A Better Financial Decision-Making Experience

By November 30, 2018Uncategorized

Robots will take financial advisors’ jobs. Period. They did it at the NYSE, and it’s going to happen, soon, to most financial advisors. It’s not even a question at this point. The question now is: which jobs will robo advisors take? If your value proposition is based on jobs that robots do really well (at a 70-90% discount), then you’re in for a big change.

The good news is that financial advisors do a lot of jobs. And some of them just can’t be delivered by a robot. Which is why firms like Edelman Financial Services are charging over 2% AUM and growing!

Advisors are already tying their value to things that are uniquely human. But it’s getting noisy. 15.1 Million results boast “Holistic financial advice”. Even Vanguard PAS and Schwab IA are offering personal human advice and financial planning for a nominal fee.

Advisors who want to stay relevant and deliver a value proposition that’s unique, (and uniquely human), run their meetings with Asset-Map, so that they and their clients can continuously visualize, prioritize, and optimize their financial picture. It’s engaging, interactive, and personal. More importantly, for clients’ sake, it’s simple. Far too many advisors just can’t be both accurate and simple because it’s only when we understand complicated things deeply that we can communicate the truth simply.

When utilizing Asset-Map through the technology provided by Orion Advisor Services, LLC (“Orion”), the process of running a client meeting starts with a visual, typically both printed and on screen. Clients love the process. This is partly because human brains process images 60,000 times faster than words; partly because seeing and touching is key to remembering concepts; but mainly because, frankly, most advisors aren’t very good at running client meetings…and many don’t even realize it.

Asset-Map’s visuals and executive summaries help advisors focus conversations on whichever financial topics clients care about most. Clients enjoy the interactive process of correcting, discussing, and taking notes on Asset-Map’s various types of visual summaries (like this family or this business, or this complicated estate).

Oh, and did I mention how often clients suddenly “remember” that they have held-away accounts?

In a nutshell, the process of running a great client meeting is:

  1. Visualize
  2. Prioritize
  3. Take action

“…and do it in 5 minutes or less before my eyes glaze over or I get another text message.” -client

Using Asset-Map in Your Next Client Meeting

The first step is to login to Asset-Map and import managed accounts from Orion:

Next, advisors choose a stencil template (based on age, occupation, employer, etc.), to add visual placeholders for various types of financial instruments that are common for this type of client. Because it’s incorrect and incomplete, most advisors print it at this point. Clients enjoy drawing corrections and notes on it.

Some advisors draw on their own paper copies during the meeting. Others are using a computer or tablet, so they can tap to correct, edit and add financials as they discuss them. Like everything in a client meeting, it needs to be quick, insightful, and action-oriented. Clients with large estates take longer, but most families’ financial lives can be mapped in 10-15 minutes, like this:

Once you’ve visualized your client’s entire financial life, it’s time to prioritize. Does anything look awry?  Is the financial structure appropriate?  Is anything haphazard?  Where instruments don’t exist, is it intentional?  Where should we dig deeper?

After prioritizing, it’s time for advisors to dive into some of the details: “Let’s look at this managed account…”

Overall, how’d your investments perform last quarter?”

To ensure we don’t get stuck in the weeds of our world (of investments, performance, strategy, allocation, etc.), we can easily “zoom out” again for the client’s sake.

“Let’s take a few minutes to create some Target-Maps to see how this impacts your cash flows in retirement…

Oh good!  Despite the recent market volatility, you’re pretty close to where you were last quarter. Let’s decide if we need to take action on any of these…”

New Features Coming Soon

By popular demand, in the coming weeks, we’re adding editable Asset-Map tiles into Orion’s Insight App. Soon, you won’t need to leave Orion to view and update your client’s financial picture (insurances, incomes, etc), or to include Asset-Map reports like this along with reports from Orion.

Here is an example of how you can configure Insight to include Asset-Map:

Remember, Asset-Map’s printouts are working documents for meetings. They’re a memento of the experience you delivered. Asset-Map’s deliverable is you and the productive conversation. We look forward to helping your advisory business thrive.

Want to learn more? Join us for a webinar on December 18th at 11:30 a.m. CT

Ready to try Asset-Map? Orion clients can set up a free trial now.

Not an Orion user? Contact us to get started.

Orion does not endorse any particular third-party product or service. Our clients should undertake their own assessments to determine whether these parties meet their business and due diligence requirements.


Steve Ambuul

About Steve Ambuul

Steve Ambuul is Vice-President of Client Development for Asset-Map. He works with financial advisors, insurance agents, branch managers and enterprise executives to implement scalable processes to increase wallet-share, retention and referrals through the Asset-Map Platform.

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