Learn how eMoney 360Pro made it possible for Kipp, Brant, Drummond & Associates to capture more of their client’s outside assets and close more sales to high net worth clients.

Challenge

Kipp, Brant, Drummond & Associates(KBD), located in Ventura, CA, is a Registered Investment Advisor offering securities through National Planning Corporation.  The firm, which was established over 20 years ago, operates under the direction of founding principal Stephen J. Kipp, MBA, PFP and John R. Brant, ChFC.  KBD employs over 14 leading financial and wealth management professionals who provide advanced financial planning, wealth management and life planning services for over 350 clients.  KBD has designed a fee-based planning program, referred to as the Financial Freedom Experience, exclusively for their high net worth clients.

Charles Huffer, MS, PFP joined the firm in 1992 and serves as one of the firm’s primary Wealth Advisors and as Planning Committee Chair.  For Financial Freedom Experience clients, Charles was utilizing a series of spreadsheets that determined the client’s net worth and provided long-term cash-flow projections based on their income, expenses, assets, basic tax calculations, and an assumed rate of return on investments.  While the spreadsheets were effective at determining the longevity of a client’s assets, the financial planning process was time consuming and relied on the manual entry of a client’s financial data from multiple sources to determine the client’s actual net worth.

Solution

In 2006 while at a National Planning Corporation Conference, Charles learned about eMoney Advisor.  Charles was initially interested in eMoney because of its ability to integrate a client’s financial data from multiple sources and conduct a variety of different analysis depending on the client’s needs and interests.

After licensing the eMoney system, Charles started by adding the firm’s two principals, Stephen and John , followed by 6 of their top clients.  To introduce the financial planning process to their Financial Freedom Experience clients, KBD used eMoney’s customized marketing flash presentations.  “During those first introductory meetings the feedback from our clients was extremely positive and we began to realize how eMoney was not only going to help us in the planning area but was also going to be a good adjunct to the other services we were marketing to our high net worth clients.”

Benefit

As a result of utilizing the eMoney system, KBD is now able to provide more accurate, detailed and comprehensive financial plans to their Financial Freedom Experience clients.  “eMoney has enabled us to provide more detailed planning, including Estate Planning.  Prior to using eMoney we had difficulty finding a tool that could satisfy our Estate Planning needs.  Using eMoney has also allowed us to obtain a more accurate and current financial picture of our clients’ assets and their overall net worth since we can now gather data on their outside assets no matter where they are being managed.”

In addition to the increased financial planning functionality, Charles attributes eMoney to an increase in the firm’s assets under management and sales. “Because of eMoney, we have been able to learn more about our client’s outside assets which in turn has allowed us to capture at least 50% of those assets.  eMoney has also given us a significant competitive advantage in the high net worth market, simply because not one of our competitors is offering this type of service to their clients.”

Charles has found that his clients enjoy having access to their own Personalized Financial Home Page, as well.  “Our high net worth clients like being able to see an updated snapshot of their net worth at the click of a button, no matter where those assets reside.”