There are many ways to create a Financial Plan with your paraplanner but making sure you have a process is paramount in creating an effective plan that will work for you and your clients. Here is an outline that an advisor can follow to create a financial plan that works for the advisor and their clients.
Before the first meeting, have the paraplanner gather the necessary information to understand the client better. This means sending them a form to collect essential information that will help you construct the financial plan but will also help complete account paperwork for the client in the future. The paraplanner will send a link to the financial planning software to connect accounts to understand the client's financial situation better.
Paraplanner can check to ensure everything has been completed and can fill in any information that might be missing, such as accounts not connecting correctly in the planning software. Paraplanner will follow up with the client if they see any other information missing before the first meeting.
Having the paraplanner be in the first meeting with the client is crucial in understanding the client's goals and expectations. This will also allow the paraplanner to meet the client, and both the client and paraplanner will feel comfortable working together to create the financial plan. Another benefit will be that the paraplanner can also share notes with the advisor after the meeting.
During the construction of the financial plan, the paraplanner will create the plan based on the actions that come out of the first meeting and will ask the client for any information that might be needed. Once the financial plan is completed, the paraplanner will put together a one-page summary or plan so the advisor will fully understand how the client will reach their goals or what they need to do to achieve their financial goals.
Before the meeting with the client to go over the construction of the financial plan, the paraplanner will set up a half-hour or an hour meeting to walk the advisor through the plan. This will allow the advisor to be fully confident in presenting the financial plan to the client. In addition, this will enable the advisor to make minor adjustments or change recommendations before the meeting.
You can have the paraplanner sit in during the financial plan presentation so they can take notes and record any follow-ups that need to occur. This will help the advisor concentrate on what the client is saying and have confidence that the action items will be taken care of.
In conclusion, this is one way you can work with a paraplanner to ensure that the financial plan works for you, the advisor, and your clients. The advisor may give the paraplanner more or less responsibility when constructing the financial plan. However, finding a process between the advisor and the paraplanner is paramount in ensuring your clients are satisfied with the financial plan.
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