In the next video, Rob is going to walk you through how to actually draw out and present the Planning Table to prospects.
We've introduced the concept, now you can see how this is actually presented to a prospect.
So, what I'd like to share with you right now is how we help families of business owners make, help them determine who helps them make financial decisions. So, we use a metaphor called the planning table. So, looking at all the individuals that help you make financial decision, who are those individuals and if we had them sitting at a planning table for you, who would be sitting at that table?
So, to help discuss that, we use an actual planning table. So, let me draw this out here. We have a planning table. Looking at that planning table, we sit there and put you both here, Joe and Lynn, sitting at that table. Now, looking at this table, there's really five core seats that we see that influence people making financial decisions. So, most families and business owners need to rely on somebody that help them do taxes every year. So, there's someone sitting in the tax seat giving you advice.
Then, with all of our clients, we recommend updating your wills and trusts and keeping that updated, and at different times in your life you're gonna get some legal advice and those individuals would be sitting in this seat at legal advice.
There's three other core seats that we see that influence families making decision. One is the planning seat. Who's helping you do financial planning, updating it every year, and using that as a benchmark for decisions?
Then another seat is investments. Who's helping you make decisions around your investments? It is asset allocation? Savings? Liquidations? Is there somebody that's trusted and that you're relying on a regular basis making those decisions?
Then next seat is insurance, helping you determine who do you need to protect when it comes to death, disability, critical illness, and other insurance needs. Do you have somebody that is trusted that you rely on?
So, these are five core seats that we think you should have somebody sitting in, and you may have a gap right now, or you may have individuals sitting in all those seats. When we look at planning, investments, and insurance, sometimes that can be one individual. One firm offers all of that. You just have them do things at a different order and at some point, you may have one person doing all of those, and they're trusted. Tax and legal we usually see sometimes those are separated out. Some firms that do tax planning actually do financial planning, so you can have somebody sitting in those two seats, one person.
Now, across the table from you, these seats here, and it could be many seats, it could be just a couple, and we call these the sales seats, where those people offer you a product or service, it could be very reliable, but it's not a service or something that you're relying on a regular basis. It's not something that you're relying on financial decisions throughout the year and calling on them. So, these people here can be very credible, but they're not sitting as close to you because you don't use them on a regular basis.
Then at some situations on a family is that you will have somebody that you may consider the most trusted advisor that when you're making decisions on these key areas of planning, investments, insurance, tax, and legal, that that is the gatekeeper that all the information goes through. So, you may have a most trusted advisor, you may not, but in some situations you don't have a most trusted advisor, you feel really good about the individuals sitting in these seats and how you're communicating that.
So, now that we've had this discussion here, I'd like to kind of go through with you and document this. So, we write your name down here and you can see here on this tool that we have, and we write down the key individuals sitting in these seats. We want to determine what their name is, what their specific role they're helping you with, and how were they referred onto your team? Did one individual influence the decision making with other individuals, or is it somebody outside the team that's helped you build your team?
So, for our firm here, we are looking to sit in one of these possible seats and through our decision making today, we're gonna determine where you may need immediate need, but in most cases in all the relationships we start with, we start with having a planning engagement and then gain other seats as we build a trusted relationship with you.
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