Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne delve into the critical importance of financial wellness and its far-reaching effects on financial advisors and their clients.

Topics they also discussed:

• The concept of financial wellness, exploring whether it's beneficial or challenging for advisors and their clients.
• Defining financial wellness by three main objectives: managing day-to-day finances, protecting against key risks, and achieving major goals.
• The importance of understanding how financial institutions tackle financial wellness and the role of financial advisors.
• The commoditization of financial wellness programs, often offered through workplaces, is highlighted as a potential threat to traditional advisory roles.
• How these programs can engage clients' families, particularly younger generations, before advisors do, posing a competitive challenge.
• Emphasizing a fiduciary standard and a comprehensive decision-making process can help advisors differentiate themselves and provide more holistic and empathetic guidance to their clients.

Resources:

Signatura Estate & Investment Advisors, LLC.