Want To Offer Better Financial Advice To Your Clients? Start With Checklists And Flowcharts
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Show Notes
Michael Lecours, CFP® says that the origin story of fpPathfinder, a company he co-founded with Michael Kitces, is a bit humbling. He found that he was routinely forgetting to ask the right questions or giving slightly incorrect answers or missing timely opportunities for recommendations when meeting with his clients.
It wasn't that Michael was incompetent or lacking in financial planning skills... he is a Certified Financial Planner with over a decade of experience. It's just that there is so many things that a client might need to know about or do or not do at any given time. And the landscape is constantly changing.
So, Michael came up with a simple idea. He made a series of checklists and flowcharts that he would use during client meeting to ensure he "checked all the boxes" and kept things on track. Suddenly, he felt like he was delivering higher quality advice to his clients and he realized he was onto something that other advisors could use with their clients.
Resources Mentioned In This Episode:
- Advice Engagement Strategies: 4 Core Areas To Motivate Clients To Be More Active In The Financial Planning Process - This is a comprehensive blog post written by Michael Lecours and offers some great insight to the thought processes driving the fpPathfinder solution.
- Roger Pine and his company Holistiplan were mentioned a few times on this episode. Below are links to two podcasts featuring Roger:
- How to Increase Post-Acquisition Business Value by Adding Tax Planning Services on The Advisor Financial Forum Podcast by SkyView Partners
- Roger Pine of Holistiplan on Speeding Up the Tax Planning Process for Financial Advisors on The SoFin Podcast.