3433-vol. 6 issue 2-3.pmd - iarfc

Volume 6, Issue 2 & 3 13
LIFE FOCUSED FINANCIAL PLANNING
David I. Leo, Performance Coach
Street Smart Research Group LLC
ABSTRACT
Increasingly financial advisors are challenged, and encouraged, to marry
what is known about a prospect’s life wants and needs with financial
data to show how the products or services offered will help the prospect
achieve goals and objectives. This is money in the context of life rather
than life in the context of money. To be successful, advisors must
consider strategies for in-depth client discovery and understand
Financial Life Planning, as well as financial planning. This article offers
a practical perspective on both.
As part of the coaching services offered by Street Smart Research
Group, LLC financial planners are encouraged to execute a “three meeting
process” with their prospects. The meetings are planned with the following
objectives.
• Meeting 1 is about building rapport and trust; uncovering the
prospect’s life needs and wants; and qualifying them emotionally
and economically as potential clients. This is a focus on the “right
brain” so the advisor gets to know who the prospect really is,
including their values, beliefs, priorities, hopes and dreams. Assuming
Meeting 1 goes well, the prospect is given homework, i.e., asked
to bring in (or have available for pick up,) their financial data:
brokerage and banking statements, insurance policies, tax returns,
estate documents, etc.
• Meeting 2 is an analysis of the prospect’s current situation to
uncover technical planning needs, review goals, and continue to
increase the advisor’s understanding of the prospect, and what they
want and why.
• Meeting 3 is a discussion of the plan as developed by the advisor,
which will marry what was learned about the prospect’s life wants
and needs in Meeting 1 with the financial data from Meeting 2. The
objective of this meeting is to show how the plan is going to help the
prospect get what they want and need. This is money in the context
of life rather than life in the context of money.
Practice Management