How do I implement corporate assets into a clients Financial Road Map®? I have a client that has retained earnings in her business that I also manage. How does this work into the Financial Road Map®? How would I work with them as an Ideal Client? This client earns over $300k per year and she draws 120k out as her salary per year. Her husband is not a shareholder in this business and she prefers to keep personal and business separate. Would I do a Success Road Map® for her business instead?

Article ID: 338

Last updated: 20 Nov, 2019

Retained earnings from a business do not have a place on the Financial Road Map®. Money from the business is only relevant to the extent that it is distributed to the owner to spend, save, and / or invest. What does have a place, however, is the current market value of the business and a system for measuring the future value of the business. Business equity is often a substantial asset to fund future goals.

As you evolve working with the Trusted Advisor Toolkit and Mark Little you will learn more about these kinds of specifics.

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I have been running a "quarterback" model business for the last few years so hiring me to do what I’ve already been doing BUT much better shouldn’t even be questioned. However, most clients I have on a AUM fee, discretionary agreement. I'd like to present a new "flat fee" discretionary agreement, with formalizing me as the Trusted Advisor. Do you have an outline of items recommended in the agreement or examples I can give my attorney to create one for me. AND should I use the Commitment to Hire part of the Financial Road Map® meeting to have them sign to commit?

I have long-time clients who, for the most part, have been completing Financial Road Maps® with me. When I get to Commitment to Implement Conversation™ section, I haven't been asking for that firstly because I cannot charge a hard dollar fee and secondly, if I had a form for them to sign, the form would basically not have meaning as I work for Merrill Lynch and they would not approve of a form that the client to sign for implementing a plan. How do I handle this?

How does one “politely disengage” from existing clients with whom I no longer want to work? Perhaps an example?

I have conducted two successful telephone consultations resulting from mailing a Values Based Financial Planning™ book resulting from the Self Referral Process recently. Both prospects came to my office to complete their Financial Road Map®. When the prospects arrived, they brought their Values Based Financial Planning™ book and their Financial Road Map®. When I began the meeting, each prospect opened up their Financial Road Map® and now we had two Financial Road Maps® on the table. They were even completing their Financial Road Map® as I completed my copy during the recorded conversation. What should I have done or said that would have resulted in my Financial Road Map® being at the center of the table for the conversation?

I know you don't want us to "pick a scab" but on several occasions the prospect stays non committal on planning. At some point in the conversation shouldn't I point out what has gone well and what areas need addressed?

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