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Advice for Life

Advice for Life is a program developed by LPL Financial to provide investment advisor representatives (IAR) with a client-centric financial planning framework focused on connecting clients’ financial lives with the rest of their lifetime priorities and goals.

Advice for Life acknowledges the critical role advisors play in their clients’ lives and was designed to support you as you integrate life-goal planning in your practice. Through Advice for Life, you can put together the emotional dimension of the client experience with the rational, quantifiable measures they prescribe. The program’s systematic approach allows advisors to differentiate themselves as professionals as they enable their clients to realize their goals.

A Systematic Approach:  Four Essential Modules
Advice for Life tracks the Discovery, Planning, Solutions and Monitoring stages of the holistic client service business model, offering unique, best-in-class sales support tools for each module.

Discovery
Discovery is so much more than a risk tolerance/time horizon questionnaire. Complicating matters is the fact that clients often view their money as a means to an end, some ethereal landscape rather than a specific goal. Advice for Life offers discovery tools to help you ask better questions and help your clients better envision and articulate their priorities and dreams. This phase places your clients’ life situations and goals at the center of your relationship with them.

Planning
At this stage, you assess your client’s personal situation as it relates to their lifestage and goals. Effective planning entails understanding the financial implications for each goal and constructing a plan that supports these goals. Through gap analysis, planning worksheets, Monte Carlo simulations and other tools you’ll be able to chart a plan more effectively and get it on paper, which will help you and your client take the next step.

Solutions
This module encompasses the implementation phase of the wealth strategies you’ve mapped out for your clients. These product and service solutions match each milestone, goal or life situation. From retirement plans to trusts—mortgages to insurance, you’ll make the recommendations in this phase that will put your clients on the path to their destination.

Monitoring
The final phase offers resources for an essential, but often overlooked component of financial life planning: monitoring.  Electronic and other tools are offered to help you monitor how well the strategies are supporting the clients’ intermediate and long-term goals.  But, just when you make plans, life happens—and events large or small can change everything. Advice for Life offers tools to help you anticipate change and adjust client plans as necessary.