September 29, 2023


Learn Business From Experience

Flip ‘Plan Presentation’ Into ‘Plan Engagement’ Conferences To Generate Extra Focus And Reflective Questions From Shoppers

3 min read

One of many key steps within the monetary planning course of is presenting the plan to the consumer, which has historically been finished as a part of a single ‘plan presentation’ assembly that takes place as soon as the advisor has gathered and analyzed all the consumer’s information. Whereas this strategy might have made sense in a time when the ‘plan’ itself was largely restricted to funding suggestions (which the advisor would be capable of go on and implement themselves since they had been managing the consumer’s belongings), monetary planning has come to cowl an increasing number of areas of purchasers’ lives, with a widening breadth of monetary planning suggestions in type – to the extent that making an attempt to cowl the whole plan in 1 session can lead to an exhausting and overwhelming ordeal for each the consumer and the advisor.

On this article, Kitces Senior Analysis Nerd Meghaan Lurtz writes about what the latest Kitces Analysis examine on Advisor Productiveness reveals about how advisors take care of the problem of delivering an increasing number of info to purchasers, and the way it’s potential to maintain purchasers engaged within the technique of presenting monetary plans… with out resorting to longer planning conferences.

As the most recent Kitces Analysis reveals, advisors are more and more turning to collaborative monetary planning software program, which – a minimum of in concept – might help to maintain purchasers engaged by turning the planning assembly right into a back-and-forth dialogue versus a 1-sided lecture. Nonetheless, the hazard of counting on software program to facilitate collaborative monetary planning is that if both the advisor or the consumer is not acquainted sufficient with the software program to leverage its options, the software program can as an alternative be a blocking level for the advisor in delivering the knowledge (making it much less doubtless for the consumer to implement the recommendation, since they might not totally perceive it within the first place) whereas consuming up invaluable assembly time targeted on the know-how… and not the consumer or their plan.

One strategy that may assist create a extra partaking and productive plan presentation is to ‘flip’ the assembly in order that some (or most) of the knowledge is introduced upfront reasonably than throughout the assembly itself. By sending assembly supplies (together with suggestions) upfront up entrance, purchasers can take in and replicate on the knowledge on their very own time, liberating up assembly time to concentrate on questions the consumer has (which is able to presumably be extra considerate and related after spending a while to consider them, versus ‘on-the-spot’ questions that come up instantly after the advisor presents the knowledge). Not solely can sending user-friendly supplies (akin to brief video clips recorded in apps akin to Loom) assist purchasers higher have interaction with the monetary planning suggestions, however they’ll additionally assist purchasers set up a baseline information of the know-how required for key analyses (e.g., Monte Carlo evaluation) which may in any other case be obscure when first encountered in a plan presentation assembly. This enables the advisor to concentrate on the consumer’s plan and suggestions as an alternative of on how the tech is used.

Finally, sending planning and academic supplies to purchasers upfront helps advisors remodel the plan ‘presentation’ assembly right into a plan ‘engagement’ assembly. And since supplies despatched upfront solely must cowl the fundamentals, they do not essentially must be customized – that means that the advisor can create a handful of broadly relevant movies to make use of over and over to coach purchasers earlier than diving into the small print within the assembly itself. The web end result, then, may be not solely to scale back the period of time wanted for conferences themselves, but additionally to make the time spent within the assembly extra partaking and invaluable for the consumer!

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