Financial institutions that support fee-for-service financial planning enable their financial professionals to engage high-income, low-asset households traditionally turned away under the assets-under-management billing model, establish a recurring revenue stream not tied to stock market volatility, and generate revenue from ongoing planning engagements in addition to growing wallet share from existing clients.
In a recent webinar, industry executives at Northwestern Mutual, Hornor, Townsend & Kent (HTK), and Lincoln Financial Network gathered to shed light on their approach to scaling fee-for-service financial planning within their institutions and how they have traded in their manual processes for technology-assisted workflows. The results of these efforts speak for themselves, with notable results in increased revenue generation, advisor satisfaction, and more. For instance, HTK experienced a 27% reduction in paperwork and had 51% more people applying to want to do fee-based financial planning after implementing AdvicePay.
Watch our five-minute recap video showcasing how these financial institutions have harnessed technology, improved processes, and achieved remarkable results.
Want to watch the full webinar? Click here.
Designed to provide firms with the management structure, controlled visibility and settings needed to oversee multiple advisors and their clients, AdvicePay for Enterprise makes it possible.