As couples across the nation bask in the afterglow of celebrating their relationships on Valentine’s Day, it’s important to keep in mind that financial planning, like most things in life, is best done with involvement from both spouses.
Facing off against competitors that offer low fees or even free services can feel intimidating. And with the advent of robo-advisors, there is no shortage of such players. Indeed, some reports say there are approximately 80 web-based firms that are trying to carve out a niche with rock-bottom fees.
Many financial planners offer estate planning as a way to get a competitive edge over advisors that don’t offer such services. Yet, the most appealing aspect of providing estate planning is that the services can play a big role in retaining assets when clients die by putting advisors in position to secure estate beneficiaries as clients.
Advisors seeking to pursue millennials as clients should ask their elderly clients to introduce them to younger family members so they can work on establishing new relationships. So reports The Business Journals.
Advisors shouldn’t be afraid of firing clients who require too much attention relative to the amount of revenue that they produce, says Brian A. Carlis, a securities arbitration lawyer with Lawrenceville, N.J.-based Stark & Stark. So reports Financial Advisor.