Investor Financial Milestone Infographic

Meeting Client Milestones

May 15, 2017

LPL Financial

When it comes to considering their financial future, your clients could use a roadmap to help them along the way. Their journey toward that future will be affected by several major life factors and events. Help guide your clients toward their goals with this helpful tool mapping various life stages, needs, and milestones they may encounter.

Are you planning for your clients’ whole lives?

Why focusing on client milestones matters

Your clients will likely move through predictable stages of wealth management throughout their lifetimes. By understanding these cycles and what life events to anticipate at each stage, you can begin to craft consistent, repeatable workflows for each stage of the journey.

Life stages:

  • Young accumulators: 18 to 40—These clients are in the earlier stages of their careers and working to increase their earnings. With your guidance, they can implement strategies to handle their finances and create the potential to grow their assets substantially over time.
  • Experienced accumulators: 40 to 55—At this point, clients have likely become established in their careers and family and know what they want life to look like. They’re sure to have specific goals, especially when it comes to retirement—and you’ve laid the groundwork to help safeguard that journey.
  • Pre-retirees: 55 to 65—The pre-retirement stage is when clients are at their highest earning potential and likely looking forward to retiring, as well as crossing some items off their bucket list.
  • Retirees: 65 and over—When clients reach retirement, many may feel they’ve reached the finish line, but it’s your job to show them there’s still work to be done. Many clients may need help adjusting to retirement after spending the majority of their life working, and you can provide a great deal of value by acting as their retirement coach. Although much of the financial world is focused on saving for retirement, the post-retirement years are some of the most critical and a time when clients need your help more than ever.

By keeping ahead of these major milestones you can become your clients’ trusted advisor for life.

Put it in practice

Structuring a holistic wealth management practice can enable you to meet your clients’ best interests throughout their lives.