Why Financial Advisors Need to Find Money in Motion
Financial advisors often encounter significant obstacles when engaging with potential clients who are already satisfied with their current advisor. This can be a particularly difficult task when the markets are performing well, many advisors provide financial planning services (or at least claim to do so), claiming to be a "Fiduciary" is no longer a unique selling point, fee compression is prevalent, and many advisors appear to be indistinguishable from one another.
The reality is, to the average prospect, the cost and time of switching is quite high when there is really no catalyst.
So what can an advisor do if he is waiting for the prospect to switch? The most he can do is wait til that other financial advisor possibly “messes up” and the relationship is strong enough to make the switch.
Rather than waiting around for that time to come, there’s a BETTER WAY to grow your practice, and that is by focusing on Money in Motion!
What is Money in Motion?
Money in motion refers to the dynamic nature of financial circumstances where individuals or businesses experience significant changes that require them to make crucial decisions regarding their money.
This could include windfalls such as inheritances, bonuses, or unexpected financial gains (like winning the lottery), as well as life events like marriage, divorce, retirement, or starting a business.
In these situations, individuals may find themselves suddenly in need of expert financial advice and guidance to navigate the complexities of managing newfound wealth or adjusting their finances to adapt to life changes.
Financial advisors play a pivotal role in helping clients handle money in motion scenarios by providing personalized strategies and recommendations tailored to individual needs and goals.
When clients encounter significant financial changes, advisors can offer valuable insights, analyze options, and devise comprehensive financial plans to optimize outcomes and mitigate risks. By understanding clients' unique circumstances and aspirations, advisors can help them make informed decisions that align with their financial objectives and long-term aspirations.
Moreover, money in motion presents an opportunity for financial advisors to showcase their expertise and add substantial value to their clients' financial well-being during that hectic time. By proactively engaging with clients during these pivotal moments and offering guidance on how to best manage their finances, advisors can build trust and strengthen relationships. Through ongoing support, regular communication, and a deep understanding of clients' financial priorities, advisors can become trusted partners in helping individuals navigate life transitions and capitalize on financial opportunities.
In essence, money in motion serves as that catalyst for individuals to seek professional financial advice and assistance from advisors who can guide them through important financial decisions and ensure their financial well-being. By leveraging their knowledge, experience, and strategic insights, financial advisors can play a vital role in helping clients navigate the complexities of money in motion scenarios, empowering them to make informed choices and secure their financial future in an ever-changing financial landscape.
What are the different types of money in motion?
There are various types of Money in Motion, but below we have outlined the most significant ones:
Divorce
Sale of a home or real estate property
Sale of a business
Job change
Inheritance
New baby
Home sale
How can I find money in motion?
Select Advisors has a team of researchers who focus solely on finding recent liquidity events and money in motion triggers. From utilizing advanced AI tools to sophisticated platforms and comprehensive research skills, our team can help you find who has JUST made wealth and is ripe for finding an advisor.
What’s more? Our firm can provide you with coaching on how to reach out to these people, introduce yourself, and aim to get a meeting. Not sure if you can close the deal? That’s when our marketing expertise can come in.
Want to purchase your first Money in Motion List? Click here!
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One of the critical components of a top sales training program for RIAs and wealth managers is being able to find money in motion and source HNW prospects. Other components include the experience of the coach working with your target audience, the connection and respect you feel for the coach, and their own approach to selling their program. If you are satisfied with all those components, you will be very happy with the sales training program.