As vice president of financial planning, Tom is an integral contributor to the strategic vision around our financial planning initiatives. Additionally, he is critically involved in all partner interactions, thought leadership contributions, and internal training programs.
We at Advicent are excited to be sponsoring today's episode of the Animal Spirits podcast hosted by Michael Batnick and Ben Carlson. For the listeners that may not be familiar with Advicent, we are the provider of NaviPlan – an industry-leading financial planning solution trusted by over 140,000 financial professionals across over 3,000 firms worldwide. This includes four of the top five custodians, 15 of the top 25 broker-dealers, seven of the top 10 North American banks, and seven of the top 10 North American insurance firms.
This week’s episode discusses some of the financial challenges faced by new parents. Listen to this week's episode below:
In the following sections, I will touch on how NaviPlan is equipped to handle some of the strategies discussed by Michael and Ben during this episode. To see the process for yourself, check out the video below:
Risk mitigation as the foundation
While welcoming a new child is certainly an exciting time, it can also be a very real financial wake-up call. Most parents immediately think of education, retirement, and savings when it comes to their finances, but it is important that risk mitigation is at the foundation of a financial plan.
Being prepared for the unexpected is key, so establishing an emergency fund is a perfect place to start. Additionally, reviewing life and disability insurance situations to ensure proper coverage.
Remotely connect with clients and deliver engaging advice.
Life insurance conversations are never fun, but it is crucial for advisors to establish trust through transparent recommendations. This is easily accomplished in NaviPlan where all insurance assumptions are clearly laid out on one screen to review with clients.
When delivering recommendations, visually engaging charts and graphs help guide the insurance planning conversation while highlighting the most relevant information to a client’s unique situation.
Subscribe to the Animal Spirits podcast:
Spotify, Apple Podcasts
In this eBook, learn how to revamp your firm's digital marketing efforts amid the increased demand for financial advice.