Fantastic Financial Planning (Part 3)

by Mandy | May 29, 2019

This is the final installment of a three-part series on fantastic financial planning. 
Read parts one and two of our fantastic financial planning series.
Simply ask them “What are you worried about?” or “What other things can we work on together?” Their answers can be the items you leverage to engage them in financial planning services or upgrade them to a higher level. If they do not have any answers, use the areas that are other people’s concerns, like retirement and taxes. Give examples of ways you have helped other clients (or you could be helping them) and share that they could benefit from the same things. Build up the value around the things they want help with. If you build up the value around what THEY want help with, the price will be irrelevant. You can easily use your menu of services to align the client to the appropriate price.

The best benefit for clients and your practice is to do ongoing financial planning incorporating an annual fee for your ongoing advice. Things constantly change in clients’ lives, the markets, tax laws, and estate laws. The instant you create a financial plan it is technically wrong and outdated. Things constantly change and the plan will never be 100% accurate. A plan is a snapshot in time with accompanying assumptions to act as a guide for financial planners to give better advice to clients and help clients make better decisions. Making clients aware of the constant change will help you align them to ongoing financial planning. Your menu of services can help you follow an ongoing service plan for your clients.
The most common barrier for financial advisors to deliver quality financial planning is the extra work involved. If you could have a multi-six figure lift in your practice would you figure out how to make it work? Top practices will often hire someone to help with a portion of the new profits, use an outsourcing service to complete financial planning documents and organize the advice or a combination of both. The end result is still profitable for business and better for the client!

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