Financial planners used to do all of their work by hand, working out various investment tables and interest rates. Today, however, many have spreadsheets and other planning tools to do that. These programs allow financial planners to do much more in much less time, providing their clients with a lot of different options and information. However, some financial planners have yet to take full advantage of the different pieces of software available. If you’re a financial planner and you haven’t updated to one of the modern financial planning programs, here are some of the things you’re missing.
More Easily Organise and Manage Information
Information is the key to financial planning. If you don’t have a number of key pieces of information from your clients, you won’t be able to accurately create predictions or provide them with financial assistance. Knowing the current state of their finances, what their financial goals are, and what potential risks they are dealing with is necessary for you to help them.
Today’s software can be used to record, organise, adjust, and search through this information. You will have all of a client’s information at your fingertips and can sort and search it however you need. The software even makes it easier to gather this information since you can have your clients fill out online forms or submit information via email.
Make Things Simpler
By using financial planning software, you not only simplify the work you have to do, but you also make it easier to explain things to your clients. You can show them graphs, charts, and potential savings and then modify that information based on what-if scenarios. Everything is shown to your clients, which makes it much easier for them to understand what you’re suggesting. Every option can be modelled and its rewards or risks clearly explained using illustrations that take only a few seconds to create. There’s less preparation work for you, and your clients can see various outcomes in a less amount time.
This also helps show your value to your clients. By quickly modelling various scenarios and explaining everything in terms they can understand, they will see exactly what it is you can do for them. They will understand how your strategies and suggestions will help them save money or make smarter investments.
Work More Effectively
If you want to do more for your clients, you can either work harder or work more effectively. Being more effective means you spend less time and energy on a particular task, so it’s certainly the better option. With helpful computer tools, you can do the same work in a fraction of the time, allowing you to more effectively help all of your clients and still spend less time at the office.
This even goes beyond helping your clients with their finances. These tools also help you run your business more efficiently. There are tools that help you put together marketing plans and sales sheets so your clients know your costs and what you can do.