Discovery Meeting
This meeting gives the planner the opportunity to obtain a much broader picture of the client’s values and goals. Mindmaps are now becoming a regular feature within client discovery meetings. Their use allows the planner to ask some key questions to the client such as:
- What are your personal, non-financial goals?
- What is important to you about money?
Fact finds, although relevant to the overall process, can detract somewhat from the overall client experience. Nowadays, planners regularly adopt the approach of asking softer questions first and then sending the fact find to the client between meetings for them to complete almost as their ‘homework’.
One crucial factor throughout the process is for the adviser to make sure that they collate detailed file notes. All too often, file notes will omit the ‘softer’ facts. If too much time has elapsed between the client meeting and writing up the file note, the end result can be that the information quickly becomes lost and/or diluted.
Files notes are an important tool in the client process. Not only do they provide a concise audit trail for risk purposes but they also present the support team with a clear background to the clients’ needs and objectives. If you currently use a file note template, an added section of ‘Actions for Admin/Paraplanner’, works well and provides clarity to the support team.
It may take more than one discovery meeting with some clients but, ultimately, the aim of this stage is to gain client commitment to proceed with the financial plan. It is also important to obtain as much detail as possible before you move on to developing the strategy which will underpin the planning process.
Strategy Meeting
The aim of this meeting is to outline the strategy required in order to meet the client’s objectives. Prior to this meeting a considerable amount of work will have been undertaken by the support team; from sending out letters of authority through to preparing the cashflow and financial plan.
Once all of the information has been collated, analysed and a strategy formed, you’re ready to present the client with the financial plan. This will include statements and analysis of net worth and a lifetime cashflow forecast showing a variety of scenarios. Additionally, this could include an action plan which summarises the process and actions points necessary to implement the proposed changes.
The strategy meeting should result in commitment from the client to implement the recommendations.
Implementation Meeting
Another meeting may then be held to implement the financial planning strategies. This will include completing the paperwork required to implement the plan. As there will be a significant amount of paperwork to be completed at this stage, you could include the administrator and/or paraplanner in the meeting process so that they can address technical and paperwork issues. This gives the opportunity for the client to engage with your wider support team and also to direct their queries to the most appropriate person.
In summary, key to the ‘perfect’ engagement process is consistency but also learning from your client experience and adapting the process accordingly. Developments in technology will also mean that your processes are ever evolving. If you adopt this approach, you will not only ensure that you remain professional in front of your client and build a strong brand for your business but also minimise the amount of ‘non value’ work that may arise from the engagement process.
About:
Tracey Underwood: Founder of PACE solutions
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