I have been talking to a lot of financial planners about their businesses as of late and apart from the enormous and growing administrative and compliance burden – the topic of choice is invariably retaining and growing clients.
Vetting all your research and Statement of Advice can be time consuming given the delays by your dealer group’s compliance team, but is the wait worth it?
Would you feel comfortable showing your Fact Find or Working Papers to a client?
…there is another transparent area that should be of higher focus which will make your life much easier when dealing with clients going forward.
I thought to myself, “why do we need so many file notes all over the place for every category?”
Have you fallen into the bottomless pit of never ending despair while your authority to access information is being processed?
When I first started out in Financial Planning, I would assume that the clients would provide the necessary information such as assets, liabilities, budget and job information at the first meeting or after the meeting – depending on whether the client had that information available.
I don’t want to pay that much it’s too expensive!! Tell me you haven’t heard this before? This is the common response for any advice fee you put out to a client for your time, experience, and services…