Ep 359: Building A Financial Planning Assessment To Show Clients Progress And Value Over Time With Eric Miller
Nov 14, 2023
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Discover an innovative approach to financial planning with a comprehensive assessment tool, the Financial Prosperity Index. Explore strategies for effective communication and measuring the value of financial advice. Learn about visualizing client progress, optimizing financial assessments, and maximizing revenue potential through workshops and client relationships. Gain insights on financial planning strategies for practice owners, personal reflections on health challenges, and career advice for new professionals.
Eric Miller's Financial Prosperity Index covers 100 questions and 9 domains for a holistic financial assessment.
Client engagement and progress tracking through annual assessments drive commitment to financial planning goals.
Collaboration with business consultants led to a financial course tailored for healthcare practitioners, blending personal and practice finances.
Diversifying client acquisition channels beyond consulting groups established a sustainable marketing strategy and maximized growth opportunities.
Deep dives
Eric Miller's Financial Prosperity Index
Eric Miller, the chief financial advisor at Econologics Financial Advisors, uses a unique financial planning assessment named the Financial Prosperity Index to help clients understand their financial health and target areas for improvement. This index covers 100 questions across 9 domains, providing clients with a comprehensive overview through aggregated scores and improvement suggestions. By niche focusing on healthcare practice owners like physical therapists, dentists, and optometrists, Eric tailors assessments to their specific needs, showing the value of financial advice beyond just portfolios.
Client Engagement and Target Setting
Clients engage with a 100-question assessment annually, revealing an average score of 420 out of 850, akin to a credit score model for financial health evaluation. Eric's emphasis on setting targets for clients and tracking progress annually drives client engagement. By demonstrating growth and evolving scores, clients are motivated to commit to financial planning progress yearly, enhancing their financial organization and goal achievement.
Three-Day Financial Courses for Healthcare Owners
Eric developed a three-day financial course for healthcare practitioners in collaboration with business consultants, providing essential financial education not typically taught in medical training. Participants, including physical therapists, veterinarians, and optometrists, underwent intensive financial training to blend personal and practice finances effectively. The course aimed to empower practitioners to manage their practice profits for personal wealth.
Strategic Partnerships with Business Consultants
Through strategic relationships with business consultants specializing in various healthcare professions, Eric leveraged financial courses to aid practitioners in enhancing their financial acumen. By offering valuable financial education through workshops and virtual formats, Eric established warm introductions and strengthened client relationships, leading to potential financial planning opportunities and sustainable business growth.
Flexibility and Remote Client Servicing
While promoting client engagement through financial assessments and target setting, Eric's firm adopts a remote service model, offering flexibility for client interactions and ensuring efficient management of billing processes. With an upfront planning fee structure and monthly subscription model, the firm maintains a consistent revenue stream, emphasizing ongoing client support and personalized financial planning services tailored to healthcare practice owners.
Transition to Direct Client Marketing
As strategic partnerships with consultants evolved, Eric transitioned to direct client marketing initiatives to reach healthcare practice owners more directly. Recognizing the importance of diversifying client acquisition channels beyond consulting groups, the firm focused on direct outreach, expanding its client base to maximize growth opportunities and establish a sustainable marketing strategy for long-term success.
Expanding Client Acquisition Strategies
The podcast episode highlights the evolution of client acquisition strategies in financial advisory services. Initially reliant on consulting groups for new clients, the speaker emphasizes the need to diversify approaches. By attending events and leveraging speaking opportunities, they successfully acquired clients by offering financial guidance to healthcare practitioners like veterinarians.
Building Strong Client Relationships and Offering Continuous Support
The episode delves into the importance of consistent client engagement and personalized financial guidance. Advocating for more frequent touch points, the speaker's advisory model includes monthly interactions to ensure financial decisions align with clients' goals. With a focus on income planning and business valuations, the advisor's holistic approach aims to strengthen client relationships and provide ongoing support for long-term success.
Eric Miller, Chief Financial Advisor and Co-Owner of Econologics Financial Advisors, joins the show today to discuss his innovative approach to financial planning. His unique Financial Prosperity Index, a comprehensive assessment covering 100 questions and 9 different domains, provides clients with a holistic view of their financial health—and helps Eric demonstrate the value of his financial planning services beyond traditional metrics like net worth and investment performance.
Listen in as we discuss Eric's niche-focused practice, catering to healthcare professionals, and his successful strategies for acquiring new clients while delivering substantial value. You'll get insights into his client acquisition tactics, his evolving perspective on celebrating achievements, and his advice for young advisors on honing communication skills for a prosperous career in financial advising.