Lesson 3 | Delivering the Plan (3:01 minutes)
Delivering the Plan
So often when we're working with advisors, the question comes up, "How do I actually deliver a plan now that I've integrated these great deliverables, creating vision statements, doing values? I've got the Goal Achievement: goal, gap, recommendations, as well as, I might have an estate plan document. I have a financial assessment, I have some illustrations. I may even have some tax strategy. How do you deliver the plan?"
With all these deliverables you've got to realize that many of them have been discussed before with the client. You have already gone through vision and values. They understand it. You want to have those documents in electronic version or printed off so that you can review them if needed.
But the core thing is coming in and going to the Goal Achievement document. You might be presenting it on a screen electronically or a hard copy where it's documented, the client's goal, the gap that they're closing, and the recommendation for each of the goals.
That's the tool. That's the process of delivering the plan, is walk through the goal, make sure the client is committed emotionally to the gap. Is this really what they want to have done?
Once they have committed to closing that gap, that they understand where they are today and where they want to go in the future, and what is the difference between the two? Not having a will in place, not having a tax advantage strategy in place, they might not have enough insurance to cover income for education for children, they may not have a great asset allocation, currently have an asset allocation that's all in bonds, and that's not the right fit.That's the gap, and then, having the action steps. We call it the Place of Most Potential. That's the recommendations where you have documented the specific action steps. You go through each one of those goals, for each one of those goals, going through gap and recommendation.
In the recommendation, you may document in our Qualitate application, "See page 22 of our personal planning analysis," "See page 5 of this estate planning document or illustration." Inside the deliverable, you're going to be putting all the qualitative aspects of their life and the quantitative.
Now, when you deliver the plan, this is under a fiduciary relationship, you don't need to be specifically talking about the specific product. You need to make sure the action steps, what they need to purchase, how much they need to, and putting in a will and trust in place, they need to put a tax advantage strategy and have the client acknowledgement receipt of the plan. So we go through the Goal Achievement documents, the client acknowledgement receipt that they received the plan, and then, it's now getting into more of an advisory role. We're going to jump into the space where the client will hire us to go below the horizon to talk specifically about what solution, what products, what specific solution we're going to put in place, and that we're going to be the team to implement it.
Just as a recap, when you're delivering a plan, go to the Goal Achievement part of the plan and walk through goal, gap, recommendation first. Get their commitment to all of it, and then, you can go and reference all the other tools and illustrations and assessments that you have.
