At Centura Wealth, we are committed to our clients and their goals. We take our role as stewards seriously and align their goals with our implementation.
This means communication throughout the small life events and changes, and the big “money in motion” events that can bring stress to a family. We are here to take the decision-making burden off your plate.
Communication, Communication, Communication!
Communication is key. This is a phrase thrown around a lot, but it still rings true for wealth advisors. This means that through the constant changing of tax laws or personal life changes, we are transparent with our clients.
There are studies that show that overall, clients want more communication. Over time, there has been a shift in expectations for the relationship between wealth advisor and client— the expectation is hearing from your advisor four times a year.
ReachStack released some alarming statistics about advisor communication that deserve our attention:
- “64% of clients hear from their advisor less than 4x a year
- 50% of clients did not hear from their advisor in the first 3 months of the Pandemic
- Yes 85% of clients say advisor communications impact retention & referrals.”
These numbers show the shift that Centura Wealth is hoping to achieve as the standard for wealth management across the board.
Understanding Client Expectations
Client expectations are most successful when established from the beginning. For example, in the age of Zoom, one expectation we might have with our clients is to agree to have the cameras on. There can be miscommunications if a client and advisor are not discussing a financial strategy face-to-face.
If this expectation is set from the beginning between both parties, then there should be no surprises throughout the process of creating a financial plan.
Dynamic Tax Planning
We understand that tax planning needs to be dynamic because tax laws are constantly changing. As advisors, it is our responsibility to be on top of these changes.
Dynamic tax planning is also part of our core because with the responsibility of being a steward; dynamic tax planning is crucial.
There are various factors that contribute to the efforts of dynamic tax planning, which include:
- “Timing of income
- Timing of purchases
- Planning for expenditures.”
These factors are the foundational efforts of dynamic tax planning. For example, the estate tax going into 2022 is likely changing drastically and is a conversation we need to present to our clients.
Staying on Top of Complexities
What do clients actually value in a financial advisor? They just want the advisor to care. Simple enough, right?
Well, there are many complexities when it comes to wealth. We’ve found that wealthy families and individuals carry wealthy burdens. On top of the complexities of changing tax laws, there are changes in family structures, goals, and situations.
With these changes come time-sensitive decisions that the advisors at Centura Wealth take seriously as part of their role.
Things happen quickly so it’s crucial that our advisors keep in touch with our clients. As the survey mentioned above, the general consensus from clients is that they do want to hear from their financial advisors more frequently.
In the end, keeping consistent communication with our clients about financial and personal events is essential. At Centura, one way we like to keep in touch with clients is by consistent Stewardship meetings on a frequency that is agreed upon with the client.
Predicting Client Needs (Past Logistics!)
There is a sudden death in a family, and the looming responsibilities of the immediate family members are already a lot to handle. The already emotional time has the added stress of figuring out financial and succession planning.
But, you haven’t heard a word from your family’s financial advisor. Even if there isn’t a solidified plan for what’s next, when your advisor is willing to communicate, even as simple as, “We’re so sorry for your loss. When you’re ready, we’re here to discuss upcoming financial plans and goals” it makes you feel valued.
Predicting clients’ needs is another way stewardship is at the core of Centura. We recognize that a client is going to need kind direction in the case of sudden life changes. This means our advisors think about what could happen in the future and plan accordingly.
Have these reminders of stewardship made you want to solidify the trust in your relationship with a wealth advisor or client? Start the conversation with the five questions to ask your financial planner.
Centura Wealth does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.
We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.
For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.