According to Deloitte, experts predict that by 2025, $16 trillion in assets will be managed with the support of so-called “robo-advisory” services — that is, financial advice based on automated computer algorithms. But any advisor knows that financial planning involves a lot more than crunching numbers, it takes a human touch to understand the goals and values of clients and to craft a financial plan that truly meets their needs.

Thankfully, agents and advisors can rest assured that even while robo-advising is trending, so is holistic planning, which is about as human as you can get when it comes to financial management. Not only does holistic financial planning result in better management of clients’ portfolios, but it’s also an effective way to build an advisory business. Keep reading to learn more about offering holistic planning services and how this approach can help take your business to the next level.

What Is Holistic Planning?

Holistic Planning Definition

Holistic financial planning takes into account an individual’s complete financial situation including both short-term and long-term as well as preemptive financial planning for life events such as job loss, critical illness, the loss of loved ones, divorce, and retirement.

Benefits of Holistic Planning

Holistic financial planning is a big-picture approach to addressing clients’ financial needs.

It often includes:

• Retirement planning

• Tax planning and strategies

• Long-term care and disability

• Employee and executive benefits

• Social security

• Estate planning

• Medicare supplements

• Life insurance

• Investments

The goals are to minimize risk and taxes, maximize income, and keep the client and their family protected.

For insurance agents and financial advisors, a holistic planning business ensures:

• A high-quality financial planning experience, as you control the entire process

• Stronger relationships with clients and higher retention rates

• A consistent stream of revenue opportunities thanks to diversified service offerings

Winning Strategies in Holistic Planning

Here are some strategies for success with the holistic planning model:

Handle Referrals in a New Way

Every advisor — along with any business owner  — recognizes the value of building a referral network. Unlike other types of leads, referrals are usually ready to work with you from the get-go. While happy clients are a great source for referrals, it’s not always easy to generate referrals from other professionals.

Rick Stanzione, CEO and Principal of a $30M holistic financial services company that services multiple states, understands this all too well. Before building a holistic model for his business, one of Rick’s key challenges was eliciting referrals from the centers of influence he had worked hard to cultivate, in particular from CPAs and attorneys.

“After a while, I found that even though I was referring clients to others, I wasn’t receiving any referrals back,” he says. “I also wasn’t sure my clients were receiving the help they needed.” Determined to overcome these stumbling blocks, he stopped referring clients to CPAs and built up a tax practice from scratch. Mindful of the fact that he couldn’t share fees with attorneys, he cultivated a new type of relationship with a group of attorneys who worked with RIck’s company.

As a result of operating within this model, Rick and his organization experienced tremendous growth and a 97 percent client retention rate.

Wear Multiple Hats and Delegate

While advisors tend to wear multiple hats with the holistic model, delegating is critical to success. It’s essential to focus on areas you have a passion for while surrounding yourself with professionals who are equally passionate about their own particular speciality. The other critical skills you have to excel at are identifying clients’ needs and referring them to the appropriate team members.

Standardize the Process

If not carefully executed, a full-service experience can result in inconsistencies and confusion. This is why it’s critical to establish a standard, step-by-step process for junior advisors and staff. Such guidelines serve as valuable training tools as well as a great way to generate prospects and appointments for other services.

Standardized procedures can come in all shapes and sizes. At his firm, Rick and his staff rely on step-by-step task lists prepared for the following scenarios:

• 59 ½ year olds

• 70 ½ year olds

• 62 year olds

• Annual payment clients 

• Life premium clients

• Wills and trust clients

These lists serve as a guide for how to address the most usual clients his firm sees. Not only do the listed steps fulfill their clients’ current needs but they also create cross-selling opportunities by taking into account their entire financial picture.

Get Started with Holistic Planning

There’s nothing more frustrating than not being able to provide your clients with the solutions they need for optimal financial wellness. A holistic approach to financial planning can help agents and advisors ensure their clients are fully taken care of not only for the present, but also in the future in the face of major life events. What’s more, this model can ensure a consistent stream of prospects and allow producers to retain complete control over their business.

Take the first steps today and download our exclusive Producer Sensei Holistic Planning Starter Guide.

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