Mark McKenna Little s Ten Client Deliverables

Transcription

1 In support of the accomplishment of ideal client goals we have ten items we deliver to ideal clients consistently: Deliverable Delivery Plan Who 1. Roadmap: A complete and thorough annual update of your Roadmap (focus on client values, goals, and benchmarking of progress) Backoffice Activity: Annual Update of Every Ideal Clients Written Comprehensive Lifetime Plan Annually (document not given to the client): o Updated Capital Projections o Written Plan for Cash Reserves o Written Plan For each individual financial asset Money Management o Written Plan for each goal o Written Plan for estate Estate o Written Plan for the right kinds and amounts of all insurance Insurance (s) Each ideal client is assigned an annual review month for this update Goal: ten reviews per month No reviews in February or March (tax time) Trusted Advisor (TA) Ten Deliverables Page 1 r. 11/10/08

2 2. Implementation Plan: A step-by-step plan of action describing every action item envisioned by the Deliverables Team of experts after reviewing the clients comprehensive lifetime written fiancial plan. A simple chronological list of action steps required to create the greatest probability that you will stay on-track with your financial plan over the years. 3. Progress Reports: Delivery of a progress report to you. This simple summary of your assets is designed to show you the progress you are making benchmarked against the goals you have set for yourself Created / updated internally each year at the Deliverable s Team roundtable prior to each client s annual review. Delivered at each progress meeting. Simple 1-page reports generated prior to each progress meeting (3x per year) as follows: 1. Change in dollar values of all growth assets since the last progress meeting. 2. Value changes since the inception of our relationship. 3. Current values of growth assets as compared to the values required to achieve all goals shared. Director of Client Services (DCS) Ten Deliverables Page 2 r. 11/10/08

3 4. Growth Asset allocation & management: Two Asset Structure and Strategy discussions with you annually. The goal of this discussion is to give you the big picture about your financial situation, give you a summary of the strategy going forward and also to review your Implementation Plan with you (no performance reviews). 5. Income Tax : During the last two months of each year we will do serious income tax planning for you with two objectives in Mind: o Seek ways to reduce taxes, and o Make sure there are no surprises come next April. 1 st Discussion at each annual review Discussions prepared prior to each progress meeting anticipating important topics and preparing for any action items needed from clients. Target: No later than November 30 each year. Money Managem ent Tax Ten Deliverables Page 3 r. 11/10/08

4 6. Income Tax Preparation: During the first quarter of each year we will prepare your tax return for you. 7. Estate: Once every five years we will review and update your Estate Plan with the objective of: o Establishing a plan for your money to make it into the next generation and to survive beyond that, and o Create a structure that will bring your heirs closer together, as opposed to many Estate Plans which create animosity and conflicts about the money after you re gone. 8. Goal Progress: We commit to contacting you proactively prior to every goal date you have established to give you the game plan for the accomplishment of each of your goals. Target: all tax returns completed prior to April 1 st each year Within the 1 st twelve months of a new client relationship. Updated whenever laws are changed. Whenever the clients situations change. Estate documents fully reviewed routinely at least once every five years. Written Plan for each goal updated internally each year when financial plan is updated Interaction with client prior to each goal: As needed prior to each goal Full discussions once per year (at the Goal Progress Outlook Meeting) Tax Estate Ten Deliverables Page 4 r. 11/10/08

5 9. Cash and Debt Management: We work with you to establish adequate cash reserves to handle financial issues that come up in life. This involves establishing a debt elimination plan as well as major purchase assistance. For example, when it s time to buy a car, we want to help make sure you get a good deal on the price and we will make a recommendation as to the smartest way to pay for it. Buying or refinancing a house or any other major purchase would trigger additional help from us. 10. Comprehensive Safety (and Insurance) Review Review every kind of insurance and 1. Recommend the right kinds & amounts of insurance, 2. Be sure there are no coverage gaps which might endanger the financial plan, and 3. See what, if anything, can be done to reduce premiums for the clients. Internal written plans developed/ updated at least once per year. 1. Cash Reserves plan and 2. Debt Elimination plan annually Interaction with client regarding only action items resulting from the plan. Insurance Fact Finder sent out requesting information back from the client Phone interview with every Insurance Agent to go through the insurance review questions. Written recommendations are merged into the implementation plan and mailed to the client (after review and approval of the Trusted Advisor). Insurance (s) - usually 3 people: 1. Life, Disability, & LTC 2. Health Insurance 3. Property & Casualty Ten Deliverables Page 5 r. 11/10/08