December 02, 2019

Updating clients financial plans and goals-based wealth management

Have your goals changed in the last 3 to 4 years? Asking people this question for years, I rarely get a no to the answer if their goals have changed. So if their goals have changed have you updated their plans in writing? How often do you update their financial plans? Most advisors don’t do it annually. What if you updated clients' goals annually? An easier task and more valuable to the client. Think about goals-based wealth management for your clients in 2020.

Do you have a goals-based wealth management process?

When I ask advisors this question, they usually ask what do you mean by a process? I answer by saying, a proven process, a script, tools, and illustrations to discuss clients' goals and uncover future goals. This is not fact-finding. This is helping clients put all of their goals on paper. Typically a client has 5-6 goals. The average advisor gets one or two, but the most successful advisors I meet with get all six goals clearly mapped out on paper for their ideal clients and prospects. They revisit their goals annually and put their goals into pictures on paper, and put plans together to help them achieve them. What are your six goals? How do you get all of the client's goals?

Do you have an implementation schedule?

Do you have an implementation schedule which is a checklist of items you need to do to reach your goals? When was it last updated? Does it have a list of current items to tackle, items in the next 90 days to accomplish, and items in the future to plan for? Or are you using the old school action list, which is just a list of things to do, and no timeframes to accomplish.

Probability

What is the probability of success in reaching all of your goals? 60 70 or 80 percent? Again rarely can people answer this question?

A financial Plan or goals-based wealth management planning?

Most financial advisors talk to clients about updating their financial plans. What does this mean? What is the benefit to the client? Instead, consider updating their goals to give them clarity around their future. What would be more valuable to you? More clarity and more goals for your future or an updated financial plan without updated goals? Don’t get me wrong a comprehensive financial plan is critical to your client's success, but you cannot update it without a discussion about values and updated goals.

Chicken or egg

What comes first updating all of your goals or updating a financial plan with current goals? It seems like some advisors either don’t want to have a deeper discussion and would rather focus on technical skills. That is where Robo-advisors come in. In the future, every financial advisor will have a day where they lose a client to a Robo-advisor. When that day comes or already has this should answer the question. Do you need to have more conversations about all of the client's goals, or do you need to update their financial plans? Updating financial plans and projections may not be as valuable and viable as having a conversation about getting your future clearly mapped out on paper by having a serious conversation.

Most investors have more than one goal. My goals planning checklist I use with elite financial advisors usually uncovers 6 goals on average from a client or couple.  How many goals are you getting from your

If you are interested in getting clarity around your future, let's have a goals discussion to help you map out your business future on paper.  

Here is a business list goals checklist below, start here and check off your goals, for your business.

Goals-based business planning

____ Lifestyle - Retire / slow down /  Take more time off
____ Ideal client acquisition  acquire more HNW clients
____ Ideal service processes – Deliver more value
____ Segment – More time with ideal clients
____ Time management – work on business more
____ Valuation  know the value and how to increase
____ Marketing and branding  – Creating a clear value promise 
____ Delegate – Team to do more / outsourcing 
____ Hiring – Expanding team/associates partners 
____ Communications Become a thought leader
____ Products – change the business model and products/ services
____ Conversations  – Practice critical conversations with ideal clients and master
____ Planning  – written business plan / marketing plan / marketing calendar 
____ Business – Investment / opportunity / firm
____ Career – education /   courses
____ Leadership – Firm or industry leadership roles

___ Less transactional clients

___ More revenue per client

___ Build a deeper Client acquisition process

___ Build a stronger Ideal client experience process

___ Implement Better technology

___ Delegate more and hire more staff support

___ Get better support from strategic partners / dealer / MGA / providers 

___ finally complete a Succession plan in writing and file it away

___ Plan my Transition in writing

___ Travel for business – attend conferences

How many goals do you have for you and your advisory practice? Most advisors I speak to, their goals have changed in the last 3 years. Have your goals changed? Maybe it’s time to update your business goals.

Practice management checklist

While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with? Get a copy of our comprehensive practice management checklist by going to our website   https://www.advisorpracticemanagement.com/about-us  or clicking here  https://practicemanagement.getresponsepages.com/

Or contact us to help get clarity around your goals on paper, and having the goals conversation by contacting grant at grant@ghicks.com or Let’s talk

click on the link to set up a call, https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat to help you get clarity around your future business plans.

 Advisor Practice Management’s goal 

“ Helping Financial Advisors take action, to create 10,000 comprehensive financial and investment plans for their clients”.  Ask your clients and prospects this question " What does a comprehensive financial and investment plan mean to you?  

Let’s work on your business together. Email us for your copy of our "Exclusive prospecting strategy checklist, or fee audit guide" to acquiring more ideal clients. Email grant@ghicks.com  

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

Suite 1625-246 Stewart Green, SW
Calgary, Alberta  T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com   

PS Where do you want to be in 3 years?

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