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Clients Driving Comprehensive Planning Trend
June 4, 2014

Client demands have been a catalyst in UBS' move to help advisors offer more comprehensive financial planning, says David McWilliams, the head of wealth transformation at UBS.

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Comments (2)
Thank you, David McWilliams! I have been preaching (actually speaking!) about this needed shift of financial advisors getting away from the single wealth management issue of investments and taking a much more comprehensive approach with their clients. Why? David said it well, but the reality is that if advisors don't, someone else will- and, that "someone else" will get their clients. I cover this extensively in my workshop, Client Life Situation Analysis. I suggest that anyone interested in transitioning their practice to a more holistic approach to take a look at my new book, COVERING YOUR ASSets- A Complete Guide to Wealth Preservation and Asset Protection. If you're interested go to or email me at Final thought- If you know David McWilliams, tell him we need to get together. I can make his job a lot easier!
Posted by Leonard C | Wednesday, June 04 2014 at 2:48PM ET
We couldn't agree more and the over 1,000 advisors that have logged in to our site to learn more about comprehensive wealth planning are proof in the pudding.

Investments are important but without a comprehensive financial plan we are giving prescriptions without a diagnosis.

If the focus is not on the clients goals and objectives and is mostly on investments then the person should be called an investment manager or investment advisor. Financial planners/advisors or wealth managers...regardless of title should be focused on the entire financial picture of the client. Their estate, income taxes, insurances, business planning and financial independence are all to be considered.

Imagine your neighbor's daughter is a newly widowed mother of two, being "served" by a financial planner that was returning 15% annually on their investments but never bothered to help them purchase the needed amount of life insurance to create an estate in the absence of one.

It's simple to do comprehensive planning BUT it's not easy. There needs to be checklists and processes in order to create a system. Something that can be repeated and managed. We had the help of Dan Sullivan and Strategic Coach over a period of 12 years to help us create our Custom Wealth Architect Process.

Michael Palumbos

Posted by michael p | Friday, June 06 2014 at 4:30PM ET
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