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How a holistic approach to wealth is changing the landscape for financial advisors

·4 min read
A holistic approach to wealth may help you achieve your financial goals.

Paid for by Prudential®:

Personal finance is... personal. But it can also be approached with a team philosophy, something Delvin Joyce knows well. A former professional football player, Joyce now works as a financial planner for Prudential Advisors in Charlotte, North Carolina, where he specializes in working as a teammate with clients across different life stages as they achieve specific financial goals, from buying a house to preparing for retirement.

His career shift is a good reminder that a financial planner can be the quarterback of your money, suggesting where your money can go to achieve maximum impact. Joyce shows that this can be done with a holistic perspective, where a financial planner takes a broad look at all of your finances, from your checking account to your 401(k) and alternative investments, like crypto, and then connects your money to your life goals.

Here, Joyce explains his process, why he has worked with Prudential for the past two decades and what to consider when applying a holistic perspective to your own finances.

A financial planner can help at any stage in life

Joyce says one common misconception clients have is they have to work out everything on their own before they see a planner. “If you have a cleaning person coming to your house, what do you do? You probably clean the house first. And it’s the same way with financial planners. But what I want people to know is: No, if you’re going to pay me to clean your house, let me clean your house.”

Cleaning your “financial house” means taking stock of where your money is now, how it’s performing and how to maximize its impact to achieve your goals. For people building wealth, this might mean meeting with a financial planner who is a fiduciary.

Not all financial planners are fiduciaries. But those who are have to put your best interests over their own, which means only advising recommendations that best fit your financial situation. This may mean charging a flat fee for service, rather than a fee that’s based on commissions. Joyce, for example, charges a 1% flat fee of taxable income. “This allows us to work with everyone, from people who are ultra-high net worth to people still building wealth,” he says.

Financial planner Delvin Joyce talks about how he uses a holistic approach to wealth with his clients.
As a financial planner, Delvin Joyce helps his clients reach their financial goals, from buying a house to preparing for retirement.

Understand your “why” — and ask about your financial pro’s “why,” too

Another thing Joyce appreciates about his career trajectory is the support he’s had to lean into his passions. During his career, Joyce pivoted from management into financial planning, in part because he wanted to work directly with clients. As he built his business, he also wanted to work with diverse communities. Joyce says that Prudential’s support has allowed him to uncover and work within his “zone of genius” — the areas that light him up, personally and professionally.

“I specially work with markets or communities associated with Prudential’s Black Consumer Initiative,” says Joyce, adding that Prudential’s commitment in bringing value to the underserved Black consumer segment to grow and protect wealth anchors his practice. “There are resources, tools and marketing items from Prudential I can utilize to go out and better serve the communities that are important to me,” Joyce says.

A “zone of genius” is personal. And it can be helpful for clients to understand what drives their financial planner. Similarly, your financial planner will want to know what drives you. Getting real about your hopes and dreams, whether it’s to buy a house or retire early, can help them navigate the best avenue for your money. Because money is emotional and personal, it can be helpful to go beyond the spreadsheets and the numbers and get into the “why” behind where your money is going and where you want it to take you.

It’s a journey, not a one-and-done meeting

The relationship between a financial planner and a client can be long and rewarding — something Joyce loves about the work. It can also be challenging to navigate on your own. “Clients have so many competing priorities. They’re saving for their kid’s college, they’re thinking about their own estate plan, they’re paying down student loan debt. And that’s where the comprehensive financial planning process comes into play,” Joyce says.

Part of Joyce’s process is taking clients through what he calls an education meeting, talking through all of the strategies, ideas and concepts he’s considering before delivering a financial plan. Then, clients may use Prudential’s eMoney app, which aggregates a client’s entire financial picture, so they can see their net worth on one screen. “Having an app keeps financial wellness front and center, rather than it being something that a client tunes into only when we meet,” he says.

But whether you track your finances on an app or through old-fashioned pen and paper, a financial planner can help guide you through financial moves and opportunities to help your money work for you — not the other way around.

From Prudential Advisors:

Prudential Advisors supports the growth and success of approximately 3,000 financial professionals, fee-based financial planners and financial advisors across the United States. The business enables financial advisors to deliver holistic financial advice by aligning industry­ leading resources, tools and experience with an open architecture approach to investment and protection solutions. To learn how Prudential Advisors can help grow your practice, please visit www.prudentialadvisors.com.

This article was paid for by Prudential and created by Yahoo Creative Studios. The Yahoo Finance editorial staff did not participate in the creation of this content.


Prudential Advisors is a brand name of The Prudential Insurance Company of America an its subsidiaries. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services(PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies.