Bundling Services: The Best Way To Maximize Value From Financial Professionals

By:  Benjamin Dorsey,CPA, CFP®, CDFA™, MST | Director of Tax Services

Professional financial advisors work with clients on investment, planning, and/or tax strategies. Unfortunately, when financial advisors of different disciplines are not in sync and/or not working with the entire set of goals and information, the advice being offered could be incomplete and lead to an undesired result.

It is common in the financial industry that a client receiving financial advice will likely have to coordinate with multiple companies to execute the desired result. If you place a premium on your free time, it is likely you will not want to expend additional efforts to make sure your various financial advisors align with each other.

While investment, planning, and tax strategies can be provided separately, the potential for maximum value exists when all areas are integrated into one cohesive, informed, and well-executed wealth plan. This is easier said than done. The majority of Registered Investment Advisors (RIAs) prefer to concentrate their businesses on investment management, while relying on a strong network of third-party service providers to formulate and execute financial and tax planning.

As a provider of fully integrated financial services, Baltimore-Washington Financial Advisors (BWFA) operates in the minority of RIA firms. An integrated financial service platform provides clients with comprehensive wealth management services that address their entire financial situation. With a dedicated team of financial advisors under one roof, BWFA clients benefit from a coordinated approach with just a single point of access, usually with a cost savings.

By offering an integrated approach to financial services, we enjoy stronger relationships with our clients. Because we manage multiple facets of our clients’ financial lives, we strengthen our service relationship through ongoing communication and follow up. In addition to having a stronger working relationship, constant contact allows us the opportunity to provide additional value—turning over stones in one financial area typically leads to an opportunity in another.

Formulating and planning your pre-retirement goals and executing your post-retirement lifestyle typically involve multiple layers of investment, financial, and tax advice. You spend decades creating the foundation of a successful and low-stress retirement—why would you want to spend time coordinating advisors in separate offices if given another option? by offering an integrated approach to financial services, we enjoy a stronger relationship with our clients.

If you drop a hundred lines into the water, you’re bound to catch a few fish: but at what expense? An experienced fisherman might drop multiple lines, but he does so knowing that each one is using the correct bait and is cast in the right way. Using an RIA with an integrated financial service platform is like getting in a boat with an experienced and fully outfitted guide—less work, more time to enjoy the ride, and a higher likelihood of a successful trip.