March 21, 2019 | Article

As a financial advisor, when you sit down with your clients and talk about their financial goals, you learn more about what they’re looking for in the long-term. For many, they’re not chasing after large amounts of wealth, but rather the type of wealth that will provide financial security for retirement and their families. If that’s the case, here are a few tips you can share with your clients to help them achieve their financial goals.

Maintain a solid financial foundation
In order to create wealth, your clients will have to have a concrete foundation about wealth. To build that foundation, encouraging your clients to attend seminars or providing educational one-pagers about wealth development can help fortify that foundation. Establishing a money mindset is also important – being able to shape that to one where your client chooses to handle their assets carefully will help their investment goals. Another important factor in creating a strong financial foundation is to reiterate that consumer debt is not good. For example, financing a car when you can purchase one outright is unnecessary and hinders one’s ability to save.

Invest, diversify – and minimize fees where possible
Putting your client’s money to work will help them create the financial security they’re seeking. Encouraging them to not only set up automatic contributions to a 401(k) but also to set aside a percentage to invest will help them increase their wealth without them actively having to do so. With that being said, it’s also important to remind them that the stock market can be volatile and can change quickly. Thus, creating a diverse portfolio will give them more security than one with less of a mix. If you’re working with a new client or prospective client, being transparent about your fees will go a long way. If the fees you’re charging are reasonable, remind them that there are other firms out there that may charge a whole lot more.

Increase your income
This can be accomplished in a number of ways, which includes increasing your career income and creating a side income. With a larger cash in-flow, there will be more money to work with because there’s a larger amount that your client will be able to contribute to their 401(k), savings accounts, and investments. In the long-term, they’ll be able to create a more secure financial future with an increased cash inflow.

Think in the long-term, not short-term
If you set the expectation for your clients that markets fluctuate, it’ll help them in the investing process. There may be some investments that have a more rapid growth in the short-term, but will provide less than a different investment in the long-term.

How can you leverage these tips to help your clients build their wealth and achieve their financial goals?

RoboWholesaler is a technology that was created to help financial advisors looking for ways to save time and enhance their productivity. With their time spent more efficiently, they’re able to focus on developing the interpersonal component of their client relationships and grow their businesses. The RoboWholesaler app is now available for free in the App Store and Google Play. It offers you a fast, easy way to review fund performance rankings, and get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.


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