In the world of financial advisory, clients are increasingly looking for more than just transactional advice. According to a 2023 report by Schwab, 79% of high-net-worth clients say that their relationship with their advisor plays a critical role in their overall financial well-being. Advisors who can humanize their approach, focusing on values, vision, and goals, create deeper, more enduring client relationships that go far beyond the numbers.
In our book, The Right Side of the Table, we emphasize this transition from transactional to relational advisory services. It’s not just about building a portfolio; it’s about positioning yourself on the “right side of the table” by guiding clients through their broader life goals. This shift from a purely financial focus to a more holistic, life-centered approach is what distinguishes a successful advisor from an exceptional one.
The Case for Vision and Values
Financial planning is deeply personal. A recent Vanguard study found that clients with clearly defined goals are 85% more likely to feel confident in their financial future. By taking the time to explore a client’s core values and personal vision, advisors can align their financial strategies to what truly matters in the client’s life. This not only increases the trust between advisor and client but also leads to more informed and satisfying financial decisions.
Advisors who fail to integrate their clients’ life goals with their financial plans risk being viewed as replaceable. A Deloitte survey found that 53% of clients who switched advisors did so because they felt their current advisor wasn’t taking their personal goals into account. At Legacy, we teach advisors how to implement this values-based approach, ensuring that each client interaction strengthens the advisor-client relationship.
Delivering Holistic Value
Our philosophy calls for advisors to act as “life architects,” creating a lasting impact on their clients’ lives. This approach not only strengthens the relationship but also provides a competitive edge. Advisors who understand a client’s vision and values can deliver more customized and meaningful financial plans. Research by Cerulli Associates shows that clients are willing to pay up to 24% more for holistic financial advice that incorporates life planning and personal goals.
At Legacy, we provide training and tools that allow advisors to shift their focus, building deeper, more meaningful relationships. By adopting this model, advisors can differentiate themselves in a crowded marketplace and create lasting success for both their clients and their practices.
