5 Best Financial Planning Strategies for Client Marketing

1. Looking to Start a Financial Planning Career?

The  IFA client marketing field of expertise is to direct clients in managing their personal finance goals. These finance goals could either be short term, medium term or long term. Short term goals are those that are possible to do in less than a year like paying off credit, medium term goals would take a year to five years to work on like getting a car, and long term goals are those that need more than five years like educational or retirement fund. Familiarization with investment alternatives and the legalities of taxation are some areas that financial planners discuss.

To be an effective financial planner, educational background such as in the fields of accountancy, economics, banking and finance are fundamental. Thorough knowledge of various investment products, types of life insurance, retirement and estate planning are part of the job description. People skills, communication skills and synthesizing skills are ideal as well as marketing and analytical skills. To be accredited as a Certified Financial Consultant would be an advantage.

Developing the client’s trust is imperative and giving importance to their needs would be another important trait of a financial planner. Financial planners should be analytical of the clients needs and should come up with a procedure in order to carry out the objective of the client.

2. How to Choose Financial Marketing Programs

Deciding the competent individual to be your financial planner is similar to hiring the right individual to strengthen and improve your workforce. You would want somebody to add advantage to your objective rather than be restrictive. At the same time, you would want that person to be credible as your finance is at stake.

An efficient financial planner must furnish clients with a comprehensive financial plan that would integrate investment planning, retirement, taxation, insurance, handling of debts, educational planning and estate planning with the client’s objectives. In doing so, the individual or family’s financial goal, risk tolerance and complete financial understanding are determined. Areas of concern in the person or family’s financial situation are undertaken and ways to address them are presented.

In selecting the right financial planner and marketer, the first step is to be certain that the planner is licensed by any of the following institutions like the Certified Financial Planner Board of Standards, Inc., and Chartered Financial Consultant (ChFC). Besides being a certified financial planner, inquiring about the planners educational background is also important. Exposure in insurance, retirement planning, tax laws, and investment would also be criteria. Also, as in other professions, the number of years that the person has worked as a financial planner is crucial. Number of years equates to years of experience as a financial planner.

As you go about your discussion with the planner, you can gauge if the planner is suitable or not. An excellent financial planner would listen and consider your financial needs first and foremost. Check the planner’s field of expertise and the type of assistance provided. Get a full account on the planner’s work process in achieving your goal. Asking about the planner’s clientele base would also give you an idea on the person’s working profile and work technique. In connection with this, inquire who else will be working on the planning of your finances.

The next step is to ask the financial planner about their professional fees. Planners get their remuneration either by flat fee, paid salary from the company, by commission or a combination of both salary and commission. A full breakdown of the fees involved in the financial planning should be laid down and would be of great help.

Recommendations from friends and family for a reputable financial planner would be of great benefit. Specific answers on the financial planner’s work ethics, attitude and performance from these people would give you an insight.

One last thing to check is to see what kind of  IFA client marketing your financial adviser is using.  The reason for this is because good effective IFA client marketing usually means that your financial adviser is going to also be effective in the work they do. See if you can spot the use of direct response marketing.

3. Financial Planning for Seniors

Financial planning should be considered during the early stages of their career.  Upon reaching the age of fifty, your children would most probably have a family of their own.   Factors such as the volatility of Social Security and Pension Benefits would greatly affect your finances during your prime years and planning for your retirement as early as possible is essential.

Retirement income normally comes from your professional income, social security benefits, sponsored retirement plan by employers, and personal savings and investments.

Realistically review your expected expenses at the time of your requirement against your preferred lifestyle and begin planning for your retirement.  Consider how you would want to enjoy your savings and investments and, at the same time, anticipate medical expenses brought about by old age.  Authorities in this field would recommend that a part of your present income would be enough to get you by, however, this is still not accurate due to adjustments in financial situations and lifestyle changes.  Anticipate also the variability of certain costs of living due to inflation.

A helpful tool in forecasting your targeted retirement savings goal is with the use of the online retirement calculator.  This will greatly prepare you for your retirement by assessing the future value of your savings and investments as well as the financial value of your funds during the years you would be taking out money during retirement.

Estate planning should also be drawn and in place in preparation of any unfavorable circumstances wherein you may be incapacitated.  Embodied in the estate planning are drawing up of wills, creating special power of attorneys, creating or updating beneficiaries for plans, and appointing executors for the estate and supervise the terms of the will.

Align your financial estimates and asset distribution by the time you are 60 years of age.  Estimate the amount of your pension income from Social Security based on the date of retirement from the siteís online calculator.  This will give you an estimate of your retirement income in present dollar rate.  It is also important to note that Social Security pension is decreased if you opt for an early retirement.

As one ages, medical expenses are also expected to soar.  Learn more of your Medicare benefits and make certain that you have registered yourself before reaching the age of 65.  Get a medical insurance that includes old age coverage and disability.

Seeking and discussing the endless possibilities for your plans of retirement with a professional financial planner is highly recommended to yield greater benefits.

4. Should You Trust a Financial Adviser to Manage Your Money?

After I read this, I thought to myself and my own circumstances and knowledge as an investor. I personally know next to nothing about mutual funds and other popular types of investments. Therefore in my case, I would certainly prefer to find someone that I know I can trust to manage my money because I know they can do a better job than me.

With that being said, when it was time for me to work with a financial planner, I asked one of my close friends who is very successful and has a lot of money to manage.  I asked him who he works with and setup an appointment to talk to his financial adviser.

The guy was of course very professional and helped me to understand what my options were in very plain English. I told him I know next to nothing about all the technical jargon and to spare me any financial speak that would confuse me.

Because I went through a good recommended source, I ended up working with someone who I’m comfortable and confident can do a better job than me.

I would tell anyone that if they think they can do a better job at managing money and assets, then by all means give it a go. The trust factor is a huge piece of the equation so if you do look to hire a financial advisor, make sure you get a good vibe when you talk to them.

5. The Responsibility of Spending Money and Financial Advisers

I recently read a great article that had some good points about how people need to be responsible about spending money but also the responsibility that Financial Advisers have in managing people’s assets.

Being responsible starts with the individual in spending within their means. It is very common for people to ring up high credit card bills and put themselves in debt.

The credit card companies and businesses that know how to market are always there ready to overload you with temptation. They know how easy it is for you to pull out your card and spend spend spend.

Along with being discipline, there is another place where responsibility exists and that’s on the part of the financial planner.

When a financial adviser get’s a new client it is there job to manage and inform the client as too how much money they can and should spend on all aspects of there life given their financial status.  Therefore it is very important that the client does his or her due diligence in making sure the financial adviser they choose is truly looking out for there best interest.