The Power of Flexibility: Planning Service Supports Changing Goals

Mother-daughter advisor team leverages Paraplanning Services for growth.

Pam Flournoy with Flournoy Wealth Management in San Jose, CA, began her career in the financial services industry in 2004 following the sudden passing of her husband in 2000. Her first financial planning and advisory practice was with a large firm. In 2009, she moved her practice to LPL Financial. Pam discovered that the financial planning process was a great way to get to know her clients well and build trust and lasting relationships with them.

Unlike today, Flournoy didn’t feel as confident with financial planning, even though she had earned a CFP® designation. She struggled with planning software, and a constant pain point was the time it took to create each plan, starting with data entry for each investment account through building out scenarios and recommendations. “Financial planning takes a lot of time,” Pam said, “and I had always wanted help with plan creation.” It used to take up to 20 hours to create each plan, but now her time is down to about four hours with the help of Paraplanning Services. 

Shifting into Growth Mode

Pam initially started using LPL Business Solutions' Paraplanning Services as a way to ease her workload and create more downtime for herself. However, her plans changed when her daughter Ally joined the practice. With Ally on board, Pam now wants to grow the firm and leave Ally with a strong legacy once she decides to retire. Paraplanning Services enables them to handle the increased demand for financial planning that will help fuel that growth.

An unexpected benefit of Ally joining the practice is a connection with younger clients who are still decades away from retirement. Ally said, “One of our clients had college debt and came to us for help with her financial picture. She wanted to have peace of mind and clarity and didn’t bat an eye at the price of the financial plan.” 

Pam has found that that their clients will pay for a financial plan and rarely push back on the cost. “Our customers appreciate the value they receive from the plan, which can end up saving them money,” she said. She had been charging by the hour but has moved to charging a flat fee, usually between $3,500 and $4,000 per plan. The firm has created 10 new financial plans through Paraplanning Services and half of those clients also brought in more assets for management. According to Pam, the low cost of the six-month plan she chose with Paraplanning Services definitely pays for itself.
 

Effective Collaboration Helps Her Clients Succeed Financially

Pam enjoys working closely with her Paraplanning Services Plan Manager and team and appreciates their collaborative and coordinated efforts. The team is adept at pointing out options she might not have considered for her clients. “Paraplanning Services gave me another set of eyes and helped uncover more scenarios for my clients. It’s hard to find the time and focus to do that when you’re running your own business and doing almost everything yourself,” Pam said. She shared these examples:

• Her Paraplanning Services team discovered that one client could take Social Security early and not touch her investments, which the client was thrilled about.
• The team ran some scenarios and helped a client with $5 million in Apple^© stock see that on top of healthy investments, a life insurance policy and long-term-care plan would provide the protection they were seeking.
   

Flexibility to Fit Your Clients’ Needs

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

• Core Plan – provides a basic plan with a smaller scope and lower price
• Comprehensive Plan – a detailed plan and Plan Summary. Login to ClientWorks to see samples of the Comprehensive Plan and Comprehensive Plan Summary.
• Advanced Plan – employs specialized experts through our High-Net-Worth Servicesteam for clients with complex planning needs. Talk to the Paraplanning Services Team about additional planning services you might need like Tax Planning or Estate Planning.

The Flournoys offer financial planning to all their clients, and Paraplanning Services has helped their practice grow. 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.