The advisor strongly connects with the client as they go through the financial planning process together. But as the firm grows, there might not be the time to construct the financial plan while focusing on other areas of the firm. When outsourcing the financial plan to a paraplanner, the advisor has more time to focus on other aspects, such as maintaining touch points with clients.
Some advisors may feel they lose the connection with their client when they do not construct the majority of the financial plan themselves. Here are two ideas for how to remain connected with the client while freeing up time by outsourcing the financial plan.
Have the Paraplanner Write a Detailed Report
One way the advisor can remain connected to the client is having the paraplanner write a detailed report on what they observed while constructing the financial plan. The report will cover what the paraplanner has learned about the client, and should include observations about the client’s financial situation, both areas where the client is doing well (excellent savings), and areas the client needs to work on (needs to pay off more debt). The report should also include information about the different scenarios the paraplanner has created and why they created them. This will help the advisor understand the client’s situation without having to spend hours creating the financial plan.
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Have a Meeting with your Paraplanner
After your paraplanner has constructed a financial plan, a meeting with them is a great way for the advisor to stay connected to the client. The meeting can serve two functions for both the paraplanner and the client.
First, the advisor can ask more questions to stay familiar with the client’s needs and concerns.
Second, the meeting can spark ideas for creating different scenarios, based on what the paraplanner and advisor have observed about the client’s financial situation and goals. The paraplanner can bring the advisor up to speed on what the client said in meetings during the planning process. In some cases, the client is more open with the paraplanner than with the advisor about certain areas of their finances.
In Conclusion
The financial plan is an integral part of the advisor’s practice, as it helps the advisor understand the client’s financial situation and progress towards their financial goals. These ideas to communicate with the paraplanner will help the advisor stay connected with the client while creating more space in their schedule. Ultimately, the advisor will have more time to serve more clients, and the firm can continue to grow.
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