如何使用行动规划
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How to use an action plan checklist
Examine the action plan checklist. There are similarities between a medical prescription and the “prescription” being recommended by the action plan. For example, a doctor’s patients might ask about their blood pressure or cholesterol level. If either or both are outside normal or optimal ranges, the doctor will often prescribe medication. However, to relieve the condition, the patient must accept the prescription provided by their trusted physician and take it as instructed.
An action plan checklist should be used with your client in the same way. You have seen problems and identified solutions. This doesn’t necessarily mean that clients won’t question your recommendations. It will, however, move your recommendations from the realm of transactional sales, into that of problem solving.
Focusing your client’s attention on the action plan checklist
As previously noted, it is recommended for advisors to send the planning document to the client in advance of the presentation meeting. This is a powerful technique to maximize the “face-to-face” time with your client. Ensure that your plan has a cover letter similar to the one seen here. This approach ensures the client understands their responsibilities relating to review and questioning of the plan prior to your meeting. You can then answer their questions, and subsequently move to the action plan checklist.
This is valuable and saves time because you don’t have to review every page of the report verbatim. You can focus on the client’s questions, point out any highlights you feel are necessary to set the stage for the action plan, and then move right into the implementation process.
Effective use of action plan checklists is the difference between plans that sit on the shelf and those that are enacted. Using this process and sticking to it takes discipline at first. Once it becomes part of your regular mode of operation, you will find that your clients will implement all of your recommendations, all of the time.
Removing obstacles to implementation
That having been said, there will be obstacles to implementation, which vary from one client to the next. Many of them, however, can be managed. Let’s consider the following.
Poor follow-up – One of the major causes of client procrastination is inadequate or ineffective follow-up by the advisor. This might be simply a case of the advisor not having a good CRM (client relationship management system) in place or, alternatively, may be the result of inadequate client management skills. One of the most important things to remember when working with clients is to always set your next appointment before ending your current meeting.
Below are typical dialogues between an advisor and their client. These charts compare how not to do it and how to do it.
| Advisor: | So Roger and Louise, do you have any further questions about your action plan? |
| Client: | Well, we like what you’ve done for us here, but it’s a lot to digest. We’d like to think about it for a while. |
| Advisor: | Okay, that’s fine. I’ll let you take some time to review the recommendations and contact you in a few weeks to arrange to meet again to get your decision. |
| Client: | That sounds fine. |
| Advisor: | So Roger and Louise, do you have any further questions about your action plan? |
| Client: | Well, we like what you’ve done for us here, but it’s a lot to digest. We’d like to think about it for a while. |
| Advisor: | Okay, that’s fine. How about we set an appointment now, to ensure that things keep moving forward. During that meeting, I can answer any questions you have and then we can go forward from there. |
| Client: | That sounds fine. |
Looking at these two examples, you’ll see that the difference is subtle, but important. When a client says, “I want to think about it,” what they really end up doing is thinking of all the reasons for NOT going ahead. If you haven’t booked an appointment for the next meeting, they just might talk themselves out of a next meeting.
No implementation as a result of a “no buy in” – A client not embracing some aspect of the plan is another reason for inaction. It might be that they don’t agree with some of the assumptions or perhaps you have misinterpreted their original objectives. The key here is to always consider “no implementation” as being unacceptable to you as a professional advice giver. If the client is not implementing your recommendations – find out why. Below you can see, for example, some objections a client might have relating to an insurance recommendation and how their concerns can be addressed.
| Situation: | You have done a detailed “needs on death” analysis and identified that your client has a need for $500,000 of additional life insurance. This provides for their family based on an after-tax spendable income need of $50,000 per
annum. |
| Client’s reaction: | Client “hates insurance” and doesn’t want to implement the coverage you recommend. |
| Your response: | You tell the client that you understand the objection. However, not proceeding with the recommendation means that they are changing their objectives relative to the level of after-tax spendable income required for the family.
You further advise that you will rework the analysis to identify the family income available without the recommended insurance coverage. Express how important this will be so the client can appreciate how their decision to not implement the insurance recommendation will impact the family. You go back to your office and rework the analysis and identify that the family income after tax, without the insurance coverage recommended, would be $22,000 – much lower than the client’s original objective of $50,000. You return to the client and ask them to confirm that this is their new objective . . . $22,000 as opposed to $50,000. |
| Client’s response: | A client will typically review this and either agree that this revised objective is satisfactory or, more likely, will reconsider and acknowledge that implementation of the original recommendation makes sense since, in fact, the
goal hasn’t changed. In this case, the client was simply in need of further reinforcement that the coverage was indeed necessary to eliminate the problem you had identified (shortfall on death). |
Please note that this way of handling the avoidance of implementation didn’t accept “no” as an answer. The advisor reworked the client needs and implementation until the client confirmed their intentions. Remember to work the plan until the plan is workable!
Your engagement to provide service makes you responsible – Being engaged by a client means it’s your job to help them make good decisions as well as to help them to take the necessary steps to solve their problems. It’s also your responsibility to help the client reach resolution should they, for any reason, be reluctant to go forward with your recommendations. You might need to help your clients review their objectives to help them get their problems solved.
Liability waiver – There may be cases where the client admits that their goals have not changed, but all the same they just don’t want to allocate the necessary resources to purchase additional insurance coverage. This places you, as a professional, in the awkward position where you know what the client should do, they acknowledge that they should proceed, but still are not going to do so. In this case, one last step needs to be taken. It is to remove the responsibility of inaction from your shoulders and place it squarely on the client’s shoulders. This can be done through the use of a liability waiver form. A sample of a simple waiver follows.
Updating the action plan
When you create an action plan checklist, it typically covers 12 to 36 months. You can also have longer-term action steps. Once the current action plan steps are completed, you must create a
new action plan that incorporates the new action items identified. It is a best practice to NEVER have an expired action plan. You should always have an action item to help your client achieve their goals, which are almost always changing over time.
Liability Waiver Example
Liability Waiver [Date]
Roger Stewart & Louise Robert
123 Any Street
We have completed an analysis of your needs in the event of your death. We identified that you have a need for an additional $500,000 of insurance coverage for you to achieve your stated personal objectives.
After considering this recommendation, you have decided, against my advice, not to proceed with the implementation of this needed coverage.
This liability waiver hereby removes from me any responsibility or liability associated with your decision not to proceed with the recommended implementation. The recommended coverage was based on your declared goals. Please acknowledge that your decision not to proceed is contrary to my best advice.
Signed this __________ day of _______________________________________________200___.
| _____________________________________ | _____________________________________ | |
| Roger Stewart | Louise Robert | |
| _____________________________________ | ||
| Joe Advisor, CFP |
