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What you can expect from this best practice:

 

• Continue to establish rapport and build trust with your client

• Reinforce and clarify client goals - what matters most to them about their money

• Follow up the ‘Is There a Fit’ decision with the fact-finding required to prepare a Personal Financial Organizer (PFO)

• Reinforce that you both made a well-informed decision about working together.

• Deliver your Introduction Process

• Set the stage for the 3rd Appointment and the delivery of the Personal Financial Organizer (PFO)

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The 2nd Appointment - Fact Finding

 

1. Print out a copy of the 2nd Appointment Process Graphic.

2. Review and customize the 2nd Appointment Confirmation Letter, which is sent out ahead of time to confirm the appointment details.  It includes a list identifying specific items the client should bring.

3. Include a checklist with the confirmation letter. Choose whichever works best for you:

   • A Checklist that dove-tails with your planning software (often ready to go)

   • The Basic Checklist

   • The Detailed Checklist (US Full Checklist or CDN Full Checklist)

4. Review the 2nd Appointment Confirmation Call.

5. Review and customize the 2nd Appointment Agenda. 

6. Review and customize the 2nd Appointment Advisor Script.

7. Rehearse conducting this appointment using the following: 

   • 2nd Appointment Agenda 

   • 2nd Appointment Advisor Script

   • Personal Financial Profile (the tool you have chosen for Fact Finding)

8. Identify who on the team will be responsible for each of the 2nd Appointment steps. 

   • Add this information to your New Client Checklist.

9. Add all 2nd Appointment scripts, resources and templates to your Procedures Manual.

 

Standardize Your Fact Finding Approach

 

1. Identify the standard tool you will use to conduct Fact Finding. 

2. If you have a Fact Finder that corresponds to planning software and covers all basis, continue to use it.

3. If you do not currently have a Fact Finder, investigate your options by examining the following:

   • Questionnaires available for planning software you currently use

   • Firm-endorsed questionnaires

   • Our sample Fact Finders:

     • Personal Financial Profile - US Version (Word) or PDF file

     • Personal Financial Profile - Canadian Version (Word) or PDF file 

4. Once you identify the fact finding tool that works best for you, use it consistently.

 

Risk Assessments

 

1. If you don't have access to a risk assessment tool, you may wish to use one found online or use our sample Risk Tolerance Assessment.

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Recommended Watching:

 

TED Talks: 

 

Start with The Importance & Value of the CHECKLIST by Atul Gawande

 

If you are unable to access this link directly from our site,

please go to www.ted.com and search this video directly.

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