By John Drachman
For many investors the financial consequences of living through a pandemic have outstripped their investment-centric approach to managing their money.
Throughout 2020 wary investors expanded their search for advice beyond investments to a universe of other financial wellness themes and topics: from securities-based lending to budgeting for a home office – and just about everything else in between. The demand for advice was so strong in fact that Nationwide pointed out that one in four Americans sought advisor help for the first time ever in 2020.
Thinking about the Bigger Picture
For financial professionals the year’s uncertain mood extended their client service reach beyond traditional investment concerns too. Some 60 percent said they were spending “more time with clients on non-investment-related financial issues.” Eighty-four percent pointed out that developing their clients’ financial literacy became a top focus in 2020, while another 51 percent said they have been fielding more questions “about healthcare and estate planning.”
Truist Bank acknowledged their increasing focus on delivering a well-rounded experience to their Mass Affluent clients – those with less than $1 million in investable assets. The bank retooled its advisory business to meet a standard that was designed “to be client-centric and product-agnostic.” Each client was supported by a team of experts guided by a lead banker. The goal: Provide investor recommendations across a range of financial planning, lending strategies and risk management topics.
If you are one of the investors who’s thinking twice about your current approach when it comes to finances, consider working with an advisor-led team for broader access to information and guidance across a range of capabilities.
The Bottom Line
To pick your own winning team, make a brief self-assessment to see what’s missing most. Since this is the tax season, you may be looking for expertise for leveraging your investment portfolio with tax management solutions. By evaluating your financial wellness plan in a comprehensive way, these team-based practices are better positioned to recommend solutions tailored to your needs and lifestyle.
To see if you’re a good candidate for an ensemble practice approach, determine whether your financial health extends into areas like these:
- Cash flow management
- College and retirement planning
- Insurance strategies and risk management
- Charitable planning and family gifting strategies
- Wills, probate and trusts
- Survivor and long-term care planning
Barron’s ranks individual advisors every year based on their expertise and practice capabilities. For an online match-maker approach, take advantage of My Perfect Financial Advisor’s free, three-step tool for finding a compatible financial advisor. The sooner you start, the more options you’ll have. Don’t wait until you’re in the middle of another crisis before identifying the right advisor-led ensemble of experts. As Winston Churchill famously said, “Let our advance worrying become advance thinking and planning.”
John Drachman is a contributing writer to MyPerfectFinancialAdvisor, the premier matchmaker between investors and advisors. John is an IABC award-winning writer, who applies his 30 years of financial marketing experience toward advancing the dialog between investors and investment professionals.