Financial planning is an intangible service in that it doesn’t involve a physical product that clients can see or touch. In the past, there has been a tendency to make it feel more tangible by creating lengthy, complex financial plan deliverables that not only overwhelm clients but also quickly become obsolete.

Effective client deliverables should be client-centric, focusing on the individual’s unique circumstances, priorities, and aspirations. To scale this personalized approach, financial planners must systematize their processes and find simpler, more effective ways to present information.

Standardizing Templates and Processes for Efficiency

Top-performing financial planning teams understand the immense value in standardizing their processes and leveraging templates. By establishing a consistent approach, they can streamline their workflows, increase efficiency, and ensure a cohesive client experience.

One of the foundational elements is a comprehensive plan template that serves as a starting point for every client engagement. While this template covers all aspects of financial planning, from retirement projections to investment strategies, estate planning, and more, its beauty lies in the ability to personalize the deliverable for each client by simply removing irrelevant sections, customizing the template to align with the client’s specific needs and goals.

In addition to a comprehensive plan template, modular templates for specific topics can be invaluable. These focused templates delve deeper into areas like retirement planning, investment management, estate planning, or tax optimization. By having these modular templates at their disposal, planners can easily incorporate relevant sections into a client’s overall plan, ensuring a thorough and tailored approach.

Templating and standard practices extend beyond just the plan itself. Top teams also standardize action steps, observations, and tasks, streamlining communication with clients. These pre-defined templates ensure consistent language, clear expectations, and a seamless experience for both the planner and the client.

Segmenting templates based on client type, service offering, or life stage can further enhance relevance and personalization. For instance, a template tailored for young professionals just starting their careers would differ significantly from one designed for retirees or business owners. By aligning templates with specific client profiles, planners can deliver highly targeted and meaningful plans.

Balancing Depth and Simplicity in Plan Presentation

When presenting financial plans to clients, it’s crucial to strike the right balance between depth and simplicity. Overwhelming clients with excessive detail can lead to confusion and disengagement, hindering their ability to comprehend and act on the recommendations. Adopting the “less is more” principle can help ensure key takeaways are concise, digestible, and actionable.

Effective financial planners consider their clients’ diverse learning styles and tailor their approach accordingly. Some clients may prefer visual representations, such as charts and graphs, while others respond better to textual explanations or auditory guidance. By catering to these individual preferences, planners can enhance client understanding and engagement.

For annual review meetings or straightforward scenarios, a one or two-page plan summary may suffice. This concise format allows clients to grasp the essential points without being overwhelmed by excessive detail. However, for more complex situations, an interactive and collaborative approach can be invaluable. By guiding clients through the information step-by-step and encouraging their active participation, planners can ensure a deeper understanding and buy-in.

Leveraging Technology for Seamless Delivery

In today’s digital age, technology can be a powerful ally for financial planners seeking to deliver impactful client experiences. By leveraging the right tools and platforms, you can streamline the delivery process, enhance collaboration, and provide a more seamless and engaging experience for your clients.

One key advantage of technology is the ability to securely share plan documents and performance reports through client portals or vaults. These digital repositories not only ensure that sensitive information remains confidential but also provide clients with easy access to their financial data and deliverables at any time, from anywhere.

Many financial planning software solutions offer sophisticated reporting and visualization tools, allowing you to supplement written deliverables with visually compelling reports and graphics. These visual aids can help clients better understand complex financial concepts and scenarios, ultimately leading to more informed decision-making.

Perhaps most importantly, technology enables you to treat the financial plan as a “living” document, rather than a static snapshot in time. By continuously updating and refining the plan as circumstances change, you can ensure your clients’ financial strategies remain relevant and responsive to their evolving needs and goals.

Planning Is an Ongoing Process, Not a Destination

The financial planning process should be viewed as an ongoing journey, rather than a static destination. Life is ever-evolving, with new goals, challenges, and circumstances arising continually. As such, the planning process must be adaptable and flexible, capable of adjusting to these changes over time.

One of the key principles to embrace is that the initial plan should be seen as a foundational starting point, not a comprehensive end-state. It’s crucial to prioritize the most critical areas and objectives initially, and then incrementally build upon the plan as circumstances evolve. This iterative approach allows for more manageable and digestible deliverable content, preventing clients from feeling overwhelmed by an excessive number of recommendations or scenarios all at once.

Rather than presenting a plan as a static, printed snapshot, it should be framed as a “living” document that can be continuously updated and refined. Encourage clients to view the plan as a verb—an active, ongoing process—rather than a noun, a fixed artifact. Regular check-ins and reviews are essential to ensure the plan and the client’s takeaways remain aligned with their ever-changing life situation.

By adopting a client-centric approach, financial planners can enhance the value they deliver and foster stronger, more meaningful relationships with their clients. Tailored deliverables demonstrate a deep understanding of the client’s situation and a commitment to helping them achieve their objectives.

To learn more about motivating your clients to go from financial plan deliverable to action, watch our on-demand webinar Driving Client Motivation Through Accountability Strategies, or download our eBook, Motivating Clients to Act: a Guide for Financial Professionals.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

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