Three Highly Efficient Client Onboarding Workflows
Kick-off Planning Relationships with a Simple, Organized Experience
The client onboarding process is notoriously difficult to scale—especially with manual, labor-intensive processes in place. Whether your clients are just starting out or are in need of comprehensive advice, the following workflows will help you streamline onboarding for a better, more productive financial planning relationship.
Plan Complexity
3. The Comprehensive Financial Plan
In a comprehensive planning service model, onboarding focuses on gathering the full financial picture at the start of the engagement. The advisor and support staff play a leading role in connecting accounts and putting together a holistic view of a potentially complex financial situation.
Client Profile:
- Baby Boomer
- Approaching retirement
- High net worth
- Financial needs: comprehensive financial plan that encompasses all their important lifestyle, retirement, and legacy goals
Service Model:
- Flat planning fee for comprehensive plan
- Advisor is proactive in keeping clients and family continually engaged
- Discussions explore the broad array of circumstances surrounding the client’s financial life
2. The Needs-based Financial Plan
For needs-based or modular plans, the engagement will focus on one topic at first or may even be purely educational. Having the values conversation and understanding the client’s needs are crucial. Onboarding happens one step at a time, as advice is needed.
Client Profile:
- Gen X/Y
- Likely caring for parents and children
- Financial needs: specific topics as they become relevant, like 401(k) investing advice, retirement, health benefits selections, education planning
Service Model:
- Fee-for-service planning model
- Clients choose what advice they need and when
- Plan evolves as client needs become more comprehensive
1. The Evolutionary Financial Plan
For evolutionary plans, the task of connecting accounts and inputting data can be assigned to clients. The financial professional can focus on reviewing the client’s situation, getting to know their goals and values, and engaging them with digital tools that offer financial education and access to their plan.
Client Profile:
- Gen Y/Z
- Interested in DIY investments and/or crypto assets
- Less complex financial circumstances, cares deeply about financial wellness
- Financial needs: budgeting, saving, debt management, getting organized
Service Model:
- Subscription-based planning fees
- Episodic advice
- Plan evolves as the client grows
- Hybrid delivery: mobile access to plan, client can self-educate
