Taking the Financial and Tax Planning Services Approach

Offering tax and financial planning services can add value to your offerings, but it’s important to take the right approach. Many firms make the mistake of being product-focused rather than process-focused.

In a recent article, we discussed the risks of being a product-based firm and the advantages of offering planning services with a process-based approach.

The Danger of Taking a Product-Based Approach to Planning

When you rely on the product-based approach to planning, you’re not giving clients a reason to stick around - or come to you in the first place. 

Why go to your firm to purchase a mutual fund when they can go to the stockbroker down the street or do it themselves?

When you’re only focused on products, you’re not maximizing the value you bring to your clients, nor are you differentiating yourself from the competition.

Taking a process-based approach to planning, on the other hand, can be very advantageous.

The Benefits of a Process-Based Approach

Clients need a clear reason to choose your firm over another. It’s not enough to simply offer cookie-cutter products for their tax and financial planning needs.

To create value and build stronger client relationships, you need to take a process-based approach. This approach involves:

• Working closely with clients to uncover their goals and objectives.
• Outlining the steps to reach those goals
• Adjust these plans and solutions over time as life changes. 
• Checking in regularly to see if there are any other areas where you can add value.

By going through this process, you naturally build deeper client relationships. At the same time, you’re helping clients improve their financial lives and engaging in more fulfilling work.

We’re just scratching the service of the benefits of processed-based planning. To read more, check out the full blog article.

If you need help with creating a process planning approach in your firm or offering your clients financial planning services, contact us here.