The Craft of Financial Planning: Ongoing Client Care and the Art of the Annual Meeting

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The Craft of Financial PlanningOngoing Client
Care and the Art of the Annual Meeting

• Elizabeth Jetton, CFP
• elizjet_at_yahoo.com

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Agenda for Today Context The Nature of
Planning The Annual RENEWAL Meeting Measuring
Success
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Context The Financial Planning Process

• The sixth step of the financial planning process
• 6. Monitoring the financial planning
  recommendations.

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Context Thoughts on Planning and The Role of
the Planner

• Your ability to understand and thoughtfully
  apply the blended art and science of planning, to
  think strategically, to lead others in living
  richly in the moment while consciously
  co-creating the future, is what places you and
  this profession at the vanguard of a true
  revolution.
• Guy Cumbie, CFP

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Context The Roles of the Complete Planner

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Our On-Going Value
Supporting Life Transitions The Expected The
Unexpected The Hopeful (thank you Mitch Anthony
and Carol Anderson)
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Our On-Going Value
Types of Life Transitions Work Financial Fami
ly Legacy Health Meaning of Life
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On-going Care and the Annual Renewal Meeting

• Do you offer a PLAN or Planning?
• What is your process for keeping clients on
  track?
• For providing on-going value?
• Are you RE-ACTIVE or are you PRO-ACTIVE in
  serving your clients?

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Purpose of the Renewal Meeting
Create excitement and renew commitment Renew
discovery life goals, concerns, challenges and
opportunities Audit progress Deepen the
relationship Review actions and value delivered
during the year Monitor and update financial plan
modules Get feedback and clarify
expectations Anticipate and prepare for life
transitions Celebrate and appreciate progress

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The 7-Step Renewal Meeting Model

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1. Strategic Preparation

• Focus on the clients opportunities
• Gather and Review Data - send out a renewal
  meeting interview form
• Make a Value Telephone Call
• Hold Strategic Team Meeting
• Prepare Meeting Materials
• Create the Right Environment

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The Meeting - 2. Set Context and Purpose

• Get the clients excited about their opportunity
• Create value around your preparation and
  enthusiasm for the clients opportunities
• Flush out clients agenda
• What would make this a great meeting for you?
  What would have to happen, to make it great? -
• Appreciative Questions, Ed Jacobson
• www.edwardjacobson.com
• Review your agenda for the day

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2. Setting Context and Purpose
Frame and set context for the conversation Framin
g tells them how to listen Context tells them why
it matters Clarify purpose to review and
renew Highlight progress and life
goals Appreciate their commitment to on-going
support Set expectation for the day and the
future
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The Meeting
3. Discovery Whats up in their lives? What are
the highpoints since we met last? What are you
most proud of? Happy about? Looking forward
to? Whats going particularly well for you in
terms of the financial planning? Re-paint the
picture on the box top Flush out new goals,
concerns, areas of energy and areas of
lethargy Alignment with spouse Satisfaction with
their progress and your services
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Discovery
The foundation for relationship, inspiration and
action. Gives us critical insight into our
clients experiences, alignment, expectations,
beliefs, fears, hurdles, dreams and
understandings. Serves the highest goals of the
client Provides a touchstone Offers
clarity The springboard for getting agreement
and action for results
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4. The Meeting Review and Renew
Create value, focus and momentum Financial
statements update Audit progress Scenario
planning Review and renewal of investment policy
and performance in the context of goals Review
and renewal of financial policies Financial
planning checklist for needed updates New
opportunities, challenges, transitions to
address
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5. The Meeting Establish the Action Plan
Create alignment, accountability and
movement Outline steps and actions to further
success and meet goals. Get agreement on action
plan. Appoint, assign and calendar. Update
expectations and discuss how success will be
measured.
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6. The Meeting Completion
Clarify, Confirm and Celebrate Review their
agenda items and flush out any incompletions Summa
rize the meeting, the decisions and action
plan Celebrate the accomplishments Ask for
feedback and clients appreciative
take-away What have been your key take-aways
today? What are you excited about? How can we
support you going forward?
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7. Follow Through and Follow Up
Be complete, deliver value, communicate Team
Debrief Meeting Notes Completing Action
Items Communicating to Client Documentation
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The Right State of Heart and Mind

• Be prepared
• Be intentional
• Be interested
• Be Present
• Be Complete

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Measuring Success -Holistic Financial Planning

• How do YOU define success?
• How does your CLIENT define success?

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Measuring Success -Holistic Financial Planning

• Not everything that can be counted, counts . . .
• and not everything that counts,
• can be counted.

Albert Einstein
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Measuring Success
What should the complete planner track? Per Ross
Levins The Wealth Management Index The
Quantitative Asset Protection Income
Protection Debt Management Investment Planning
(Accumulation) Estate Planning (Distribution)

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Measuring Success
What ELSE should the complete planner track? The
Quantitative The probability of success of
meeting goals Increase/change in net
worth Stability/change in income Debt levels and
ratios Investment savings, return and asset
allocation vs. IPS Funds accumulated to meet
specific goals Compliance with planning
policies Completion of action items In the
context of what matters to the client and what
you know to be in their best interest
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Measuring Success
What should the complete planner track? The
Qualitative how the client feels, state of
being Clarity Confidence Well being Alignment Sens
e of freedom Peace of mind Contentment Energy and
vigor Focus Sense of worth Balance
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Measuring Success
What should the complete planner track? The
Qualitative The OTHER resources they bring to
accomplish what matters to them - Health Human
capital Social connections and community Knowledge
Wisdom Resilience and flexibility Awareness,
consciousness Time Emotional intelligence Family
well being
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Measuring Success -Holistic Financial Planning

• FREEDOM
• CHOICES
• THRIVING
• VIGOR
• ACCOMPLISHMENT
• AWARENESS
• MEANING
• LEGACY
• ACCUMULATION
• EXPERIENCES
• FAMILY
• HEALTH
• MAKING A DIFFERENCE
• CONNECTION
• RESILIENCE

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• Elizjet_at_yahoo.com
• Elizabeth_at_rtdfinancial.com

Thank you Go forth and do great things . . .