Implementing wealth management plans

The challenge: Transitioning management styles

According to data from Phoenix Marketing International and Cerulli Associates,¹ clients want to go beyond investment management and partner with a financial professional who can help them manage their overall wealth. This, in our view, poses a challenge for us, with a need to evolve from portfolio to wealth management, and we often position ourselves as wealth managers without fully implementing a plan. This not only likely becomes a disservice to the client, but it may also contribute to a poor reputation for our industry.

Our solution: A wealth management checklist

While failure to launch a proper plan may skew potential clients to distrust our very industry, it may also create opportunities for financial professionals to attract and retain clients by simply implementing a comprehensive wealth management plan. Our team has created a checklist built to help you remain on track and follow through:

• Step 1: Overview and discovery. Share your team’s wealth management processes and determine your client’s challenges, risk tolerance, and goals. From there, you will create a documented, comprehensive plan.
• Step 2: Wealth management plan analysis. Evaluate your client’s current assets against their timeline and objectives, along with any persisting challenges.
• Step 3: Portfolio management implementation. This is where you finalize your plan — rebalance the strategy where needed, have final discussions with your client, and hear the recommendations of the portfolio management team.
• Step 4: Resource allocation and onboarding experience. Place your client in their appropriate segment and rank in order to determine the services they’ll receive, then begin onboarding them.
• Step 5: Wealth management plan implementation. Meet with your client’s financial professional team in an effort to create and align on a wealth tracker. Then start implementing your plan.
• Step 6: Platinum Client service standards. If this is a Platinum Client,² be sure to maintain the relationship with regular check-in meetings, recognizing their birthdays, and inviting them to seminars that might elevate their experience.

Visit pages 17 - 24 in our “Crafting a High-Performance Practice Toolkit” brochure³ to find out more about our ideas for wealth management planning, and read the full brochure to see how it might help you grow your business.

Ready to implement your plans?

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