When you’re building a financial plan are you thinking about YOUR perspective on finance, or YOUR relationship with your client? I certainly hope not! If you are, you are likely to build a plan that will leave your client confused and uninspired. We’ll show you how to create a tailored financial plan that your clients understand and love.
If you want a plan to be successfully implemented, you must understand your client’s unique relationship with finances and life goals.
The exact same life circumstances – age, income, family structure, spending plans and health status could call for two entirely different plans! How can that be possible?
Consider these 3 clients:
Client 1: grew up poor, sometimes unhoused, with parents who died young. He married a doctor who died unexpectedly in her mid 40’s but left the family well-set up with cash, property and insurance.
Client 2: immigrated to the US from a wealthy family in South America, but with no inheritance. She started a business and after an industrial accident had to retire early, but like Client 1, had savings, property and insurance.
Client 3: grew up middle-class and followed a typical professional path after college, eventually becoming a mid-level executive at a company that gave him a buyout when it was sold to a larger competitor. Like client 1 and 2, he wants to retire and has the same kinds of financial resources.
Despite what at first glance may look identical on paper, these clients have vastly different ideal financial plans. Client 1 deeply fears poverty in old age, and is willing to sacrifice short-term luxuries for long-term financial security. Client 2’s idea of luxury is having a modest lifestyle, where she can split her time between the US and her home country to stay connected with family and community. Client 3 aspires to enjoy an upscale lifestyle before retiring to a low-tax, low-cost retirement community.
The lesson here? A one-size-fits-all financial plan won’t cut it.
At PlanScout, we’re all about creating personalized financial plans that resonate with your clients. Here’s our friendly and approachable step-by-step approach.
How to create a tailored financial plan that your clients understand and love:
- Reconnect with Their Goals: Start by reaffirming your clients’ specific desires and priorities. This reassures them that you’re on the same page.
- Budget and Lifestyle Chat: Work together on a budget while considering their lifestyle preferences. This ensures that the plan aligns with their real-life needs.
- Problem-Solving Together: Address the financial challenges you’ve identified, focusing on easing their worries and helping them achieve their life dreams.
- Before and After Peek: When presenting the final results, include a before-and-after comparison. This visual representation shows the value added by the planning process, highlighting risk reduction and goal achievement.
- Yearly Check-In: Remind your clients that the financial plan isn’t a one-time thing; it’s an annual check-in to keep their financial dreams alive. Life can bring surprises, but with regular updates, you can adjust the plan to match their evolving dreams.
A solid financial plan is the foundation for a friendly and collaborative partnership between you, the advisor, and your client.
Most importantly, it addresses their current financial situation, future aspirations, and empowers smart decision-making while managing market ups and downs. Your value as an advisor lies in nurturing this client relationship, not in trying to predict unpredictable market outcomes.
So, as you embark on the journey of creating fantastic financial plans for your clients, remember that PlanScout is here to support you. I’m Raygar Khailany, the CEO, and Co-Founder of PlanScout. I invite you to explore our outsourced financial planning services. We make financial planning easy, fun, and visually engaging, delivering comprehensive financial plans in just two business days.
Crafting financial plans that truly speak to your clients’ unique financial perspectives is the key to success in the dynamic world of financial advisory.
Best of luck in crafting exceptional plans for your clients!
Raygar
CEO and Co-Founder PlanScout
PlanScout: Your Partner for Personalized Financial Planning with a Friendly Touch!
We provide outsourced financial planning services for licensed financial advisors, enabling them to accelerate their growth by delivering visually engaging and comprehensive financial plans within just two business days.
