Financial Advisors: 5 Easy Steps To Start Building Financial Plans For Existing Clients

Jul 7, 2023

Experienced Financial Advisors can start doing more financial plans for their clients by following these 5 steps.

Step 1: Review current client portfolios.

Begin by reviewing your current client portfolios to identify clients who may benefit from a financial plan. Look for clients who have complex financial situations or who have experienced significant life changes, such as marriage, divorce, or retirement.

Focusing on client cohorts can help you to optimize your time and be more efficient with your plans. The idea is to smart small with a few candidates.

For a more in-depth look into what specific elements of financial planning are often leveraged to grow the Advisory practice, please review this article that includes a case study video.

Step 2: Schedule a meeting with selected clients.

Once you have identified clients who may benefit from a financial plan, schedule a meeting with them to discuss their financial goals and concerns. This meeting will give you an opportunity to gather information about their financial situation and to understand their priorities. Continue to meet with your clients until you find one who is excited to get on board with having a financial plan created.

Step 3: Gather necessary information.

To create a financial plan, you will need to gather information about your clients’ income, expenses, assets, liabilities, and goals. Ask your clients to provide you with any relevant financial documents, such as tax returns, investment statements, and insurance policies.

This Financial Planning Toolkit will provide you with the foundational elements to begin in an organized and structured way.


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Step 4: Develop a customized financial plan.

Using the information gathered from your clients, develop a customized financial plan that addresses their specific needs and goals. This may include recommendations for investments, insurance, retirement planning, and estate planning.

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Step 5: Review and update the plan.

Review the financial plan with your clients, making sure they understand the recommendations and are comfortable with the strategies you have proposed. Update the plan regularly to ensure that it remains relevant and aligned with your clients’ changing needs and goals.



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Once you’ve been able to get started, you can continue to tweak and improve your process to not only increase your own efficiencies but to ensure you’re continuing to provide a superior client experience.

Assess the current level of financial planning offered.

The first step is to evaluate the current level of financial planning services provided to clients. This includes reviewing the types of plans currently offered, the frequency of plan updates, and the depth of the analysis provided.

Identify areas for improvement.

Based on the assessment, identify areas for improvement in the existing financial planning process. Consider the needs and goals of clients, and identify any gaps in the current planning process that could be addressed to better serve their needs.

Some Advisors send out surveys to their clients, to find out if they satisfied with their level of service, and to find out what they want and need from the relationship.

Develop a process.

Develop a clear process for delivering financial planning services to clients. This may involve creating a template for financial plans, setting a schedule for updates, and establishing a process for reviewing progress and making adjustments.

As your team grows, it will be crucial to have a process that can be documented and duplicated. This will keep your team efficient and consistent, plus ensure all clients receive the best possible service.

Leverage technology.

Take advantage of technology to streamline the financial planning process. This may include using financial planning software to automate recommendations and reduce the time required to create plans.

Ensure that the financial planning software you select is transparent, easy-to-use, easy-to-learn, and highly flexible for the best possible experience.

Communicate the value of financial planning.

Communicate the benefits of financial planning to clients and explain how it can help them achieve their financial goals. This may involve providing examples of how financial planning has helped other clients in similar situations.

Showing your clients “what-if” scenarios in real-time is an easy way to quickly demonstrate the value of financial planning. When you can show (rather than tell) what the impact of actioning your recommendations are, it’s much easier to articulate the value.

Many Advisors lead with financial planning, so that every new client that comes on board is prepared for this. Learn what strategies 4 top Advisors are using with great success to easily demonstrate the value of financial planning, grow their assets under management, and scale their practices by watching this Advisor Panel Discussion.

Set clear expectations.

Set clear expectations for clients regarding the financial planning process, including the scope of the plan, the frequency of updates, and the level of involvement required from the client.

Offer ongoing support.

Offer ongoing support to clients throughout the financial planning process. This may involve providing education and resources, answering questions, and providing guidance as needed. Financial plans are fluid and should be updated regularly. Those re-discovery meetings are an ideal way to uncover changing needs and further develop the relationship.

With the right steps in place, and the focus on making improvements to the process as you go, you will be able to efficiently create more financial plans for more clients.

Ready to create more financial plans for more of your clients? Start a 14-day Free Trial of Snap Projections today!

The Financial Advisor's Marketing Guide


The Financial Advisor’s Marketing Guide

Learn how to build an online presence, create and share valuable content, and engage with prospects and clients through email marketing.