Three Reasons to Offer Financial Planning in 2025

For financial advisors to stay competitive and attract a broader client base in today's rapidly changing wealth management environment, you need to offer more than traditional retirement planning and portfolio management services. By taking a holistic financial planning approach, you can become a one-stop shop for your clients’ financial needs.

The financial planning landscape is undergoing a significant transformation as we approach 2025. With the rise of artificial intelligence, digital platforms, and changing client demographics, traditional financial planning methods are evolving. Millennials and Gen Z clients, in particular, are seeking advisors who can provide comprehensive digital solutions while maintaining a personal touch. This shift presents an unprecedented opportunity for financial planners who are willing to adapt and expand their service offerings.

Key Benefits of Comprehensive Financial Planning

At LPL Financial, our research shows that active financial planners generally grow three times faster than advisors who do not offer financial planning.¹ With financial planning as the foundation of every client conversation, you can become a go-to resource long into the future. ² By addressing clients’ immediate needs as well as their long-term goals and aspirations, you'll not only differentiate your practice, but also:

• Strengthen client relationships: Covering every facet of a client's financial life enables you to forge deeper, more trusted relationships. Clients tend to stick with advisors who grasp their entire financial picture and deliver personalized advice for reaching their long-term goals.
• Boost client loyalty: Offering a wide range of services makes it less likely that clients will seek advice elsewhere. When clients trust their advisors to handle all their financial matters, loyalty naturally strengthens.
• Attract a broader client base: Going beyond investments to address a wider range of needs will appeal to prospects who are looking for comprehensive financial advice, from budgeting to retirement planning to tax strategies and insurance needs. A holistic approach will attract clients at all life stages, from individuals just starting out to those preparing to retire.

Grow Your Practice Through Financial Planning

As you look ahead to 2025 and focus on ways to add incremental revenue to your practice, consider expanding your scope of services to include comprehensive financial planning. With managing client needs and the everyday demands of running a business, allocating time to run custom financial plans for clients might be a challenge. The good news is that without taking on more work or increasing your payroll, you can still offer clients deeper, more personalized financial guidance.

LPL Financial’s Paraplanning Services team can build, enhance, and scale your financial planning offerings. We gather and input your client data to create customized wealth plans so you can deliver personalized financial strategies based on each client’s unique needs without having to add to your headcount or take time out of your day.

We're here to make it easier for you to maximize your productivity and run a thriving practice. Learn more about LPL’s Paraplanning Services.