When was the last time you thought about your role in your clients’ life and how what you do impacts their lives? Do you find ways to help your client protect their net worth and accomplish some or all of their financial objectives?
If so, how do you do this? Do you consider all questions, information and advice as it impacts and is impacted by your client’s entire financial and life situation? Do you look at various aspects of your clients’ personal financial situation, including retirement planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners)?
If you haven’t considered all these areas you might want to look at these steps and issues that may be important to your clients to ensure that the things that have become staples in their lives don’t become luxuries as they grow older.
Step 1: Setting goals with the client. This step (that is usually performed in conjunction with Step 2) is meant to identify where your client wants to go in terms of his finances and life.
Step 2: Gathering relevant information on the client. This would include the qualitative and quantitative aspects of your client’s financial and relevant non-financial situation.
Step 3: Analyzing the information. The information gathered is analyzed so that your client’s situation is properly understood. This includes determining whether there are sufficient resources to reach your client’s goals and what those resources are.