Lesson 6 | The Strategy Session Recap (2:03 minutes)
The Strategy Session Recap
The fourth best practice is this strategy session. This is the time that you meet together with the whole advisor team and develop strategies together. So first you're going to schedule that meeting when everybody can get together. You know to get everybody together may take ... it might be a couple weeks out before everyone can get together so you know how to do that. You're going to send out your discovery materials in advance so that everyone has a chance to look them over. If you have created that discovery report yourself, because that's part of your process, then that's a natural thing for you to do.
If you have not done that, if someone else has done that or you collaborated with some of the others to do that then whatever you have, send materials in advance so that your team can come somewhat prepared to know where the client is now and to give through and discuss what are our appropriate strategies for the client.
Now, during the meeting, we talked about your five discussion points. Remember you don't want to set an agenda but you do want to have discussion points. So, discussion point number one might be the financial situation of the client. Discussion point number two would be to review the client goals. Discussion point number three would be to brainstorm about strategies. And in that strategy brainstorming session, feel free to let the others be the smart guy in the room if you know what I mean.You don't have to have all the great ideas. In fact, it's probably better if you let the other ones come up with the ideas. Now you'll be prepared. You'll have your own ideas of what the good strategies would be but it's best if some of the other advisors bring those ideas up first. There'll still be plenty of opportunity for you to add value in this meeting.
The fourth thing you want to do in this meeting is build consensus on the best ideas because there will be way too many of them to implement. You can't implement a dozen ideas. You've got to boil that down to the best three, four or five perhaps. You want to build consensus around that. And finally fifth, you want to determine the next steps before you leave your strategy session meeting.