Best Practices

Thanks to PlanPlus Inc. for sharing their material to create this page.

Thanks to The Wealth Enhancement Academy for sharing their material to create this page.

Planipedia Best Practices Guide

Client Engagement

• The Engagement Process
• Letters of Engagement
  • Engagement Agreement & Understanding for Comprehensive Advisory Services
  • Engagement Agreement for Modular Planning Services
• Client Expectations
  • Welcome Letter
  • Assuring Goals Are Realistic
  • Assumptions Made in a Financial Plan
• Compensation Challenges
  • Fee Calculator
• Conflicts of Interest
  • Disclosure of Potential Conflict of Interest
• Complaints
  • How To File A Complaint
• Disengagement and Client Transfer
  • Notice of Dissolution

Gather the Client Data

• Confirming Goals
• Collection—Modular or Comprehensive
• Know Your Client
• Checklist of Incremental Data Collection for Modular Planning
• What’s In a File
• Confidentiality, Privacy, Photocopying

Clarify Current Position / Identify Problems and Opportunities

• Financial Planning Checklist: Identifying Problems and Opportunities
• The Investment Policy Statement (IPS)
  • Sample Investment Policy Statement

Advice and Recommendations

• Advice and Recommendations – Automation vs. Cognitive Thought
• Investment planning
• Life goal planning (retirement, education, and other capital goals)
• Cash and tax planning
• Risk management-Needs on death
  • Needs on disability
• Estate planning
  • Testamentary (upon death)
• Selecting Securities
  • Diversification by Approach or Style
  • Presenting the security selection
• Using Insurance Product Illustrations
• Presentation of the Financial Plan Report

Implementation of Financial Plan

• How to use an action plan

Review the Financial Plan

• Monitoring
• Client reviews
  • Review Questionnaire
  • Review Cover Letter
• Communications
  • Quality Assurance Survey
  • Client Segmentation