Leaving things for tomorrow can be convenient at the moment but certainly has its consequences at a later time. Every year, the wealth management industry sees many clients speeding things up at the very end. The constant procrastination throughout the year leaves the clients rushing to fill in the gaps in a short time.
When your clients leave their affairs to the very last minute, it can rob them of many opportunities. In addition, such habits can cause conflicts in their family as well. For example, suppose they have not assigned a beneficiary to their account(s) or have not written a will. In that case, it can lead to unnecessary friction between their family members after death.
Building a team culture where your clients feel at ease to share their struggles is important to you as a financial advisor or a wealth management firm. You can help your clients overcome procrastination by offering the following solutions.
1.Encourage them to be organized
They have won half of the battle by organizing their financial assets and balances in one place. Encourage them to keep track of their spending, investments, and savings. They should be setting aside a portion of their monthly taxes so they are not shocked by the huge amount they owe when filing the taxes.
Your clients must also assign beneficiaries to all of their accounts – bank accounts, Roth IRA, 401 (K), stock investments (TD Ameritrade, Etrade, etc.). Writing a will is also critical- your client can write one themselves or hire a service to do it for them.
When things are muddled and all over the place, it can be overwhelming for your clients to be motivated. Staying organized will encourage them to keep their finances in check.
2.Suggest a partner/friend
Family holds you accountable for your actions. Sharing their goals with their family and friends will encourage your client to set their affairs in place. Sometimes, people don’t feel comfortable sharing their finances with their family and friends, therefore, taking help from a third person, i.e. you as their advisor can be a great way to stay on track.
Turning to strangers is also one way to find encouragement and feedback. They can anonymously share their financial goals and find like-minded people for motivation.
3.Learn from examples
Everyone procrastinates at some point in their lives. The important part is overcoming those habits and replacing them with healthier ones. Many successful people have procrastinated in their lives; Bill Clinton, Leonardo da Vinci, and Margaret Atwood are/were procrastinators. However, how do they turn this habit to their advantage? Not all procrastination is bad, however, consistent procrastination can prevent your clients from achieving their financial goals.
A highly functioning team keeps things moving in the right direction. If you want to improve your team, executive search companies can help you build and enhance high-performing executive teams who make a real difference in your organization.