Implementatie van het financiële plan

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This Best Practice supports ISO 22222 requirement 4.6 Implementing the financial plan recommendations '4.6'
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Thanks to PlanPlus and WEA for sharing their material for this Best Practices Guide. WEALogo.jpg





How to use an action plan

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Best Practice Principle: Regardless of your planning skills, your efforts are for naught if your client doesn’t read the plan, accept your recommendations, and implement your recommendations.

Best Practices should ensure that:

  • the implementation schedule is followed; or
  • if your client is reluctant to implement any portion of the plan, to uncover the reasons for that reluctance, adjust the plan accordingly, and communicate the impact of the changes.

A plan should never be presented and left on the shelf.

Work the plan until the plan is workable!












Your job is providing solutions that will improve the financial well-being of your clients. Therefore, you must be diligent in helping your clients understand that implementing the action plan is key to achieving their goals. An important tool is the action plan checklist.

An action plan checklist is critical

The action plan checklist formats and structures your advice. Every item is assigned a target date, responsibility, and a completion date. This then becomes the progress barometer. We will now examine an action plan checklist to see its effects.

Action Plan Checklist
When Who What Date Complete
Now Joe Advisor

Roger Louise

Concurrence with Strategy – Your Personal Financial Strategy will form the basis on which decisions will be based in the future, thus it’s important that you concur on all aspects of the strategy as described in this document.
Aug/2003 Joe Advisor

Roger Louise

Target Asset Allocation – Based on your Investment Policy Statement, begin to reposition your existing assets based on the following asset allocation:
  • Cash Equivalent: 5%
  • Canadian Fixed Income: 15%
  • International Fixed Income: 5%
  • Canadian Equities: 30%
  • U.S. Equities: 25%
  • International Equities: 20%
Aug/2003 Joe Advisor

Roger Louise

Planned Savings – Structure your savings as follows:
Description Existing savings New savings Total savings
Roger’s Spousal RRSP $1,000 $0 $ 1,000
Louise’s RRSP $5,000 $0 $5,000
Louise’s Non-RRSP $0 $4,000 $4,000
Education Savings $1,000 $1,400 $2,400
Mar/2011 Joe Advisor

Roger Louise

Additional Future Savings – You currently have a mortgage on your residence, which under your current amortization will be paid off in March 2011. Once this mortgage is paid off, redirect your former payments into non-RRSP savings in Louise’s name.
Aug/2003 Joe Advisor

Roger Louise

  • In the event of Roger’s death, there is a capital shortage of $450,000.
  • In the event of Louise’s death, there is a capital shortage of $250,000

The following represents the appropriate type of coverage as well as the most cost-effective strategy for acquiring the required coverage:

Roger Louise Monthly
Increase Group Life Coverage $100,000 $ 18.00
10 -year Term Insurance $200,000 $250,000 $ 85.00
Level Term to 100 Insurance $150,000 $118.00
Aug/2003 Joe Advisor

Roger Louise

In the event of Roger’s disability, there is a shortage of $2,000 per month. The following represents the most cost-effective strategy to eliminate your shortfall:
  • Apply for $2,000 per month of new personally owned disability insurance.
  • Add waiver of premium rider to all personally owned life insurance contracts.
Mar/2004 Joe Advisor

Roger Louise

Portfolio Review – To ensure your portfolio is in balance with your target asset allocation.
Aug/2004 Joe Advisor

Roger Louise

Review your progress towards your objectives.

The action plan checklist shows that every component of advice is factually covered. No products are mentioned, and no detailed comparisons are made. Rather, problems are identified and solutions recommended. It is tempting to get into more detail, however, don’t turn the action plan into a sales tool. The action plan is a powerful implementation tool, a problem-solving mechanism, not a thinly disguised sales tool.