The pandemic has presented challenges to planning firms and
clients alike. Earlier this year, thought leaders in the financial planning
space gathered online for the AICPA’s 2021 Personal Financial Planning (PFP)
Summit to discuss best practices for serving clients, leading firms, and caring
for themselves. The Summit is an annual event that goes beyond technical
planning sessions to focus on what successful firms are doing differently.
What Leaders in the Financial Planning Field Are Saying
This year, Summit attendees were asked to share their
experience from the past year and thoughts on how the financial and economic
uncertainty due to COVID-19 has impacted the future of financial planning.
Attendees noted that work-life balance alongside maintaining and promoting firm
culture have been the two leading challenges for their practices throughout the
pandemic.
And looking to the future, the vast majority of attendees
say it will be more important for financial planners to manage their clients’
emotional state moving forward than it has been in the past. And to be
successful in the future, the top 3 most cited skills planners will need, in
addition to technical skills, are emotional intelligence, interpersonal
communication, and adaptability.
Three Keys to Financial Planning Practice Success That
Emerged From This Year’s Summit
1. Core Values and a Core Purpose Are Essential
“Culture matters now more than ever. Successful firms need a
set of core values and a core purpose that embody the essence of why they
exist. Leaders who invest the time to create and sustain a positive firm
culture experience more growth, attract the best talent, and provide better
client service. Being able to articulate firm values to prospective clients, as
well as when recruiting employees, is so important. Your firm’s culture is also
a unique opportunity to differentiate yourself from others.” -Michael Goodman,
CPA/PFS, President, Wealthstream Advisors, Inc.
2. Support Clients Through Changing Life Priorities,
Not After “In light of the pandemic, many clients find themselves reevaluating
their most important life choices. Helping them go through this process enables
advisors to have a deeper understanding of what is critical to them and how to
structure their plans accordingly. CPA financial planners and other financial
professionals have a unique opportunity to strengthen relationships with
clients in these times and really make a difference in their lives. By simply
being there to help evaluate how to prioritize what is most important, you can
proactively provide relevant guidance. Providing exceptional financial planning
services goes beyond knowing the numbers. There is great value in understanding
a client’s evolving life goals and what they truly want their money to be able
to do for them.” -Jean-Luc Bourdon, CPA/PFS, Wealth Advisor, Lucent Wealth
Planning, LLC
3. Client Perspectives & Motivations Help to Uncover
Their Philanthropic Journey While helping clients is always front and center
at any financial planning event, the 2021 Summit provided attendees the
opportunity to voice their own perspective on how to best do that. Sue Stevens,
CPA/PFS, Wealth Advisor, Buckingham Strategic Wealth, highlighted the role of
advisors can play encouraging clients to uncover and efficiently express their
charitable intents.
“Speaking with a client about their personal experience
allows you to understand the motivations behind their charitable pursuits.
Whether it is honoring a deceased partner or being involved within their local
community- it’s important for you to help them uncover and establish meaning to
where they put their money. Advisors who can guide their client’s philanthropic
journey from ideation to implementation can really make a difference to their
clients and those their generosity will ultimately help.” - Sue Stevens,
CPA/PFS, Wealth Advisor, Buckingham Strategic Wealth
Going Virtual, Maintaining Connection
The Summit has always been designed as an immersive and
interactive experience focused on gathering in a ‘study-group’ style format.
Though this year's event was held virtually, attendees were still able to build
on the leading-edge content the event has delivered over the years and come
away with actionable insights to help their practice improve client
relationships and communication even in these difficult times.
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