FINANCIAL PLANNING

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FINANCIAL PLANNING

• Guidelines to success
• For you
• And your clients
• Kyra Hollowell Morris, CFP, EA

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Coming together is a beginning. Keeping together
is progress. Working together is success.

• Henry Ford

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MIND YOUR PS AND QS

• P Process and Procedures
• Q Questions
• (The order is actually reversed)

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Questions

• Questions are the heart of it all
• The Firm or your practice
• - Question everything always Processes,
  procedures, quality of service, work environment
  and internal culture
• Clients
• The art of questioning keeps the conversation
  relevant

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The Firm

• Who are we?
• Our Purpose?
• Our beliefs?
• Our Values?
• Our desired clients?
• Our talents?
• Our structures?

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The Firm

• Does it all make sense?
• Does the way we perform our business reflect the
  answers to the previous questions

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The Firm Reflection - Process

• Review yourself often
• As you are performing your day to day activities,
  take time to reflect
• Review as a team often
• Use regular times to get together not to
  discuss operational tasks and functions, but to
  have critical conversations

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The Goofy Staff Meeting

• Every week we take an hour together
• We read books together
• We review those in our prayers
• Successes, Illnesses, Adventures, Deaths, Births
• We discuss charitable organizations that have
  contacted us
• We review our internal systems and processes
• We laugh a lot

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Annual Coaching and Mentoring

• Once a year (sometimes more if change is desired
  or eminent) use professional services to guide
  you, coach you, and evaluate you
• Big Picture
• Mission, Vision, Values
• Special Projects
• Marketing, Technology, Effective/efficient
  systems

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Professional Associations and
Study Groups

• Get involved in your professional associations
• Share with them your insights and talents
• Receive from them others insights and talents
• Study Groups
• Create or get involved with one that has synergy
  or purpose for you

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COMPLIANCE NOT SO BAD

• Use the compliance requirements to create the
  stage for ongoing questions and review
• This accomplishes a lot
• Culture of compliance
• blippin good knowledge of internal culture and
  systems that also reflect your desired being
• An overall better work place

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THE CLIENTS

• Are they the right ones?
• Do they fit who we are?
• Are we using our talents well to serve them?
• Do they put a smile on our face?

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The Clients

• Create systems for clients that
• create raving fans

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Get Them While They Are Hot

• New Clients
• Why are they coming to you?
• What are their goals and objectives
• Normal things
• Retirement, Children Education, Secure
  Investments, Catastrophic Protection
• Unique things
• 300 Acres in the Ace Basin for a hunting lodge, a
  zero-energy home, a piano recital as an adult for
  friends

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PROCESS

• Correlates with who you are your talents and
  desires for service
• Repeatable
• Trainable
• Easy to Communicate
• Ability to monitor success

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TUCK EM IN

• Our visual is a good night scene with a child.
• At the end of the process, they should feel safe,
  secure, and ready for a good night sleep.

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Prospect Initial No Obligation Meeting

• The prospective client meets with chosen planner
  or planner team
• The clients goals needs are discussed to
  determine if there is a fit.
• The services and the process for service are
  reviewed with the prospective client
• Fees are disclosed
• The prospective client may sign up immediately,
  leave with a copy of engagement agreement, or be
  referred to another

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Kick-Off Meeting

• The new client meets their service team.
• The client restates desired goals and objectives
• Investment 101 Our firms investment strategies
  are presented
• Other administrative work is completed
• Account applications, transfer documents, other
  professional permissions,
• Review of data gathered so far and of other
  needed data

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Big Picture Planning Meeting

• The clients goals desires are described by us.
• Accurate, complete data and our working knowledge
  of its interplay is the focus.
• Initial scenarios are presented. The stories
  should be unfolding.
• The investment strategy and risk tolerance will
  be discussed and agreed upon

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Presentation Meeting

• For each area there are documented observations
  and recommendations. More in depth scenarios
  help create the picture.
• A Summary is done
• Agreed upon recommendations, implementation
  actions with responsible party, time lines, and
  future appointments
• It is usually about 6 weeks to this point

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Follow-up to plan presentation

• The Firm takes on active role in ensuring that
  the plan recommendations are followed through.
• 1st qtr investment review is done with the client
  to show investment implementations and go over
  reports
• Additional meetings in person or by telephone may
  be scheduled if necessary.

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KEEP EM COZY

• The annual review process is designed to keep us
  engaged with the clients life
• A name we like is annual renewal process. This
  suggests that the conversation is still full of
  discovery and more questions
• Got the term from Elizabeth Jetton, CFP

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Annual Renewal Procedure

• Strategic Preparation
• The MEETING
• Setting Purpose
• Discovery
• Review and Renew
• Establish the Action Plan
• Completion
• Follow through and follow up

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Strategic Preparation

• Identify clients for next annual review
• Identify red flags (areas of high importance)
• Find gaps/holes in information
• Team meeting to discuss findings (i.e. pick
  other staffs brains)
• Client Call establish value
• Fine tune the current financial position data
• Strategic team meeting once all relevant info is
  gathered
• Create agenda observations
• Communicate the agenda to the client and set
  appointment

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Strategic Prep Identify Red Flags

• Go through clients prior financial planning
  documents and notes to determine
• Estate Issues
• Spending issues
• Dynamic portfolio (real estate / businesses)
• Major life changes, present and future
• Any unresolved issues or concerns

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Strategic Prep Client Call Value and Purpose

• Telephone call to client in regards to an annual
  review
• Let them know why they came to our attention
• Communicate to them- red flags/gaps we found
• Align our intention in this process

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Effective Meeting - Set the purpose

• Frame and set context for the conversation
• Framing tells them how to listen
• Context tells them why it matters
• Verbally layout the purpose
• to create excitement, deepen the relationship,
  review actions and value delivered, monitor and
  update financial plans, discover life goals, help
  optimize their resources, anticipate and prepare
  for life transitions.
• Review agenda and set expectation for the day and
  the future

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Effective meeting Discovery - Discussion

• Whats up in their lives?
• 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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Effective meeting Review and renew

• Financial statements update
• Goals audit progress
• Scenario planning
• Review of investment policy and performance
• Review and renewal of financial policies

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Effective Meeting Establish an action plan

• Create alignment, accountability and movement
• Outline steps and actions to further success and
  meet goals.
• Get agreement on action plan from everyone and
  revisit alignment of spouses. (If the solution is
  not immediately communicable, then hold off on
  advising until we have investigated further)
• Appoint, assign and calendar.
• Update expectations and discuss how success will
  be measured.

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Effective Meeting - Completion

• Summarize the meeting, the decisions and action
  plan
• Restate and Appreciate the accomplishments
• Ask for feedback
• Establish expectations for future evaluations and
  conversations

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Effective Meeting Follow through follow up

• Team Debrief
• Meeting Notes (Typed in ProTracker, and discussed
  at next staff meeting)
• Assign tasks for Action Items
• Send clients copy of meeting notes and tasks
• Continue thorough Documentation

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WE HAVE BEEN CALLED

• TO A JOYFUL SERVICE
• THAT ENCOURAGES PEOPLE
• TO DISCOVER
• CREATE
• AND
• MAINTAIN
• UNIQUELY OUTRAGEOUS LIVES