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LPL Experts Discuss Growing Client Relationships through Financial Planning

April 06, 2018

LPL Financial

Jason Crawford, LPL senior vice president, Financial Planning and Insurance, and Michelle Page, LPL senior vice president, Business Consulting, discuss how financial planning creates an opportunity for advisors to grow their businesses by delivering more value to existing clients, and how to incorporate the approach within their practices.

PODCAST: Listen to the interview

In this new regulatory environment, advisors want to understand their clients’ needs better than ever to deliver in a fiduciary capacity. That creates an opportunity to take that deepened understanding and deliver solutions that address a client’s broad financial needs.  As advisors seek ways to continue to grow amid margin compression and commoditization within retail financial services, deepening the service delivered to existing clients can be a more effective approach to growth compared to new client acquisition. Crawford, whose team helps advisors operationalize a financial planning model in their practices, discusses the why, who and how of financial planning.  

  • Growth strategy: “Instead of adding new clients which can be tough, difficult, expensive and competitive, you could do more with the clients that you serve today,” said Crawford.  “If you base your planning strategy around that, then ultimately, I think you're going to be really, really successful.”
  • Serve fewer, better: “Most of us are in this business because we like people. We love the relationships and we love to use our experience and expertise to help clients meet their financial goals. If we can do that in a more meaningful way with a smaller number of families, I think that's the right approach to the business,” said Crawford.
  • Model your practice: How an advisor or firm operationalizes financial planning services is often the lingering question. “We visit with advisors and program leaders, and once we try to justify the why, they're like, great, I know that. Now tell me how to do it.” Crawford provides a framework to consider the answer.

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The views and opinions expressed by the LPL Financial representatives are as of the date of the recording. The views are not indicative of future performance or success. LPL Financial cannot be held responsible for any direct or incidental loss incurred by applying any of the information offered.