My accountability coach recommended that I use the Financial Road Map® with all of my clients in order to gain practice and experience with the process. In situations, however, where I know that my clients do not fit my ideal client profile and in all likelihood will in fact be a fit, as clients for my comprehensive planning offering. Would my time be better spent prospecting for referrals with on profile clients who have experienced the Financial Road Map® for more ideal on profile clients like themselves?

Article ID: 35

Last updated: 20 Nov, 2019

It sounds like you are still in the 'experimentation' or dating phase with Values Based Financial Planning™, so I agree that you should start doing Financial Road Map Interviews™ with your best and better clients. And, I agree that you may have clients with whom you choose not to do Financial Road Map Interviews™ .

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What benefit(s) do you see (for your client or potential client) in creating the Financial Road Map® with you?

What’s a good ratio to strive for in terms of client talking vs. advisor talking during the Financial Road Map® Interview? I listened to my first Financial Road Map® Interview today and found that they talked for 60 minutes and me for 23 minutes, leading to a 73/27 ratio.

How often do you update the Financial Road Map® and what exactly is updated?

I have been following the script with Commitment to Hire Conversation ™ and detailing them exactly what they will get. We had a Follow-Up Meeting the other day with a client where we do a Risk Profile (legal requirement) and they were asking further questions around money management etc. Although they knew they were getting a plan they didn’t realize we handled everything (i.e. professional money management) and they said if they realized we did so much they would have been far keener to go ahead. Should we also have a list of client deliverables to show them?

After completing the Financial Road Map® Interview with friends to help me get more experience, they decided to get a financial plan done. I relayed the cost of completing the plan, but not the cost of an on-going relationship (as I was unsure that was the best time to have that discussion being fairly new to the process). I am meeting them Saturday morning to have a pre-planning meeting. What is the best practice for inviting them into my Ideal Client community at this point and discussing the annual fee (I am thinking $10K...this would be my first Ideal Client invite)?

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