At the recent Top Advisor Summit in Toronto, advisors heard ten outstanding advisors talk about their business - where it had been in the past, where it stands today and where they're taking it. A common theme across many of the presentations related to the positive impact of taking a "whole wealth" approach to clients' financial situations.

My July column in Investment Executive outlines the benefits and costs of taking a comprehensive view of clients' finances - and lays out what it takes to pursue this course of action.

Let's start by admitting that many of those in our business who call themselves "financial advisors" are financial advisors in name only - in truth they are investment advisors or insurance advisors who prefer the greater credibility of calling themselves a financial advisor.

Taking a wider view of a client's finances doesn't mean becoming an expert in the intricacies of tax and estate planning and charitable giving but it does mean doing at least things:

• engaging clients in conversations about more than just their investment or insurance situation
• having sufficient expertise to highlight problem areas and be able to talk about these with clients and their professional advisors
• developing a network of professional advisors in these areas to which clients can be referred if needed

There are of course reasons NOT to go the whole wealth route:

First, some advisors believe that most clients don't want or need broader advice.

Second, having broader conversations often means moving outside an advisor's current comfort zone and existing expertise.

And finally, I've had advisors talk about how time consuming it can be to get into in depth conversations about clients' total financial picture - and heard concerns about how they would get paid for this. Just talking to clients about their investment or insurance needs is a simpler conversation and can lead to a faster sale than getting mired down in the minutiae of their financial lives.

All this is absolutely true - if we're looking at things just from our point of view.

Look at things from our clients' perspective, however and we see quite a different story.

Research in this area is conclusive: Quite simply, a substantial and growing number of investors are looking for their advisor to talk about more than their investments or insurance needs . Instead, they're looking for advisors to simplify their lives by helping deliver a coordinated approach to managing their finances.

Taking a whole wealth approach has a number of benefits to advisors. By providing broader advice, you increase your value to existing clients and reduce the risk of client defection to someone taking a broader approach - and you'll have a competitive advantage in talking to prospective clients. You reduce your reliance on investment returns to drive client satisfaction. And many advisors find that their conversations and relationships with clients become more rewarding as a result.

For those who want to position themselves as whole wealth advisors, a number of things have to be in place:

1. The right mindset:

First and most important is to adopt a "whole wealth mindset".

2. The right skill set:

Many advisors who want to pursue this route will have to upgrade their knowledge level.

3. A focus on planning:

Most advisors who focus on comprehensive advice use a financial plan as the linchpin of their approach - you need to have the capability to develop and discuss financial plans with clients.

4. The right network

Advisors who take a comprehensive wealth approach typically work with a clients' accountant and lawyers to ensure coordination of clients' affairs. Where clients don't have these professionals in place and where the need exists, you need to have a network to whom you can confidently refer these clients

To read the full article, go to www.investmentexecutive.com.