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How Support Helps Advisors Scale Their Remote Firms

Expanding your financial planning services can contribute to your company’s growth, improve the success of your advisors, and increase your advisors’ chances of staying with your company long-term.

It will, however, take the appropriate type of support to enable your advisors to offer those plans, which will depend on your firm’s size, goals, and focus.

In a home office setting, how can advisors receive firm-level support?

The most common step firms take to support financial planning is implementing the right planning software. Regardless of size, this trend is essential across all firms, demonstrating the importance of a robust technology foundation for effectual planning.

Moreover, firms are working to establish best practices around financial planning workflows and develop a financial planning framework and support model. Using these tactics, your firm can create a consistent planning experience through efficient, repeatable processes.

Financial planning can be scaled with the help of technology and appropriate operational models; it is simply a matter of putting in place the components that allow advisors to maintain focus on building deeper client relationships without the disturbances associated with more manual financial planning.

Firms of different sizes have different support needs

Advisors who work for major financial conglomerates will generally enjoy a much greater level of support and training than independent advisors. Comparatively, smaller boutique firms offer a broader selection of products and services, and what boutique firms lack in support and training, they usually make up for in compensation and autonomy.

But, as small firms prioritize planning and intimacy over their corporate competitors, the gap between them is decreasing, and independent broker-dealers (through which the majority of smaller firms clear their investments) continue to expand what small firms can offer their clients in the form of products and services. Comparatively, larger firms are focused more on developing training programs and/or creating centralized teams responsible for financial planning.

Depending on the size of your firm, financial advisors may expect varying levels of home office support. Consider your approach to planning when determining the proper education, training, and level of support.

What are the benefits of prioritizing planning?

Advisors who put planning at the core of their service offering tend to see superior results. They see better client outcomes, offer a higher volume of plans, and charge a premium for their services.

This focus on planning also improves the client experience. Advisors with a focus on planning have enjoyed success with clients in the following ways:

• A dialogue with their advisor that is open, strong, and honest
• Sense of relief from financial anxiety
• More engagement and encouragement

Business and client success stories like the ones above are more likely to be utilized by advisors working for firms that emphasize planning, provide training, market their services, and hire advisors with planning skills.

Therefore, become a firm that focuses mainly on planning to attract like-minded advisors who can make your firm tremendous and benefit your clients.

Planning success requires the RIGHT support

The key to helping advisors see more success with planning is identifying the right ways to promote it. As you consider how to scale financial planning across your firm, the strategies and tactics listed in this blog can provide a starting point.

For more information on how to grow your firm and what it takes to become a successful planner, reach out to Nifty today.