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Investment performance and business viability of investment institutions will change both domestically and internationally. Most of the general changes above are related. For example, changes in interest rates in the United States, in a globalized financial world, within a minute affect stock markets and currency markets around the world. Similarly, an increase in interest rates in India is likely to affect property, especially residential, as the cost of borrowing to buy or build investment properties will increase. These are just a few examples of the relationship of major financial changes in the financial world. Changes at the Micro-Level At the micro-level, changes will occur in the following areas: wages/business income will increase and/or decrease in the future; the annual cost of living (cost of living) will change in the future; your client may lose his job; your client will age; your client will one day die; your client may be permanently and permanently/temporarily disabled; your client may get a divorce; your client may experience financial loss through property damage or theft; your client’s financial goals and objectives may change over time; and your client’s cost goals and financial goals may change over time, as well as many other changes. Can you think of any major or minor changes that could affect the financial plan? Fulfilling the Service Obligation Against the background of such a changing environment, it is important that you, as a financial planner, recognize that comprehensive financial planning includes continuous monitoring of the financial planning needs and situations of -your customers. Not only is this an important and important consideration for customers, it is also a sensible business objective. Providing ongoing service is, for many clients, the cornerstone of the relationship they seek from their financial planner, and many clients will look to you for such service. Basically, many clients who consult a financial planner do so because they themselves have little or no understanding of financial matters. Many will have no desire to keep up with the ever-changing world. Many will not take the time to process, or simply fail to realize, that changes in their personal lives may require changes in their financial plan. There will be clients who do not want to pay for that ongoing service, in the same way that there are people who do not want to pay for other important ongoing professional services. However, in today’s society where people can pay for services ranging from ironing and laundry ‘at home’ to home computer banking, many customers will look to pay someone to manage their finances. That the person is a professional and competent financial planner. 101
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Fostering Long-Term Client Relationships Providing ongoing follow-up services is fundamental to establishing long-term and beneficial client relationships. Not only are these relationships beneficial to both the tenant and the client, successful relationships also help grow your business through referrals from satisfied clients. Most successful financial planners will agree that the most successful marketing strategy they use is simply to make sure they always take care of their clients. Such genuine care and concern for a client’s financial well-being ultimately leads the client to recommend their financial planner to family and friends. Such referrals often lead to increased business for the financial planner. Successful financial planners derive a large portion of their business income from recurring fees paid by clients who retain the planner on an ongoing supervision/audit basis. For planners who do not provide ongoing management/audit services, their income is likely to depend heavily on advising new clients. Such a situation, it can be argued, increases the pressure on the lessee to attract new customers while, on the contrary, the lessee who provides continuous service to customers and is paid for such service has a more stable and predictable business. Ongoing Services Now that we’ve discussed the need for ongoing services, let’s now turn our attention to the types of ongoing services you can provide. Some services are considered ‘core’ to any ongoing professional service, for example a strategic review of a client’s situation and financial plan and a review of a client’s investment portfolio. In addition, financial planning companies can provide a variety of client information services, ongoing consulting services, and management services where the company manages all aspects of the client’s financial needs ( including arranging to pay bills and receiving all communications related to the investment). Additionally, some companies may offer online services where clients can log into the financial planning company’s website and view their investment portfolio. Other aspects of ongoing services may include providing clients with regular investment/economic updates where keynote speakers are invited to present and address the firm’s clients. Regardless of the services provided, it is important that the client fully understands and agrees to the nature of the services being provided, including the associated costs. Once the customer is fully informed about the nature and costs of these ongoing services, the customer can decide whether to subscribe to them or not. Strategic Review In general, the need for a strategic review – that is, the monitoring of the financial strategies included in the plan – will arise from changes, large and small, that have arisen and will affect your client. For example, a long-term downward trend in interest rates (severe swings) may force a change in investment strategy for clients who rely on investment income to pay their living expenses . Such a client may be a retired client, and a reduction in interest rates will clearly mean a reduction in income from the fixed interest sector of the retired client’s portfolio. In this case, the job of the financial planner is, if 102
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Possible, identify an alternative source of investment income for the client. For example, if official short-term interest rates were to drop to say 7%, the return to the investor from time deposits, bonds, and monthly income accounts would also decrease. Indeed, the return on such investments falls below the ‘official’ rate of 7%. To compensate for this result, a financial planner may, for example, recommend an increase in weighting to equity investments if the yield on such investments is attractive compared to the interest-generating portfolio sector. Another key change that would require a strategic review of the client’s situation would be if the government of the day were to announce proposed legislation that would limit access to the superannuation fund before retirement or limit the amount of capital that superannuation members can receive as a “lump sum”. withdrawal. Such an announcement should see the financial planner identify all clients who will be affected by such legislation and review what effect it may have on the client’s planning. An example of a strategic change resulting from a minor issue is if the client loses his job. For this client, unless new employment is found quickly, ongoing mortgages, superannuation commitments and insurance may be at risk. These commitments must be addressed by a financial planner with a view to, where possible, arranging with the lender to reduce or defer mortgage repayments, reduce the amount of the pension contribution, and help the customer to re-budget the very important insurance protection. Earlier, we noted how the customer experience does not remain static but is constantly changing. In the financial planning profession, you will face many common situations that will affect your clients. Some of these situations will affect all of your customers and others may only affect a small number of customers. For example, a change in income tax law may affect all clients, while a change in superannuation law will only affect clients who have investments under the superannuation umbrella. (In Module 3 – Retirement Planning and Employee Benefits, you will learn that the proposed pension legislation may affect not only those planning to retire, but also many clients who have investments such as annuities and pensions set aside as sources of income when they are retiring..) case of changes that will affect all clients, may require advice or communication to all clients. Such communication may be by letter or, if deemed urgent, may require communication by telephone. In terms of pensions legislation, if central government were to further reduce the amount of capital a member could withdraw as a lump sum on retirement, it would be important for the financial planner to consider the impact on the customers.
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