Financial Lifestyle Planning and Delivering the WOW factor

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Financial Lifestyle Planning and Delivering the
WOW factor

• Chair Lesley GodboltHead of Investment
  Partners, HSBC Global Asset Management
• Adam YoungFounder and Director, Dragonfly

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Financial Lifestyle Planning Delivering the WOW
factor

• Adam Young

www.dragonflyplanning.com
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Content

• What is Financial Lifestyle Planning
• What can Financial Lifestyle Planning bring to
  you and your business
• The transformation from commission to fees
  recession proof your business
• How to surprise, excite and stimulate your
  clients into action the WOW factor
• What can Financial Lifestyle Planning bring to
  you and your clients

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Outcomes for advisors

• Understand what Financial Lifestyle Planning
  means
• Justify how such a proposition naturally leads to
  fee-based work
• Clearly see the WOW factor possibilities
• See how this approach will energise you, your
  clients and your staff
• Ask the question whether Financial Lifestyle
  Planning is something your practise should
  embrace

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• What is Financial Lifestyle Planning all about?

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• Do you have them defined?
• When did you last meet one
• Have you ever brought a dream alive
• Do you know the difference?

• GOALS
• DREAMS

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• A Case Study
• Dragonfly

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Our Journey
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My training
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The decision to integrate Life Planning into our
financial management practice
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Key business elements
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Turn-key process
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Our business pre and post Life Planning
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• Life Plan

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• Primary Aim

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What do I value most? What do I want my
life to look like? What kind of life do I
want? What do I want my life to feel
like? Who do I wish to be? How would I
like to be with other people in my life (and how
would I want them to think of me)?
What specifically would I like to learn during my
life? What would I like to be
doing in 2, 5, 10, 20 years time? How much
money will I need to do the things I wish to do?
by when will I need it?
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• Strategic Plan

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Strengths 1 Clear Focus 2 Structure 3 Values 4
Vision 5 Systems 6 Teamwork
Opportunities to exceed plan 1 2 3 4
Weaknesses 1 2 3 4
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• Action Plan (one for the business and one for
  each member of staff)

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Outcomes

• Everyone knows what the company values are
• Everyone knows the direction of the company
• Everyone knows what needs to happen and in what
  sequence
• Everyone knows what action is required for the
  business to develop
• Everyone knows what they need to do to make it
  happen

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• What can Financial Lifestyle Planning bring to
  you and your business?

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How well do YOU do?

• What makes you stand out?
• Why do business with you?
• Are you meeting your business goals and plans?
• What do you actually offer?
• What do you actually deliver?
• Is it fairly priced (both for you and the
  client)?
• How is it delivered?
• Does it serve your own objectives and desires?
• Is it FUN???????

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Transitional management has brought to the
business......

• Clear structure, vision and focus
• Well-defined objectives
• Turn-key business model
• Scalable business model
• Means of building business value
• Exit strategy for business and future advisors

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Transitional management has brought to the
staff....

• Improved role definition
• Improved communication
• Involvement in strategy-making
• Improved job satisfaction
• Closer relationships with clients
• More cohesive team-work

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• What can Financial Lifestyle Planning bring to
  you and your clients?

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Transitional management has brought to the
client......

• No confusing messages they know what we offer
• Separate contracts for servicing and projects
• Completely client centered approach flexible,
  open and transparent
• Long-term advisor relationship focused on them
  not their money
• Active client feedback ensures we understand
  their needs
• Bespoke service clients can define the level of
  service they want
• These aspects all contribute to the WOW factor

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Delivering the WOW factor

• EXCELLENT SERVICE
• try to always exceed expectations
• TOUCH POINTS
• be interested in the client and keep in
  touch
• FEEDBACK
• listen to feedback and act on it

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What our clients said about us and the service

• We would like to take this opportunity to thank
  you for all your diligent care and invaluable
  advice, and to say how incredibly fortunate we
  feel to have someone like you looking after our
  affairs. It enables us to enjoy our retirement
  with confidence
• M S Ingall, Sevenoaks
• ...through sound advice and a keen interest in
  helping us to make our financial resources work
  to our best advantage , established a
  relationship of trust and mutual respect.
• Adams staff are always helpful and efficient.
  ...we are much richer and our financial security
  far greater than it would have been otherwise.
  Adam has got to know and assist us in the
  development and fulfilment of our familys
  aspirations
• H K Le Fanu, Hindhead

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What our clients said about us and the life
planning service

• Overall we found the process to be really useful
  in cementing in our minds what we really want and
  evaluating what we are really not that bothered
  about but always had on a to do list.
• It has given some real clarity about the degree
  of our financial stability. The cash flow detail
  was excellent.
• The time gaps were very valuable although we
  werent sure at the time. We also valued the our
  time which each meeting presented us time to
  talk about us, what we wanted etc. which is a
  discipline few couples afford themselves without
  someone presenting the opportunity.

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• WOW!
• This approach allows the client to define their
  goals, dreams and aspirations.

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• WOW!
• The process allows them to decide what is
  critical, most important and even urgent in
  achieving their life goals.

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• WOW!
• Only when the clients heartfelt objectives have
  been defined is the financial planning applied
  and THIS is the WOW factor.

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• WOW!
• This is what our clients perceive as our unique
  alignment.
• The basis of our real value to them is to ensure
  they stay on their journey.

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• The wave of change
• Treating Customers Fairly
• Retail Distribution Review

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Top 10 areas of importance

• Life Planning
• A helping hand in your overall financial planning
• Help in understanding the financial markets and
  economies
• Assistance in cash flow management
• A professional relationship centred around your
  goals and aspirations
• Education in financial products and planning
• Tax planning
• Creating sufficient income
• Assistance in creating an investment portfolio
• Estate planning

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Top 10 areas of importance

• Life Planning
• A helping hand in your overall financial planning
• Help in understanding the financial markets and
  economies
• Assistance in cash flow management
• A professional relationship centred around your
  goals and aspirations
• Education in financial products and planning
• Tax planning
• Creating sufficient income
• Assistance in creating an investment portfolio
• Estate planning

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Could this approach be used in your practice?
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Transitional management has brought ME (the
advisor and business owner) ......

• A way of achieving my own life goals
• Re-introduced a sense of fun into my work
• A niche business that facilitates my life plan
• More income for less work
• Life-work balance
• Longer and more frequent vacations
• Control
• No more treadmill

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So what makes a great life planner?
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What people skills are needed?

• Advisor skills
• Listen
• Understand
• Empathy
• Explain
• Communicate
• Enthusiasm
• Use of silence

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How about you?

• Embrace the life planning process into your
  business by becoming a Registered Life
  Planner...... or
• Apply Life Planning principles in your practice
  and outsource Life Planning for your
  clients.....or
• Improve soft skill sets for the future

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Why not try?

• Being Life Planned yourself and assess the true
  value it could bring to your clients

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Financial Lifestyle PlanningAdam Young
www.dragonflyplanning.com