Asset allocation is one of the most important parts of being an advisor not only because big portfolio returns equal big revenue, but because it determines whether or not your clients will continue using your services or find someone else to handle their finances. In order to ensure you’re giving your clients the strongest portfolio you can, we’ve thrown together some of our advisors’ top tips for better managing asset allocation.
1. Take the time to truly understand your clients’ goals and social consciousnesses
While you may be the financial expert, it’s still important to take your clients’ goals and preferences into consideration when determining asset allocations. This entails more than just simply writing down how much money they’d like to make within a year, but by taking the time to ask if they have any social causes or consciousnesses they’re passionate about.
Diving into what they want will help you better determine which stock sot put their money into. Maybe during this conversation, you find out they’re extremely passionate behind the cause of a certain business and would love to invest their stock. Or, on the other hand, you may find out they really do not want their money being put toward bonds. Whatever it may be, the ROI on asking questions can be exponential.
2. Value ongoing education
When it comes to being an advisor, you never truly know everything there is to know. This is because the economy and market is volatile and can change at any given moment. In order to better manage asset allocation, you need to stay up-to-date on what’s happening around you. Whether you read blog posts, follow a thought leader on LinkedIn, or get daily emails sent to your phone, find a way to continuously educate yourself.
3. Use an AI assistant to help you stay on track
Sometimes the hardest part about managing asset allocations is keeping up with client communication. Your clients should never be kept in the dark about their finances, but when you aren’t even totally caught up on what’s happening within their portfolio, updating them is impossible. To help you better manage asset allocations and portfolios, try utilizing Benjamin, your AI assistant.
Benjamin helps advisors identify opportunities and by working with your current technologies and custodians to make it easier for both you and your clients to know where their account or transfer stands. By sending automated alerts when a client’s portfolio changes, Benjamin helps advisors make quicker and better allocation decisions. Benjamin can also intelligently communicate with clients via text or email to update them on changes or upcoming calls/meetings with the advisor to discuss their portfolio.
Through ongoing education, client communications, and help from Benjamin, you’ll be better managing asset allocations in no time.
Want to see Benjamin in action? Give it a try with our free demo.