure charts, and bank reconciliations. You might see money management as the simpler, less time-consuming process, but don’t be fooled. Using financial planning tools, like the ones offered by Advice Intelligence can elevate your business to the elite of financial planners.
Integrate quality financial planning tools into your financial planning business and you won’t regret it. Not only will you save time, fit in more clients, and provide accurate, detailed, and professional statements and assessments, but you and your clients will thank you for it.