The Fact:
Less than half of financial advisors have a formal process in place to update financial plans on a regular basis.

The Implications:
The process of financial planning and the associated software now available has broadened the appeal of a formal planning process for many advisors. And while brokers and planners have adopted the process for many of their clients, the plans are not necessarily updated on a regular basis. As a result, client circumstances may change without an associated change to the plan and advisors may be missing out on substantial opportunities.

The Idea:
Updating financial plans can be an onerous task and some successful financial advisory teams are hiring additional technical staff to support this process. These individuals are not responsible for new business or managing client relationships, but take over the time-intensive process of creating and updating financial plans. If you are providing clients with a plan, then it is reasonable to set a timeframe for updates, whether that be annually or every three years, depending on the needs of the client. Set specific timelines for plan updates, at the outset of a relationship, that are appropriate for each client. Immediately schedule the plan update into your contact management system. In this way your team will know to inform the client, book an appropriate meeting time or, perhaps, to update the client’s information in advance of the meeting.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.AdvocisStore.ca and click on the Business Success Kit.