How Advisor Katie Lindfelt Expanded her Financial Planning Offering

Testing a new solution to solve for financial planning challenges

Katie Lindfelt with Sequoia Wealth Advisors & Investment Management in San Jose, CA, had been creating financial plans for her clients since 2011. As her business grew, creating all the financial plans herself became challenging. “We believe every client deserves financial planning,” Lindfelt says. “When I looked into hiring someone to help, they were all too inexperienced and needed too much supervision.”

The answer came with LPL Business Solutions' Paraplanning Services, a comprehensive solution to help advisors better serve their clients without having to hire staff who isn’t as experienced with financial planning or contract work out to someone who isn’t familiar with LPL’s technology.

Lindfelt initially signed up for a six-month contract to test the waters and make sure the offering was a good fit. She quickly realized that using Paraplanning Services was worth the cost, which she strategically builds into the fee she charges clients for financial planning. The service saves her an estimated three to four hours on each plan. Creating around four plans a month, she saves an average of 12-16 hours monthly.

In addition to the time saved, Lindfelt and her clients appreciate the Plan Summary (Login to ClientWorks to see a sample Comprehensive Plan Summary) and checklist that comes with the financial plan. The Plan Summary identifies items with the biggest impact and Lindfelt believes it not only helps keep client meetings on track, but also helps the client stay focused on their financial goals. “The summary is actually written in plain English,” Lindfelt noted, “and explains things clearly in a way clients can understand.”
 

Paraplanning Services can help your business grow

In Lindfelt’s practice, every client pays for and receives a financial plan. She charges a fee of $1,500 to $10K depending on the plan’s complexity, with the average cost being $3,500. She offers monthly, quarterly, or annual payments for financial plans through AdvicePay, although most clients pay a lump sum. Lindfelt revisits plan goals periodically during meetings with the client. One bonus: after receiving a financial plan from Lindfelt, many clients move their assets to her firm.

While Lindfelt is a Certified Financial Planner (CFP®), you don’t have to be a CFP® to provide financial plans for your clients. With Paraplanning Services, you can grow and diversify your revenue and elevate the level of financial guidance you offer by expanding the number of clients you engage through financial planning.
 

Flexibility to fit your business

Paraplanning Services subscription options enable you to pay as you go or save by selecting a prepaid option; each of these options renews every six months. With three plan types to choose from, you have the flexibility to tailor plans to your clients’ needs.

• Core Plan – Its smaller scope and lower price serves clients who would benefit from a basic plan, investment review, and recommendations within the context of their goals.
• Comprehensive Plan – An in-depth holistic view of your clients’ goals and finances includes a detailed Comprehensive Plan (See sample plan, Log in to ClientWorks to view) plan summary, and one-on-one call with your Paraplanning Services team to review key findings.
• Advanced Plan – For clients with significant assets, business ownership, or complex planning needs, this option employs specialized experts through our High-Net-Worth Services team to execute the plan and help guide you through implementation.
   

What can Paraplanning Services do for you?

Today, many clients are asking their advisors for detailed financial plans to help maximize their investments, minimize their expenses, and get a clear and complete financial picture as they look toward the future. If you provide financial plans for your clients, LPL’s Paraplanning Services can elevate your financial planning offering, whether you’re just launching this service in your practice or you’re a seasoned pro.