Business
What does it mean to think outside the box when it comes to financial planning? And what do financial advisors need to know about working with clients through turbulent and volatile events, such as the coronavirus pandemic? Today’s episode will explore some of those questions. Lucas MacMillan has been working in personal finance for 10 years. He is a Certified Financial Planning Professional and graduated from the University of Manitoba with a Bachelor of Science. Lucas manages Camber Private Wealth’s financial planning effort; where all prospects are given a financial plan before investing and all clients receive ongoing financial planning support using Camber’s immersive custom financial dashboards. Lucas also leads Camber’s data science team. What You’ll Learn in This Episode How Camber approaches building a plan with clients (5:43) How client dashboards work and what their goal is (12:06) How Lucas starts with dashboards (14:30) The client response to recent market volatility (24:20) The goal of Lucas’s data science project (30:49) How Lucas’s firm has been acquiring clients (37:35) Lucas’s advice for listeners (43:31) Links and Resources: Lucas MacMillan Camber Private Wealth Quotes by Lucas: “We really wanted to go way outside the box on financial planning.” “Just getting people a financial plan is a huge win.” “It isn’t extremely important that you get their financial life 100% accurate the first time you touch them. It’s something that you can massage over time, as you get to know the client.” Lucas provides a fresh perspective on the future of the financial planning industry. His practice is using technology and data science to change the way their clients interact with their financial plans, creating a unique way to attract and retain clients. Whether you’re a seasoned wealth manager who is comfortable with status quo, or you are building your financial advisory practice and want to employ fresh tactics, you can learn from the innovative ways Lucas approaches his work. Below, we’re sharing three key ideas from this episode: How Lucas customizes client experience using data visualization How Camber is leveraging data to combat low conversion rates in the financial industry The importance of client education and continuous marketing during times of financial instability To tune in to the rest of the episode, find the podcast on iTunes or Stitcher, or hit the link at the top of this post. How Lucas Customizes his clients’ experience using data visualization