Differentiate Yourself: How Fee-based Planners Can Stand Out in a Crowded Marketplace

As a fee-based financial planner, you know how competitive your market can be. It’s easy to have your services be commoditized and you most likely feel the frustration of knowing you can do more for your clients and not getting the opportunity to do so. Hopefully, the tips below will help you shine a bit brighter and become more chasable.

The opportunity has never been greater to serve family businesses.

According to a Fortune article, 87% of American businesses are owned or controlled by families, contributing to 54% of the U.S. GDP and employing 59% of the workforce. As fee-based financial planners, it's essential to recognize the significant impact that family-owned businesses have on the economy and workforce, as well as the potential opportunity they present for your business.

How can you differentiate yourself and be a resource for family business clients?

To be sought after, you must provide value. Succession planning is a valuable service for fee-based planners looking to grow their financial planning practice. The abundance of family businesses provides ample opportunities, whether or not baby boomers are retiring. To succeed in this field, fee-based planners must have a deep understanding of the key issues that affect their clients' most valuable asset.

Show Me the Growth: Why Succession Planning Is Your Secret Weapon

For fee-based financial planners, success goes beyond managing assets; it's about understanding the dynamics that impact their clients' goals and facilitating positive outcomes. By delving into the issues that affect business owners, key managers, and families within a business, fee-based planners can unlock a practice that not only thrives but skyrockets.

At ISPA, we help our members utilize the 10-factor Succession Matrix that explores the key, interconnected factors of all businesses. You don’t need to be able to have solutions for all areas, but by exploring the complexities of your clients' business, you demonstrate your ability to be more than just a vendor selling a product. You become a strategic asset to them.

Imagine doubling or tripling your fee-based services without doubling or tripling your workload. By leveraging the right frameworks and technology, and expanding your professional network, you can make a significant impact on your clients' lives and grow your practice.

Transforming Your Role and Perceived Value

As a fee-based financial planner, you have likely witnessed the constant evolution and growth in the financial planning industry. With the potential for even more expansion on the horizon, it's crucial to recognize the growth opportunity in working with business owners and developing a succession planning skill set. By doing so, you can position yourself as a go-to concierge service provider.

The first step in embracing this growth opportunity is transforming your role.

As a financial planner, you already play a vital role in helping clients manage their finances. However, by expanding your knowledge base and collaborating with experts in various fields, you can provide a more comprehensive service that goes beyond traditional financial planning.

Think about your business today. Are there any interesting insights or offers you could create to help your clients on a higher level? Are there any potential partners in your network you could work with?

Leveraging Technology

Technology is another crucial factor in unlocking substantial growth opportunities in the wealth management industry. Technology has revolutionized financial planning, but are you making the most of it? ISPA members who complete their Certified Succession Planner™ certification can utilize tools like the “Succession Planning Assessment” to facilitate comprehensive solutions for business owners. You can then create higher ticket offers, streamline your processes, enhance client experiences, and improve overall efficiency.

Are you chasable?

Establishing yourself as a trusted advisor is the ultimate goal for any fee-based financial planner. By expanding your knowledge base, tailoring your services, fostering long-term relationships, and leveraging technology, you can position yourself as a trusted partner for business owners. Your expertise, combined with your commitment to adapt and evolve, will not only help your clients achieve their financial goals but also solidify your reputation as a go-to concierge service provider in the financial industry.

What are you doing to be the one they call to help them think through their problems rather than when they need to purchase a product?

The potential for growth and market expansion for your practice lies in your ability to adapt and evolve. By recognizing the importance of developing your succession planning expertise for business owners, you can position yourself as a go-to concierge service provider for wealth managers. Embrace the opportunity to transform your role, expand your knowledge base, collaborate with experts, tailor your services, foster long-term relationships, and leverage technology. By doing so, you can unlock substantial opportunities for growth and establish yourself as a trusted advisor in the ever-changing world of fee-based financial planning.


Take your practice to new heights through world-class training that will help your clients succeed and ultimately grow your own business. 

Are You Looking to Grow Your Practice?

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