The Craft of Financial Planning:
Ongoing Client Care and the Art of the Annual
Meeting
Elizabeth Jetton, CFP®
elizjet@yahoo.com
(c) Elizabeth Jetton, 2008
Agenda for Today
Context: The Nature of Planning
The Annual RENEWAL Meeting
Measuring Success
(c) Elizabeth Jetton, 2008
Context: The
Financial Planning
Process
The sixth step of the financial planning process:
6. Monitoring the financial planning
recommendations.
(c) Elizabeth Jetton, 2008
Context: Thoughts on Planning and
The Role of the Planner
“Your ability to understand and thoughtfully apply
the blended art and science of planning, to think
strategically, to lead others in living richly in the
moment while consciously co-creating the future, is
what places you and this profession at the vanguard
of a true revolution.”
Guy Cumbie, CFP®
(c) Elizabeth Jetton, 2008
Context: The
Roles of the Complete Planner
Strategic
Partner
Financial
Engineer
Filter
Facilitator
Coach
The
COMPLETE
Planner
Educator
Igniter
Manager &
Advisor
Advocate
Resource &
Connector
(c) Elizabeth Jetton, 2008
(c) Elizabeth Jetton, 2008
Our On-Going Value:
Supporting Life Transitions:
The Expected
The Unexpected
The Hopeful
(thank you Mitch Anthony and Carol Anderson)
(c) Elizabeth Jetton, 2008
Our On-Going Value:
Types of Life Transitions –
Work
Financial
Family
Legacy
Health
Meaning of Life
(c) Elizabeth Jetton, 2008
On-going Care and the Annual Renewal
Meeting
•Do you offer “a PLAN” or “Planning”?
•What is your process for keeping clients on track?
•For providing on-going value?
•Are you RE-ACTIVE or are you PRO-ACTIVE in serving
your clients?
(c) Elizabeth Jetton, 2008
Purpose of the Renewal Meeting
Create excitement and renew commitment
Renew discovery: life goals, concerns, challenges and
opportunities
Audit progress
Deepen the relationship
Review actions and value delivered during the year
Monitor and update financial plan modules
Get feedback and clarify expectations
Anticipate and prepare for life transitions
Celebrate and appreciate progress
(c) Elizabeth Jetton, 2008
The 7-Step Renewal Meeting Model
(c) Elizabeth Jetton, 2008
1. Strategic Preparation
Focus on the client’s opportunities
Gather and Review Data - send out a renewal meeting interview form
Make a Value Telephone Call
Hold Strategic Team Meeting
Prepare Meeting Materials
Create the Right Environment
(c) Elizabeth Jetton, 2008
The Meeting 2. Set Context and Purpose
Get the clients excited about their opportunity
Create value around your preparation and enthusiasm
for the clients’ opportunities
Flush out clients’ agenda
“What would make this a great meeting for you? What would have to
happen, to make it great?” -
Appreciative Questions, Ed Jacobson
www.edwardjacobson.com
Review your agenda for the day
(c) Elizabeth Jetton, 2008
2. Setting Context and Purpose
Frame and set context for the
conversation
Framing tells them how to listen
Context tells them why it matters
Clarify purpose: to review and
renew
Highlight progress and life goals
Appreciate their commitment to ongoing support
Set expectation for the day and the
future
(c) Elizabeth Jetton, 2008
The Meeting:
3. Discovery
What’s up in their lives?
“What are the highpoints since we met last?”
“What are you most proud of?” Happy about? Looking forward to?”
“What’s going particularly well for you in terms of the financial planning?
Re-paint the “picture on the box top”
Flush out new goals, concerns, areas of energy
and areas of lethargy
Alignment with spouse
Satisfaction with their progress and your services
(c) Elizabeth Jetton, 2008
Discovery
The foundation for relationship, inspiration and action.
Gives us critical insight into our clients’ experiences, alignment, expectations,
beliefs, fears, hurdles, dreams and understandings.
Serves the highest goals of the client
Provides a touchstone
Offers clarity
The springboard for getting agreement and action for results
(c) Elizabeth Jetton, 2008
4. The Meeting: Review and Renew
Create value, focus and momentum
Financial statements update
Audit progress
Scenario planning
Review and renewal of investment policy and performance in the
context of goals
Review and renewal of financial policies
Financial planning checklist for needed updates
New opportunities, challenges, transitions to address
(c) Elizabeth Jetton, 2008
5. The Meeting: Establish the Action Plan
Create alignment, accountability and movement
Outline steps and actions to further success and meet
goals.
Get agreement on action plan.
Appoint, assign and calendar.
Update expectations and discuss how success will be
measured.
(c) Elizabeth Jetton, 2008
6. The Meeting: Completion
Clarify, Confirm and Celebrate
Review their agenda items and flush out any
incompletions
Summarize the meeting, the decisions and action plan
Celebrate the accomplishments
Ask for feedback and clients’ appreciative take-away
“What have been your key take-aways today?
“What are you excited about?”
“How can we support you going forward?”
(c) Elizabeth Jetton, 2008
7. Follow Through and Follow Up
Be complete, deliver value, communicate
Team Debrief
Meeting Notes
Completing Action Items
Communicating to Client
Documentation
(c) Elizabeth Jetton, 2008
The Right State of Heart and Mind
Be prepared
Be intentional
Be interested
Be Present
Be Complete
(c) Elizabeth Jetton, 2008
Measuring Success Holistic Financial Planning
How do YOU define success?
How does your CLIENT define success?
(c) Elizabeth Jetton, 2008
Measuring Success Holistic Financial Planning
“Not everything that can be counted,
counts . . .
and not everything that counts,
can be counted.”
Albert Einstein
(c) Elizabeth Jetton, 2008
Measuring Success
What should the complete planner track?
Per Ross Levin’s The Wealth Management Index:
The Quantitative
Asset Protection
Income Protection
Debt Management
Investment Planning (Accumulation)
Estate Planning (Distribution)
(c) Elizabeth Jetton, 2008
Measuring Success
What ELSE should the complete planner track?
The Quantitative
The probability of success of meeting goals
Increase/change in net worth
Stability/change in income
Debt levels and ratios
Investment savings, return and asset allocation vs. IPS
Funds accumulated to meet specific goals
Compliance with planning policies
Completion of action items
In the context of what matters to the client and what you know to be in
their best interest
(c) Elizabeth Jetton, 2008
Measuring Success
What should the complete planner track?
The Qualitative – how the client feels, state of being
Clarity
Confidence
Well being
Alignment
Sense of freedom
Peace of mind
Contentment
Energy and vigor
Focus
Sense of worth
Balance
(c) Elizabeth Jetton, 2008
Measuring Success
What should the complete planner track?
The Qualitative – The OTHER resources they bring to
accomplish what matters to them Health
Human capital
Social connections and community
Knowledge
Wisdom
Resilience and flexibility
Awareness, consciousness
Time
Emotional intelligence
Family well being
(c) Elizabeth Jetton, 2008
Measuring Success Holistic Financial Planning
FREEDOM
CHOICES
THRIVING
VIGOR
ACCOMPLISHMENT
AWARENESS
MEANING
LEGACY
ACCUMULATION
EXPERIENCES
FAMILY
HEALTH
MAKING A DIFFERENCE
CONNECTION
RESILIENCE
(c) Elizabeth Jetton, 2008
Elizjet@yahoo.com
Elizabeth@rtdfinancial.com
(c) Elizabeth Jetton, 2008