You’ve seen clients enjoy it when a process is gamified. How does that work?
We use eMoney for financial planning software, and we have something called “Decision Center” in the software that says what happens to savings and cash flow if, say, a client does or does not buy a house. It will tell you if you’ll run out of cash at 85 instead of 100, which is a more potent way of impacting behavioral changes than just me saying, “Maybe you shouldn’t buy this house.”
What is a significant challenge you’ve seen in your practice?
Clients have been very disaffected by bad experiences they’ve had before. With that, it’s really hard to differentiate yourself from any person they’ve met. The most important thing is letting them know what they should expect from you and what you’re going to expect from them and that it will be a long-term, trusted advisory relationship.
What is a rewarding client experience that comes to mind?
We had a client with a family business, and we went in and realized an attorney had made a mistake on the buy-sell agreement. These issues could have cost the family $1 million in taxes. We were able to help them work around that and effectively come up with a full plan to transition the business. To me, that is so rewarding to come in and to have enough education to say, “Are you sure you did this right?”