Tailoring Retirement Plans to Meet Unique Client Needs - NTSA Summit

Is your approach to retirement planning truly client-centered? That's the (big) question presented during an interactive session on Feb. 26 at the 2024 NTSA Summit in San Diego, where it challenged audience members to rethink and refine their strategies actively.

Speakers Kevin McAtamney, National Vice President – DCIO Tax-Exempt Markets, The Standard; Toni Whaley (2024 NTSA President), CEO, Owner, Paladin Advisor Group/PlanMember Securities; Chris Wise, CRES®, CFP®, Principal, Wise Capital Partners, explored the complexities of retirement income and investment planning, offering financial advisors valuable knowledge and strategies. They covered a wide range of topics, including client engagement, technological tools, and the nuances of investment planning for retirees, each bringing a unique perspective to enrich the session with their expertise and insights.

Building Relationships and Comprehensive Planning

Whaley emphasized the critical role of personal development and the evolution of client-advisor relationships over time. She described how she shifted her business focus toward a more holistic approach to financial planning, highlighting the importance of understanding clients' unique needs and circumstances. Whaley advocated for a planning process that builds lasting relationships and trust, going beyond mere product selling. "It's about more than just the numbers; it's about understanding the person behind those numbers," Whaley said. She stressed the importance of gathering complete information to craft plans reflecting clients' goals and aspirations.

Expanding Knowledge and Services

McAtamney shared insights on expanding an advisor's knowledge base and service offerings, especially in tax-exempt markets and stable value solutions. With his background in DCIO Tax-Exempt Markets at The Standard, McAtamney offered a unique perspective on serving niche markets and the need for diverse financial solutions. He underscored the value of continuous education and adapting to market changes. "In this rapidly changing industry, staying informed and versatile is key to meeting your clients' expectations," McAtamney said. He encouraged advisors to explore new financial planning areas, such as tax and estate planning, to offer more comprehensive services.

Addressing Modern Client Expectations

Wise used personal stories to highlight the changing expectations of clients and the increasing demand for financial education. He noted the shift toward more informed clients, especially millennials, who approach advisors with a wide range of questions and desire a holistic financial planning approach. Wise stressed the importance of addressing various financial health aspects, including long-term care, Medicare planning, and tax strategies. "Our clients are looking for more than just investment advice; they're seeking guidance on a wide array of financial concerns," Wise said. He advocated using technology and software to improve the planning process and adopting innovative approaches to meet clients' diverse needs.

Whaley captured the essence of the session, stating, "In this profession, our growth is measured not just by the wealth we manage but by the depth of our relationships and the breadth of our knowledge." This sentiment underscored the session's core message: Success in retirement planning demands more than just financial acumen; it requires a commitment to understanding the unique life stories behind each client's numbers.