(c) elizabeth jetton, 2008 the craft of financial planning: ongoing client care and the art of the...

(c) Elizabeth Jetton, 2008

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

Meeting

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

Meeting

Elizabeth Jetton, CFP®[email protected]

Elizabeth Jetton, CFP®[email protected]


Agenda for Today

Context: The Nature of Planning

The Annual RENEWAL Meeting

Measuring Success


Context: The Financial Planning Process

Context: The Financial Planning Process

The sixth step of the financial planning process:

6. Monitoring the financial planning recommendations.

The sixth step of the financial planning process:

6. Monitoring the financial planning recommendations.


Context: Thoughts on Planning and The Role of the Planner

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®

“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®


Context: The Roles of the Complete Planner

FinancialEngineerFinancialEngineer

FacilitatorFacilitator

EducatorEducator

AdvocateAdvocate

Resource & Connector

Resource & Connector

Manager &Advisor

Manager &Advisor

IgniterIgniter

CoachCoach

FilterFilter

StrategicPartner

StrategicPartner

TheCOMPLETE

Planner

TheCOMPLETE

Planner


Our On-Going Value:

Supporting Life Transitions:

The ExpectedThe UnexpectedThe Hopeful

(thank you Mitch Anthony and Carol Anderson)


Our On-Going Value:

Types of Life Transitions – WorkFinancialFamilyLegacyHealthMeaning of Life


On-going Care and the Annual Renewal Meeting

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?


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


The 7-Step Renewal Meeting Model


1. Strategic Preparation

Focus on the client’s 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


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


2. Setting Context and Purpose

Frame and set context for the conversationFraming 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


The Meeting:

3. DiscoveryWhat’s up in their lives?

“What are the highpoints since we met last?”

“What are you most proud of?” Happy about? Looking forward to?”

“What’s 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


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


4. The Meeting: Review and Renew

Create value, focus and momentumFinancial 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


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.


6. The Meeting: Completion

Clarify, Confirm and CelebrateReview their agenda items and flush out any

incompletions

Summarize 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?”


7. Follow Through and Follow Up

Be complete, deliver value, communicate

Team Debrief

Meeting Notes

Completing Action Items

Communicating to Client

Documentation


The Right State of Heart and Mind

Be prepared

Be intentional

Be interested

Be Present

Be Complete


Measuring Success -Holistic Financial Planning


How do YOU define success?

How does your CLIENT define success?

How do YOU define success?

How does your CLIENT define success?




“Not everything that can be counted, counts . . .

and not everything that counts,

can be counted.”

“Not everything that can be counted, counts . . .

and not everything that counts,

can be counted.”

Albert Einstein


Measuring SuccessWhat should the complete planner track?

Per Ross Levin’s The Wealth Management Index:

The QuantitativeAsset ProtectionIncome ProtectionDebt ManagementInvestment Planning (Accumulation)Estate Planning (Distribution)


Measuring Success

What ELSE should the complete planner track?The QuantitativeThe probability of success of meeting goalsIncrease/change in net worthStability/change in incomeDebt levels and ratiosInvestment savings, return and asset allocation vs. IPSFunds accumulated to meet specific goalsCompliance with planning policiesCompletion of action items In the context of what matters to the client and what you know to be in

their best interest


Measuring Success

What should the complete planner track?

The Qualitative – how the client feels, state of beingClarityConfidenceWell beingAlignmentSense of freedomPeace of mindContentmentEnergy and vigorFocusSense of worthBalance


Measuring SuccessWhat should the complete planner track?

The Qualitative – The OTHER resources they bring to accomplish what matters to them -

HealthHuman capitalSocial connections and communityKnowledgeWisdomResilience and flexibilityAwareness, consciousnessTimeEmotional intelligenceFamily well being


Measuring Success -Holistic Financial PlanningMeasuring Success -

Holistic Financial PlanningFREEDOM

CHOICES

THRIVING

VIGOR

ACCOMPLISHMENT

AWARENESS

MEANING

LEGACY

ACCUMULATION

EXPERIENCES

FAMILY

HEALTH

MAKING A DIFFERENCE

CONNECTION

RESILIENCE

FREEDOM

CHOICES

THRIVING

VIGOR

ACCOMPLISHMENT

AWARENESS

MEANING

LEGACY

ACCUMULATION

EXPERIENCES

FAMILY

HEALTH

MAKING A DIFFERENCE

CONNECTION

RESILIENCE


[email protected]

[email protected]

[email protected]

[email protected]

mailto:[email protected]




(c) elizabeth jetton, 2008 the craft of financial planning: ongoing client care and the art of the...

Documents

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financial planning process

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craft of financial planning

science of planning

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meeting materials