Managing Tomorrow’s Wealth Today: The Power of Entry-Level Financial Planning

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Picture your ideal financial planning client. Chances are, it’s not a Gen Z prospect with a low (or negative) net worth. But, while older generations currently might have more wealth to manage, younger generations shouldn’t be overlooked. With older Millennials, for example, now in their prime earning years. Plus, according to an article from CNBC, their baby boomer parents have willed $68 trillion in inheritable assets to them, setting them up for a higher net worth in the years to come. 

 

So, to ensure your practice thrives in the decades ahead, you’ll need to harness the power of entry-level financial planning and manage tomorrow’s wealth today. But, don’t worry – we’ll show you how you can do it without overloading your already busy schedule.

The Situation

Meet Marissa, aged 36. Marissa has a long-term job where she gets promoted every 3 or so years, and recently got engaged. In the next three years, she plans to get married, buy a home – and maybe even try for a first child. She also wants to finally pay off her student loans and save more for retirement. 

Like many millennials with competing financial demands, she’s not sure how she’s going to pay for it all. Working with a financial planner could help her and others in her generational cohort achieve their goals. 

Unfortunately, according to a recent National Association of Personal Financial Advisors (NAPFA) survey, just 7% of millennials currently work with a financial planner. The good news? Nearly 80% of those polled would hire a financial planner if they knew how to, could afford to do it, or felt it was the right move to make. That means there’s a lot of emerging wealth up for grabs. With 55 being the average age of financial advisory clients, there’s plenty of pipeline being missed out on. 

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Your Opportunity

If you start working with Marissa today and start building that rapport and trust, you could be setting up your relationship for decades of success. But as you’re competing with DIY technology of all kinds, you need to convince the Marissas of the investing world that you’re the right person for the job – and you need to do it fast.

Your entry-level prospects get bombarded by choices for everything – and financial planning services are no exception. To stand out from the crowd, you must offer them an easy-to-navigate, technology-based, and affordable option to work with you. You also need to demonstrate that you understand their unique personality and set of circumstances.

The Solution

So, how do you give them what they want? Enter TIFIN Plan, a conversational AI-based financial planning platform. Using this innovation, your can quickly get the answers you and they need to start showing value immediately. There’s no complicated paperwork or lengthy interview required. 

The best part? The platform grows with your clients. It retains the information it collects and learns from user input to quickly build new financial plans as each person’s life circumstances change.

The Bottom Line

If you incorporate the right planning technology into your prospecting plan, you’ll have a better edge right from the start. The insight you provide through the system will demonstrate an understanding of their situation and provide them timely advice without sacrificing the quality of your service. And, remember: you can always upgrade them to more hands-on, robust planning services when they need them.

Ready to build your book more effectively? Schedule a TIFIN Plan demo today.

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This blog is sponsored by TIFIN Grow LLC. The information and data are as of the publish date unless otherwise noted and subject to change. This material is provided for informational purposes only and should not be construed as individualized investment advice or an offer or solicitation to buy or sell securities tailored to your needs. This information covers investment and market activity, industry or sector trends, or other broad-based economic or market conditions and should not be construed as investment research or advice. Investors are urged to consult with their financial advisor before buying or selling any securities. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Past performance is no guarantee of future results. This content may not be reproduced or distributed to any person in whole or in part without the prior written consent of TIFIN Grow LLC. As a technology company, TIFIN Grow LLC provides access to tools and will be compensated for providing such access. TIFIN Grow LLC does not provide broker-dealer, custodial or other related investment services. TIFIN Grow LLC receives compensation for all search results marked “sponsored.”