{"id":8261,"date":"2022-12-12T16:08:19","date_gmt":"2022-12-12T16:08:19","guid":{"rendered":"https:\/\/emoneyadvisor.com\/?post_type=thought_leadership&p=8261"},"modified":"2022-12-12T16:08:19","modified_gmt":"2022-12-12T16:08:19","slug":"the-role-of-support-in-helping-home-offices-scale-planning-among-advisors","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/the-role-of-support-in-helping-home-offices-scale-planning-among-advisors\/","title":{"rendered":"The Role of Support in Helping Home Offices Scale Planning Among Advisors"},"content":{"rendered":"

Broadening the reach of your financial planning services is good for the health of your business, helps your advisors become more successful, and increases the likelihood that they continue to build their careers with your firm.<\/p>\n

However, scaling your advisors’ ability to provide those plans requires the right type of support, which will be unique to your firm’s size, goals, and focus.<\/p>\n

Our recent research1<\/sup>\u00a0uncovered the top ways home offices are enabling advisors to do more planning and revealed that advisors who prioritize planning are seeing superior business and client outcomes.<\/p>\n

What are Home Offices Doing Today to Support Financial Planning at the Firm Level?<\/h2>\n

When asked what steps are or will be taken to support financial planning, the majority of firms say they prioritize implementing the right planning software to support a financial planning model. This is true among firms large and small, which shows the importance of having a strong foundation in technology for effective planning.1<\/sup><\/p>\n

Firms are also focused on developing a financial planning framework and support model, as well as establishing best practice workflows around financial planning.\u00a01<\/sup>\u00a0Both of these tactics can encourage efficient, repeatable planning processes that help create a consistent planning experience across the firm.<\/p>\n

\"Graph:<\/p>\n

The most frequently cited steps from this research reveal that firms clearly understand how technology and the right operational models and processes can facilitate financial planning at scale.<\/p>\n

Putting the components in place that can help advisors avoid the distractions and disruptions associated with the more manual work of financial planning helps them prioritize and stay focused on building deeper relationships with clients.<\/p>\n

Large and Small Firms Have Different Support Focuses<\/h2>\n

Smaller firms may be leading the way when it comes to prioritizing planning\u2014at least according to their advisors. The advisors at smaller firms are much more likely to say they agree that their firm prioritizes planning over selling products (45 percent of respondents in small firms versus 35 percent of respondents in large firms).\u00a0<\/sup>Small firms are also much more likely to require their advisors to be certified financial planners (CFP\u00ae professionals), which creates a level of fiduciary trust with clients that complements an increased focus on planning.\u00a01<\/sup><\/p>\n

\"Chart:<\/p>\n

In comparison, larger firms have different priorities. They’re much more focused on developing training programs and\/or building a centralized team responsible for financial planning.\u00a01<\/sup><\/p>\n

Across both small and large firms, 57 percent of employers are reimbursing financial advisors for some form of training or education\u2014something to consider as you attempt to roll out planning across your organization.\u00a0<\/sup>Smaller firms are more likely to reimburse training expenses for financial planning software (24 percent versus 15 percent, respectively), which can be invaluable in shortening the time to plan delivery.\u00a01<\/sup><\/p>\n

\"Chart:<\/p>\n

Expectations for home office support among financial advisors will vary widely based on the size of your firm. Ensure that you’re focusing on the right approach to education, training, and level of support based on your approach to planning.<\/p>\n

How Does Prioritizing Planning Translate to Success?<\/h2>\n

Advisors who put planning at the core of their service offering\u2014which in our study we define as offering plans to more than half of clients\u2014tend to see superior results. They see better client outcomes, offer a higher volume of plans, and charge a premium for their services.\u00a01<\/sup><\/p>\n

In our research, advisors who lead with planning reported that they:\u00a01<\/sup><\/p>\n