Ep 410: Delivering Financial Planning Profitably To Every Client With A Focus On Accountability Over ‘Just’ Meetings with Emily Biehler
Nov 5, 2024
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Emily Biehler, co-founder of TrailWise Financial Partners, specializes in profitable financial planning centered on client accountability. She discusses her innovative 'Find Your Path Workbook' that helps clients articulate their goals and values. Emily also highlights the use of asynchronous video messages for efficient client communication, enhancing engagement beyond meetings. Additionally, she emphasizes a structured fee approach to ensure transparency and value, making financial planning more accessible and accountable for her clients.
Emily Biehler's firm employs a complexity-based fee model that aligns client fees with their specific financial service needs and complexity levels.
The utilization of a custom workbook encourages clients to reflect deeply on their goals, fostering accountability and facilitating meaningful financial discussions.
Asynchronous video messages serve as effective reminders for clients, maintaining engagement and reinforcing the importance of following through on actionable recommendations.
Deep dives
Complexity-Based Fee Model
The firm employs a complexity-based fee model that determines client fees based on both the types of services required and the complexity of the client's financial situation. This approach helps ensure profitability while still meeting the diverse needs of clients. For instance, by using a fee calculator, the firm can transparently show clients how their fees are linked to their individual planning needs and complexity levels. This system also allows the firm to avoid offering discounts to higher-profile clients, maintaining equity among all clients.
Customized Client Workbooks
A custom workbook is used to engage clients in exploring their financial goals and values, covering various topics such as education funding and travel aspirations. This workbook serves as a tool for the firm to gain insight into clients' priorities and facilitates meaningful discussions about their financial journey. By asking clients to reflect on their goals in detail, the firm can develop a strategic action plan that aligns with clients' personal values. This personalized approach encourages clients to take ownership of their financial decisions and feel accountable for implementing recommendations.
Streamlined Planning Process
The firm has refined its planning process, moving from comprehensive reports to more digestible one-page summaries that focus on action items for the coming year. This shift emphasizes efficiency and helps maintain client engagement by presenting key findings in a straightforward manner. The process includes dividing initial planning meetings into two parts: one focused on overall plan health and cash flow, and another that delves into specific areas like tax and insurance. By segmenting the information, clients can better absorb the recommendations and understand the steps needed to achieve their financial goals.
Accountability Through Personal Videos
To enhance client accountability, the firm utilizes short personal videos sent to clients every 90 days, which serve as reminders and educational nudges regarding their action items. These 'accountability personal podcasts' effectively keep clients engaged without the need for lengthy meetings that may disrupt their busy lives. The videos can address specific goals or upcoming tasks, reinforcing the importance of following through with recommendations. This method of communication fosters a stronger connection between clients and advisors, encouraging ongoing action toward achieving their financial objectives.
Separation of Planning and Investment Services
The firm distinguishes between planning services and asset management, allowing clients the option to engage in one or both areas. This model enables clients to benefit from comprehensive financial planning without being tied to asset management requirements. In instances where clients choose planning-only services, the firm emphasizes the need for efficiency and profitability to maintain high-quality service. By offering flexibility, the firm can cater to a wider range of client needs, facilitating tailored support for those who may not require ongoing investment management.
Innovative Technology Integration
The firm has developed its own software to integrate various aspects of financial planning and client management, streamlining the entire planning process. This custom-built platform consolidates information from different planning tools, creating a central hub for the firm's analysis and client interactions. It enhances the presentation of planning deliverables by making complex data more accessible and actionable for clients. By embracing technology, the firm not only improves operational efficiency but also elevates the client experience, enabling more effective communication and engagement.
Emily Biehler is the co-founder of TrailWise Financial Partners, an RIA based out of Colorado that oversees approximately $80 million in assets under management for 200 client households. What's unique about Emily, though, is how her firm ensures every client can be served profitably through a combination of a complexity-based minimum fee arrangement, coupleed with a strucutred data gathering, plan delivery, and client communication processes that encourage client accountability and follow-through on action items recommended by their advisor severy client really sees the value they receive for the fees they are paying.
Listen in as Emily discusses the custom workbook she uses that asks clients to explore their goals and values, how she uses asynchronous video messages to efficiently communicate with clients between meetings, and why she decided to start her own firm with a focus on accountability and client-centered comprehensive planning following a failed succession at her prevoius firm.
