As a bank’s private wealth division, it’s essential to have private client advisors on staff who are at the top of their game.
One way to ensure that your advisors are providing the best possible service is by ensuring they understand and use three-dimensional planning. Let’s break down the basics of three-dimensional planning.
What Is Three-Dimensional Planning?
Three-dimensional planning is an advanced form of financial planning that looks at a client’s financial life from all angles and explores any potential problems that may arise in the future. It consists of three main components: reactive, predictive, and preventative planning.
Responsive planning is the most common type of financial planning for any professional advisor. In this case, a client has a problem and needs help finding a solution. Responsive planners work with clients to determine what their immediate needs are and come up with solutions to those problems right away. The downside of this approach is that it doesn’t consider any potential problems that may arise in the future, which can lead to an incomplete plan.
Predictive planners go beyond reactive plans by looking at other areas of the clients’ financial life that may need attention in order to create a comprehensive plan. This helps create a more well-rounded plan that can cover issues that we can anticipate in the future as well as current ones. Predictive planners also look for ways to optimize performance and efficiency so clients can get better returns on their investments.
Finally, preemptive planners explore any problematic side effects that may arise due to certain decisions or actions taken by clients in the past or present, such as taking on too much debt or making poor investment choices. By anticipating these potential issues ahead of time, preemptive planners can provide proactive guidance to ensure clients remain financially healthy and secure into the future.
Hiring Private Client Advisors with 3D Planning Skills
When recruiting private client advisors, look for candidates who understand three-dimensional planning and how to apply it to each situation.
Ask questions about their experience with each type of planning—responsive, predictive, and preemptive—and have them explain how they would use each one to help a client reach their goals while avoiding as many pitfalls as possible.
Additionally, ask them which tools they prefer using when creating plans in order to get an idea of their work style and expertise in various software programs or online applications dedicated to wealth management or financial advising.
Three-dimensional planning is rapidly becoming an industry standard for private client advisors due to its comprehensive approach to helping clients achieve their desired outcomes while avoiding potential pitfalls along the way.
When selecting advisors for your wealth management division, make sure they understand and use three-dimensional planning techniques, so you know you’re getting only the best advice available for your customers!
Are you hiring for your wealth management division? The Anderson Search Group can help find the right match for you.