Terry Wheeler has been advising clients on saving for their retirements for over thirty years.
As the Founder and CEO of WE Alliance Wealth Advisors – a wealth management advice firm focussing on retirement planning – he’s made personalized longevity assessments with Lumiant HALO a key part of the client experience.
Just like Terry and his team help their clients meet specific goals, WE Alliance uses Lumiant HALO to do the same.
Create a unique experience to other advisors
Financial advice is a crowded market that can be tricky to stand out in. Terry is a big believer that it's a ‘people business' taking time to get to know his clients on a personal level (often over a dinner), but he wanted a way to ingrain personalization into the client experience at WE Alliance.
HALO lets him do exactly that. Terry uses the Lumiant HALO process with every client to create a truly personalized plan, not one based on averages.
“We use HALO with every single client, to incorporate life expectancy into how we plan their portfolio”
HALO gives advisors the insight to create more tailored longevity plans by taking clients’ physiology, lifestyle, and family health history into account. These customized, science-driven predictions provide a more stable foundation for planning active retirement years, eldercare, and out-of-pocket healthcare costs, among other things.
“We describe HALO as a life expectancy table that’s unique to you and your characteristics. It allows us to create something different that other advisors aren’t doing”
Retirement planning can be scary. There are lots of unknowns, and advising clients through it requires trust and helping them understand the ‘why.’ Terry uses longevity assessments to educate clients about their financial outlook, giving them a sense of control. Taking clients on this journey becomes a catalyst for action, in terms of financial planning and lifestyle changes.
Terry and his team view financial plans as making plans to live.
The first step is to ensure clients’ income will last their lifetime. A personalized view of their active years and extended care years needed later in life enables advisors like Terry to create more personalized plans—these set them apart from other advisors who rely on averages and actuarial tables, helping clients enjoy the present while securing their future.
Create personalized plans and promote honest conversations with clients
While plans based on HALO’s longevity assessments will be better informed, Terry and his team also view it as a tool to foster more trusting and long-lasting relationships. Rather than cookie-cutter advice based on averages, personalized plans based on tailored longevity reports quickly help build deeper connections with clients.
“It’s about building a personal connection as well as the analytics”
While these personalized longevity plans are valuable by themselves, viewing HALO as a way to spark more open discussions about the overall plan adds even more value, going beyond just the numbers in the results. Terry is a big advocate of this approach. His sessions, where he reviews the results of the HALO assessment with his clients, often lead to invaluable conversations about long-term care, family support networks, and other crucial aspects of retirement planning.
HALO even opens up conversations beyond financial planning like proactive health. Terry can do this without needing to be an expert on the subject because HALO quantifies it for him and his clients. It not only demonstrates how lifestyle and habits affect long-term quality of life but also highlights the tangible benefits of making small changes today. It lets the WE Alliance team step out of the confines of just being ‘financial advisors’ and empowers them to help clients plan for a healthier and longer life.
Terry’s top tip: Give the client space to be honest
Terry quickly found that giving his clients space for a self-guided assessment delivers better results. While talking clients through the assessment is still important, Terry found that being in the room with clients sometimes prevented them from answering completely honestly.
So, after explaining the assessment and answering questions, Terry either leaves the room or lets the client complete the survey at home. He emphasizes that it's worth assuring clients that advisors only see the high-level analysis from the assessment, not the answers themselves.
“I always say to my clients, you might not want me to hear your answers but you definitely want me to see your results.”
Convert more clients in the prospecting phase
WE Alliance also uses custom longevity reports as a key touch point when attracting and converting new clients.
Terry’s team does this in two different ways. For example, if a prospect comes directly to them ('inbound'), such as through the website, the HALO assessment is employed as an engagement or lead nurture tool. It is sent to prospects either in the initial welcome email after they register their interest or following the initial introduction meetings.
When used right, HALO can give an advisor multiple touchpoints and opportunities to engage with a prospect.
Send the client an invite to complete their HALO assessment.
Contact the client after the assessment is completed to schedule a time to walk them through the results using the 8-page advisor report.
Following the results meeting, advisors can send clients the 8-page report with any action items and recommendations.
In addition, WE Alliance also does semi-annual live events with Terry giving talks or presentations. HALO is used as part of the engagement post-event, being sent as a ‘gift’ either upon registration or to follow up the event.
WE Alliance also uses HALO as a lead generation tool. The test can be taken on the website, providing instant value to prospects and building a prospect pipeline for WE Alliance.
“It’s a really good engagement tool. It gives us a foot in the door and starts the conversation off with prospects”
The team of advisors and concierges at WE Alliance already embodies the "people-first" approach, and now its client experience and supporting technology do too.
Making longevity planning standout with HALO
Advisors like Terry and WE Alliance can use HALO to build a unique, personalized client experience and make longevity planning an outstanding asset.
Lumiant HALO can help you differentiate your practice, foster deeper client conversations, and convert more potential clients.
Want to learn more? Visit www.lumiant.io/halo or get a demo
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