“Successful people are always looking for opportunities to help others. Unsuccessful people are always asking, what’s in it for me?” -Brian Tracy
The first year, when one considers hiring and hires a financial planner, is the most critical. The process cannot be winged. It can be flexible, yes. However, there must be structure in place. This time sets the tone. How do we do it right? How do we establish expectations and get the process started?
There needs to be three to six meetings in that first year. The CFP(r) Board of Standards has set out guidelines for how this process keeps the client at the center. For every meeting, there are clear goals and purpose. It should go something like this:
Meeting 1: Discovery Meeting
Purpose: For THE CLIENT to have a conversation and see if the firm is a fit.
Goal: For THE CLIENT to explore questions, concerns, and financial situation.
Goal: For THE CLIENT to view a sample plan and/or sample statements.
Goal: For THE CLIENT to establish expectations and determine best action steps.
Meeting 2: Financial Plan Delivery Meeting
Purpose: For THE CLIENT to build out their dynamic first draft Financial Goal Plan.
Goal: For THE CLIENT to fully integrate their goals, resources, investment strategy, and test results.
Goal: For THE CLIENT to begin customizing their ideal implementation strategy.
Meeting 3: Paperwork Signing Meeting
Purpose: For THE CLIENT to best implement their plan and investment strategy.
Goal: For THE CLIENT to receive and review all forms prior to signing.
Goal: For THE CLIENT to get implementation advice across all accounts and assets.
Meeting 4: 45 Day Meeting
Purpose: For THE CLIENT to discuss any questions after accounts have transferred.
Goal: For THE CLIENT to ensure expectations are being met.
Goal: For THE CLIENT to stay on track and discuss next phase of the process.
Meeting 5: Quarterly Statement Review Meeting
Purpose: For THE CLIENT to learn how to read/analyze their quarterly statements.
Goal: For THE CLIENT to see how the investment process fits into their Financial Goal Plan.
Goal: For THE CLIENT to learn how to evaluate long-term investment risk and return.
Meeting 6: Ongoing Financial Plan Update and Review Meeting
Purpose: For THE CLIENT to keep their Financial Goal Plan up-to-date and accurate.
Goal: For THE CLIENT to discuss any life events or changes that impact their plan.
Goal: For THE CLIENT to be heard and continue principled financial actions together.
Notice, it’s all “for the client.” It should be. It has to be. Expect it to be.
“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.” -Paul J. Meyer
