I have heard several people say they do not give the actual financial plan to the prospect. What do they give the client? And, after paying $1500.00 to $5,000.00 for a financial plan how do they communicate to the client that they are not going to be given a copy of the plan?

Article ID: 140

Last updated: 20 Nov, 2019

It’s not about the plan. The plan is simply the documentation of the combined advice from your Deliverables Team about what action your clients need to take in order to achieve their goals and fulfill their values. The clients never see the plan. You work from a prioritized action list, give your clients the appropriate advice, and complete the appropriate paperwork for them to implement your advice. This is why it’s called the Implementation Meeting!

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When clients don't bring in any financial documents how do you... »

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I am struggling not discussing an ongoing fee in Financial Road Map® Meeting. During this conversation the clients ask me how much? The Financial Road Map® Meeting has been around 45 minutes so far and going well. I say $5,000 for the initial plan. They say what do you get? I then run through my 2 page letter of engagement which outlines upfront and ongoing service offering and takes another 45 minutes. After 1.5 hours I feel like the clients are tired and the "would you like to proceed” has lost its presence because of the meeting time. How do I avoid this? I would love to skip the letter of engagement all together, should I just briefly talk about deliverables team (which I have) best-in-class Subject Matters Experts. I am also struggling to understand in the Implementation Meeting how to address the ongoing fee is $1k-$3k per month and not go over the plan in any detail.

When clients don't bring in any financial documents how do you handle the ..."so this is what I've come up with" part of the Financial Road Map Interview™?

I had a client who referred three friends to me at an Implementation Meeting. After my client contacted her friends, one did not want to receive the Values-Based Financial Planning™ book. I am not sure here whether I should enquire at our next meeting to see why they did not want to receive the Values-Based Financial Planning™ book.

I completed a Financial Road Map® with this gentleman and his wife. He loved the experience and was very excited to go ahead and have us create an action plan. We requested additional information needed to complete the plan. I then received this email (see below). How would you respond? Thanks. Morning, Michele and I had the opportunity to sit down with an investment adviser yesterday and discovered that Optimal Performance is not only an investment company but also a financial planning firm. Embarrassing for me, as we have worked with Diane for over five years and she has helped us manage a myriad of financial challenges over that time. To realize that I have not fully taken advantage of her years of experience her expertise was "uncomfortable" to say the least. That said, Michele and I have decided not to continue moving forward with Ideal Life and re-engage Diane since we are already paying for that service. Additional, I am sure you can appreciate that we do not want to put our relationship with Diane in jeopardy especially after she has been a cornerstone for us. I have reviewed our chequing account and as of Friday, our cheque has not been processed and we would ask that it does not happen. We are prepared to pay a small fee for the work to date (including the Value-Based book) and will issue another cheque to cover that amount. I can have that available when I come to pick up our binder. As you witnessed, we were ready to make the move to see the plan and realize this a disappointing news however this is the right thing for us and aligns with the values we hold true.

When a client hires me I usually do a financial plan for free. Your program suggest that I charge for the plan. How do I go back and charge an existing client for a financial plan when I've already done one for them in the past? How can I start to charge a client for something that I have always given them for free. Is there something more detailed that I can offer them? Can I increase my service to the existing client? I need some ideas, maybe some top notch programs that will take what I offer them to a new level? I feel that there should be a reason why I am increasing their fee. “I am changing the way I am doing things” really doesn't sound like a valid reason to me. Am I wrong? Earl Nightingale said prosperity is founded on a law of mutual exchange. Anyone who contributes to prosperity must prosper themselves. To me that means that if I want to increase my income then I need to increase my value to my clients. How do I do that in the context of charging them a new fee?

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