Lesson 5 | Goal Clarity (5:45 minutes)

Goal Clarity

Now, we're getting into documenting the client's goals from the Goal Clarity standpoint through Goal Achievement. The main components of that is the Goal Inventory worksheet, the Goal Detail worksheet, and Goal Achievement. So, starting out, taking the Goal Inventory worksheet and you have the list of those goals. Then, you should have a Goal Detail for every goal. So, if you take the Goal Detail worksheets and click on new goal in the application here, you can use the worksheet to enter in the information.

So, at the bottom of the worksheet, you have a goal name for each one of the goals. So, specifically here, we'll start out with financial independence. Later, we'll show you the Include in the Planning Map. It's right here on the right. We're gonna click that off because we're gonna include these into the Planning Map. Then, you can enter in the description, "To develop and execute an investment strategy," excuse me there, "That fits all of our goals." That's entered into the application there. Then, you can enter in data for and the responses to why it's important, the supporting resources, and obstacles. You enter in each one of those and then, you get down to readiness and you can click the Readiness Factor.

So, we enter in sample responses here, here, and here. We'll get into Goal Achievement in a few moments, but, as the process goes through, you're gonna be entering in the goal name and description for every single goal. And you're gonna click Save. So, for this tutorial process, I'll speed up this process and click in a new goal here. We're gonna talk about family legacy. This is gonna be a description of their estate plan, so we'll type in all the sentences there. I'm gonna Include in a Planning Map and then you can enter in all the information below that and click Save. You could start seeing how they're entering, coming right into this list.

Then, you could click New Goal and we have asset allocation and specific asset allocation.

Get very detailed on that. I'm not gonna type all the information in here to fill up the time here, but you're gonna type in all of their responses. And like in importance you don't wanna just write why. You wanna have a deep response. So, if the advisor just wrote why and you're going through the forms here, have a meeting with your advisor and say, "What is driving it?" If it's very important to them. Well, what does that mean to them? Try to get a little bit more detailed because the importance, supporting the resource and obstacles are really those driving influences that will help get their asset allocation, not only for them to understand it, but to implement it.Then, we click Save. So, now, you have your goals entered in here. You can reorder them any way you want them to show up on the reports.

You can drag and drop them, so you can put financial independence, asset allocation, family legacy, that's how we plan to present those to the client. Now, before you go any further, and part of this step-by-step process is that, you should generate an Affirmation Report within 48 hours of a discovery meeting so that you can get this report out to the client so that they could sign off on it before you start doing work on asset allocation or family legacy and doing all this work where they may not be as energized or it may not be a priority after they had a little bit of space from the meeting. So, you enter that information in here, go to the Report Section down here.

Go to the Affirmation Goal Detail or Profile. The Affirmation Goal Profile is just the list of the goals, the Affirmation Report with the detail is their responses to importance, obstacles, supporting resources, and readiness. We can jump down here and we're gonna click on the Profile, the list of the goals. We're gonna download that. Once that is downloaded, we have now our Affirmation Report. The Affirmation Report comes up and you send this off to the client for them to agree or disagree what the goals and having them sign off and date it. So, you can use the profile or detail, but, before you start doing a lot of assessments or work on a client's behalf, send out the Goal Affirmation Report, it's straightforward.

So, now, let me go back to the application here and go back to Goal Clarity. We have those goals there, click that off there and here are the goals, that's how you enter them in. Once the client signs off in the Affirmation Report, I'm gonna show you how to go back and finish off the goals and complete the Goal Achievement section.