financial advisor clients want help managing their finances

What are financial advisor clients looking for ?

Financial advisor clients want help managing their finances

We believe that a perfect storm is brewing in the personal finance market with challenges being faced by both providers/advisors and financial advisor clients that they work with. Our white label/branded version of LegacyTracker allows financial planning and wealth management firms to offer clients a personal finance /estate organizing tool that can help alleviate many of these challenges for mutual benefit.

Help simplify busy lives and enable empowerment & success

LegacyTracker can help clients & their families simplify their busy lives & enable them to become more organized by bringing all of their important information & documents together in a simple to use, central, accessible & secure location.

Clients and all of their family members benefit when they are empowered with their own information:

  • Enhanced peace of mind/Reduced anxiety about “details’
  • Better able to be more proactive about financial & estate planning
  • Reduced financial risk
  • Better clarity around to do’s, next steps & about progress being made
  • Increased level of emergency preparedness for themselves (and their families)
  • Increased potential for success in achieving their financial goals

LegacyTracker provides an opportunity for firms to show Client Advocacy and to build deeper relationships with clients in the process.  The return on investment in clients will be measured in a number of areas:

Increases in 

  • Value to Clients
  • Marketing Insight
  • Brand Differentiation
  • Attraction by younger demographics (looking for tech)
  • Client engagement in planning
  • Loyalty & Retention of Clients
  • Opportunities for ongoing communication
  • Opportunities to “do more” with existing clients
  • Efficiencies in on boarding client information
  • Revenue (!)

Decreases in:

  • Marketing costs
  • Lost accounts related to inter-generational wealth transfers
  • Financial risk relating to client loan defaults

LegacyTracker is a Win/Win Solution

Read on for more detail:

Benefits for Financial Advisors or Asset/Wealth Management Firms

Challenge: Need to differentiate in a busy marketplace of busy consumers

Real Life for your clients is most often made up of Multiple Priorities, Tasks, Responsibilities AND  Multiple Financial Providers. 85% of consumers want one place to manage all of their finances as they feel out of control with their information.

financial advisor clients need to find a differentiating factorLegacyTracker delivers: 

It’s not free WiFi or cappuccino that will make customers pay attention. An online solution that allows consumers to get organized, manage their busy lives & enhance their piece of mind demonstrates client advocacy; a meaningful differentiator in a busy marketplace. A technology offering is also an attractive offering for younger clients and prospects who prefer to utilize technology to manage their lives.

ROI: Strengthen Brand, Improve market share, Increase New Customers, Strengthen Relationships & Retention, Expand Customer base,  Reduce marketing costs

Challenge: How to increase Client engagement & show added value (for fees)  (or How to deliver “More”) ?

Getting around to getting organized can really get in the way of starting to work with a Financial Advisor. It’s a key reason that clients delay working with an advisor. But client expectations are also changing and they “want more”.

financial advisor clients need help managing their busy lives

LegacyTracker delivers:

Enabling clients to get out from under their paperwork and become better organized in a simple & secure way will allow clients to feel more empowered. The information gathering that’s required with new clients is also made more efficient. Clients can share any of their information templates with advisors as they wish. The added clarity will enable better collaboration between Advisor and client.

Better collaboration + Better Engagement = Better Opportunities

Allowing for more comprehensive planning can eliminate any possible gaps leading to an increased chance of success that your client will reach their goals. Built in Alerts & Reminders encourage regular updating & ongoing communication with advisors. The built-in Net Worth tracker enables clients to monitor progress.  We think this all adds up to “More”

ROI: Cultivate Client loyalty/retention, Uncover client insights (more effective marketing), Deepen client relationships, Show Client advocacy, Establish ongoing client communications

Challenge: How to retain loyalty through the next generation ?

Inter-generational wealth transfers are a Top 5 concern for financial organizations and advisors. The first of 2  different inter generational wealth transfers (or Big Shifts) is still taking place currently; being the”Great Transfer”  from the first is the “Greatest” generation to the Baby Boomers which is estimated to be $12 Trillion. The 2nd wealth transfer known as the “Greater” wealth transfer is starting now and will continue for the next 30 years at an estimated $30 Trillion. Capturing the attention of heirs and earning their long-term loyalty is a challenge made even more difficult by the fact that important family conversations about estate planning are still being put off until often it’s too late.

financial advisor clients can find value for their whole family

LegacyTracker Delivers

Too often important family conversations about estate planning or final wishes are being put off until it’s too late. LegacyTracker can help clients facilitate important conversations with family members & help them engage in family estate planning. Making estate planning matters a priority is a key way to show value to both generations and an effective means to retaining accounts in the form of the next generation or heirs. Flexible sharing options allow information to be shared, saved or printed.

Helping clients safeguard their legacy assets by securing important information & documents relating to those assets helps clients enhance their level of emergency preparedness which is often minimal. However, safeguarding important information & documents will reduce the potential financial risk of those assets becoming unclaimed and avoid the potential for additional stress and expense for the next generation; which is invaluable. The process also allows an opportunity for Advisors & Organizations to show value & reach out to the next generation.

ROI : Strengthen Brand, Increase Client Retention, Expand Client base, Cultivate Client loyalty

Please connect with us to learn more about how we can help you help your clients

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