Coaching clients toward financial-planning success
Coaching clients toward financial-planning success
I was then fortunate enough to be recruited by Northwestern Mutual. It is a diverse company in the field of financial services and wealth management, with a long history of excellence and commitment to its clients. They had a comprehensive training program, and I took full advantage of it. They also believe in giving extensive field support to new representatives, and that provided another rigorous training experience.
Good coaches and good teachers build and develop relationships on the foundation of trust. I believe that trust is based on two underlying traits: confidence and competence. Clients need to be confident that their advisor is working in their best interest, and advisors need to stay competent by continually seeking to learn and grow while staying on the cutting edge of financial planning. Good coaches and good teachers challenge people to perform to the very best of their abilities. Since the financial-planning process is oriented around teamwork between an advisor and his or her clients, both need to bring a focused effort to achieving outcomes-based results.
Our planning process starts with defining our relationship with the clients. What is our role, what is their role, and how do we both fit it into the process of financial planning and the client-advisor relationship? From there, we work to identify the clients’ passions and pursuits, and whether those are short-term, mid-term, or long-term goals. In the context of those objectives, we can then gather the appropriate information and data to develop a plan and design a recommended implementation strategy. Our goal is to help clients find personalized solutions that will give them the optimal opportunity to achieve their most important aspirational goals. While the plan necessarily is defined in financial terms, it is not just about managing their wealth—it is also about how that will impact their important life goals moving forward.
Time-weighted asset allocation involves several sophisticated concepts in trying to help clients progress toward income goals within an investment framework that (a) manages risk appropriately throughout the course of their retirement and (b) delivers the risk-adjusted returns required to fund those income needs. An important goal of this framework from a distribution perspective is trying to avoid having to sell an asset at a loss to generate income. We will sell assets for tax-loss harvesting or if that makes strategic or tactical sense—we do not want to do it to fund income.
Reinforcing client relationships with multi-channel communication
Tyler Holden, of Resolute Wealth Partners, places great importance on employing cutting-edge financial-planning practices and coaching his clients toward achieving their financial goals. This can only be possible, he says, through building strong client relationships using multiple points of contact, such as the following:
- Scheduling regular client review sessions and setting new appointments at the close of each review meeting.
- Providing monthly market commentary to clients and personalized messaging for milestone events.
- Using compliance-approved educational communications through social media channels.
- Hosting client-appreciation events and targeted educational seminars.
- “Quarterbacking” the coordination with clients’ other trusted advisors on a regular basis.
Tyler Holden is a principal and wealth-management advisor at Resolute Wealth Partners, based in Greenwood Village, Colorado. Mr. Holden’s firm provides a comprehensive offering of products and services to his clients, including financial planning; retirement and investment planning; strategies for funding education; and a variety of insurance services, including life insurance, disability income, long-term-care planning, and annuities.
A native of Colorado, Mr. Holden was a talented athlete in several sports. He played football for a nationally ranked high school team and was recruited by the University of Wyoming, where he started for three years as a wide receiver. Mr. Holden earned a Bachelor of Arts degree in communication and was a three-time Academic All-Mountain West Conference award winner, earned Academic All-District his senior year, and was elected into the inaugural class of the National Football Foundation Hampshire Honor Society.
Following college, Mr. Holden pursued his love of sports by working in sports broadcasting. He says he decided “family comes first,” and a life on the road was not attractive as a long-term career. He seized the opportunity to join Northwestern Mutual in 2008, where he says he enjoys employing his talents in coaching and teaching on behalf of his clients. He is an active member of the National Association of Insurance and Financial Advisors (NAIFA) and the Million Dollar Round Table (MDRT), earning award recognition from both organizations.
Mr. Holden and his wife of 10 years have three children and live in the Denver metro area. Mr. Holden volunteers for his church’s sports and recreation ministry; supports Brent’s Place, which is a safe, clean home for seriously ill children and their families; and is a board member for the local branch of the Fellowship of Christian Athletes (FCA). He loves outdoor activities such as skiing, golf, and camping and “exploring the beautiful state of Colorado with the family.”
Disclosure: Tyler Ric Holden uses Resolute Wealth Partners as a marketing name for doing business as a representative of Northwestern Mutual. Resolute Wealth Partners is not a registered investment advisor, broker-dealer, insurance agency, or federal savings bank. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, (NM) (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Tyler Ric Holden is a representative of Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI (fiduciary and fee-based financial planning services), a subsidiary of NM and federal savings bank. All NMWMC products and services are offered only by properly credentialed representatives who operate from agency offices of NMWMC. Representative is an insurance agent of NM and Northwestern Long Term Care Insurance Company, Milwaukee, WI, (long-term care insurance) a subsidiary of NM, and a registered representative of Northwestern Mutual Investment Services, LLC (NMIS) (securities), a subsidiary of NM, broker-dealer, registered investment advisor and member FINRA and SIPC. This publication is not intended as legal or tax advice. Financial representatives do not give legal or tax advice. Taxpayers should seek advice based on their particular circumstances from an independent tax advisor. As each investor’s tax-planning needs are unique, investors should consult with their tax-planning attorney prior to implementing any tax-reduction strategy, including tax-loss harvesting.
Photography by Diane Huntress