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Easy Ways to Improve Your Financial Planning Practice Now!
- 1. The PlanPrep Recipe Welcome! Easy Ways to Improve Your Practice NOW! PlanPrep.com
- 2. Pickles Great to eat, but not be in. The PlanPrep Recipe PlanPrep.com
- 3. Agenda Time saving techniques to refine your process Make it easier for prospects to engage your services Discussing fees, templates, meetings, client service, and more! Prepare for presentations Perform powerful, inspiring service meetings The PlanPrep Recipe PlanPrep.com
- 4. The PlanPrep Recipe About Burt Williamson Registered Investment Adviser CRD # 139300 California Insurance License # 0D33315 AMEX Financial Advisors - 1995 CFP® Professional BA, Economics, Columbia University MBA, University of Connecticut College for Financial Planning PlanPrep.com
- 6. The PlanPrep RecipePerceptions Clients and prospects perceive things one way, reality is another. PlanPrep.com
- 7. The PlanPrep Recipe PlanPrep.com How well diversified most people think they are PlanPrep.com
- 10. The PlanPrep RecipeChange Your Mind “If you think you can or you think you can’t, you will always be right.” ~ Henry Ford PlanPrep.com
- 11. The PlanPrep Recipe Survey Your Clients What do they like most about your service? Provide a menu for them to grade you What would they like you to offer or do? Provide a menu of options PlanPrep.com
- 12. The PlanPrep Recipe Survey Your Clients Leave room for comments Implement what you can over time Share results with clients and prospects PlanPrep.com
- 13. Talking about Fees Money management fee only Commissions Only One-time fee for planning and a separate money management fee Ongoing planning fee and lower separate money management fee No charge for planning - money management fee only The PlanPrep Recipe PlanPrep.com
- 14. Client Relationship 1. Appointment Setting 2. Discovery Meeting / Data Gathering 3. Follow Up 4. Strategy Session / Implementation 5. Service / Reviews 6. Gifts & Recognition 7. Events The PlanPrep Recipe PlanPrep.com
- 16. Agendas One page Title Every meeting Be specific Paperwork Referrals Schedule next meeting The PlanPrep Recipe PlanPrep.com
- 18. The PlanPrep Recipe PlanPrep.com Checklists Process Checklist Macro - The steps or items Micro - The details Checklist of Materials Checklist for each aspect of process See the examples that follow
- 22. The PlanPrep Recipe PlanPrep.com Data Gathering Create an agenda Make it easy for you AND the client Checklist of Materials Personal Values Questionnaire Don’t rush the meeting! Set strategy session for two weeks out Touch base within three days
- 23. Client Budget Guess? Add up withdrawals Subtract savings from paystub Client spreadsheet Online program We suggest saving this for a recommendation - only if needed The PlanPrep Recipe PlanPrep.com
- 25. The PlanPrep Recipe PlanPrep.com Take the Pain out of Planning
- 26. The PlanPrep Recipe PlanPrep.com Questionnaires should deal with personal values, goals dreams and wishes … NOT account values. Questionnaires
- 31. The PlanPrep Recipe PlanPrep.com Use diagrams to explain the process, key concepts, and your investment philosophy. Diagrams
- 32. Gather and Analyze Data Strategize, Summarize & Write Down Measure Progress Implement Strategies Goals & Values Facts & Feelings The PlanPrep RecipePlanning Process PlanPrep.com
- 33. Goals & Values Facts & Feelings Make Changes The PlanPrep RecipePlanning Process PlanPrep.com
- 36. The PlanPrep Recipe PlanPrep.com Clarify them in your meeting, with you or your assistant writing them down - never the prospect. Assumptions
- 40. The PlanPrep Recipe PlanPrep.com Request acensus ahead of your meeting only. Go through a short questionnaire in the initial meeting. Either you or your assistant write down responses - never the prospect. Business Owners
- 44. Report Sections Disclaimer Current Financial Position Projections College Planning Retirement Scenarios Risk Management Estate Settlement Costs Appendix The PlanPrep Recipe PlanPrep.com
- 46. The PlanPrep Recipe PlanPrep.com What-If Scenarios Keep Current Home vs. Downsize Pension as Income vs. Lump Sum Different Social Security Start Dates Different Levels of Investment Risk Healthy Scenario vs. Needing Care Human Life Value vs. Funding Goals
- 47. Assumptions Be conservative Set defaults in software Create a baseline assumption template Social Security Tax on Retirement Assets after Death The PlanPrep Recipe PlanPrep.com
- 51. The PlanPrep Recipe PlanPrep.com Retirement Spending Safe withdrawal rate: 3%, 4%, 5% How long? One time and infrequent expenses Cars - Vacations Calculate maximum with the software use it as THEIR personal benchmark
- 54. The PlanPrep Recipe PlanPrep.com Make your reviews fast and easy for clients to see where they stand. Tracking Progress
- 57. The PlanPrep Recipe PlanPrep.com Recommendations Align your recommendations with the clients’ answers on the questionnaire Manage their money to their benchmarks Put your recommendations in writing Present everything on-screen
- 60. The PlanPrep Recipe PlanPrep.com Client Service Use a form that covers key topics Ask questions for future referrals Transcribe notes to CRM Survey clients every couple of years Send summary letter Give gifts for referrals Consider the overall client experience
- 63. The PlanPrep RecipeForms & Follow Up Checklist of categories to cover Space for notes Summary letter after meeting Changes made Advisor to-do items Client to-do items Next meeting (always!) PlanPrep.com
- 64. The PlanPrep RecipeChange “When you’re finished changing, you’re finished.” ~ Benjamin Franklin PlanPrep.com
- 65. The PlanPrep Recipe Your Partner in Change Please consider PlanPrep to assist you with managing the changes to your practice. call 650-730-6175 or visit PlanPrep.com Sorry … Pickles not included. PlanPrep.com