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Is financial health a priority for your clients in 2019?
If it is, they’re not alone.
According to Offers.com, saving money is the second most common New Year’s resolution — right behind exercise/dieting. In fact, the number of people who want to save money increased six percent from 2018, while diet and exercise is down three percent.
A renewed interest in money management and financial wellness appears to be on the rise. Now could be the best time to share your expertise with clients and discuss some common financial techniques. Who knows? This could lead to a larger conversation on more advanced planning topics, such as retirement or estate planning.
But before these conversations take place, here’s a list of trending financial resolutions Americans make each year. Use the information to help your clients fulfill their goals and show your support with even small-scale financial decisions.
Whether the goal is to save a specific dollar amount, or simply start an emergency fund, this is an easy goal to get up and running. Help your clients set up a savings account, track down the best interest rates, and show them over time even small amounts can add up if they stick to it.
It’s important your clients know who they are financially. Where do they spend their money? What do they spend it on? Who do they give it to? A personal financial management website can provide the answers they need. Simultaneously, that information could inform your recommendations in the future.
Related to tracking finances, making a budget is the logical next step. For those clients who have tried to budget before and couldn’t stick to it, remind them to start small with an easily achievable goal. If they can cut spending on their lowest-priority expense, they’re on the right track.
The average American has $38,000 in personal debt, up $1,000 from a year ago according to the Northwestern Mutual’s 2018 Planning & Progress Study. Help your clients break the cycle of increasing debt by providing a plan to pay off student loans, make extra mortgage payments, reduce credit card spending, and similar tactics.
Sometimes, even after tracking finances, making a budget, saving money, and spending less – your clients just aren’t earning enough to meet their financial needs. In those cases, a career move may be necessary. And while you’re not an expert in job recruiting, there are plenty of financial questions that need answering when looking for a job. Provide those answers so your client can choose a career path with confidence.
Keep your clients’ motivated to maintain their financial well-being throughout the year while it’s fresh in their minds! And if you’re looking for a more efficient workflow and innovative tools to assist your clients with their goals, eMoney can be YOUR biggest supporter, too.
Our financial planning platform offers the best technology to serve all of your clients’ financial needs.