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Fear, concern, worry - call it what you want, but Americans today are more involved and controlling with their money. "Will I have enough money to retire?" and "How can I afford to put my kids through college?" are common questions asked by the average parent.
A divorce changes everything. It brings up many questions about assets, visitation rights, and yes, personal wealth.
By definition, you are a financial advisor, not a risk manager. However, you know well enough that there is overlap between the two professions, and the wealthier your clients, the more important your risk-management guidance will become.
The financial services industry is currently under an uncomfortable spotlight. Since the financial crisis of 2007, many organizations are facing increased scrutiny from government agencies, regulators, and - rightfully so - the clients themselves. People are cautious with their financial advisors, firms are questioned about how they actually help clients and the industry as a whole now has to consider how to redefine and reposition itself.
A well-executed Communication Plan assures regular and meaningful contact with your clients. You can use those contacts to keep clients abreast of tax, regulatory, and market trends that affect their wealth management plans. Those contacts also allow you to gain insights into your clients’ current situations, futures, feelings, and family dynamics so you can provide ideas, suggestions, and alternatives where appropriate.