Concretizzazione del piano finanziario

From Planipedia

Thanks to PlanPlus and WEA for sharing their material for this Best Practices Guide.

How to use an action plan

Your job is providing solutions that will improve the financial well-being of your clients. Therefore, you must be diligent in helping your clients understand that implementing the action plan is key to achieving their goals. An important tool is the action plan checklist.

An action plan checklist is critical

The action plan checklist formats and structures your advice. Every item is assigned a target date, responsibility, and a completion date. This then becomes the progress barometer. We will now examine an action plan checklist to see its effects.

Action Plan Checklist

When	Who	What	Date Complete
Now	Joe Advisor Roger Louise	Concurrence with Strategy – Your Personal Financial Strategy will form the basis on which decisions will be based in the future, thus it’s important that you concur on all aspects of the strategy as described in this document.
Aug/2003	Joe Advisor Roger Louise	Target Asset Allocation – Based on your Investment Policy Statement, begin to reposition your existing assets based on the following asset allocation: Cash Equivalent: 5% Canadian Fixed Income: 15% International Fixed Income: 5% Canadian Equities: 30% U.S. Equities: 25% International Equities: 20%
Aug/2003	Joe Advisor Roger Louise	Planned Savings – Structure your savings as follows: Description Existing savings New savings Total savings Roger’s Spousal RRSP $1,000 $0 $ 1,000 Louise’s RRSP $5,000 $0 $5,000 Louise’s Non-RRSP $0 $4,000 $4,000 Education Savings $1,000 $1,400 $2,400
Mar/2011	Joe Advisor Roger Louise	Additional Future Savings – You currently have a mortgage on your residence, which under your current amortization will be paid off in March 2011. Once this mortgage is paid off, redirect your former payments into non-RRSP savings in Louise’s name.
Aug/2003	Joe Advisor Roger Louise	In the event of Roger’s death, there is a capital shortage of $450,000. In the event of Louise’s death, there is a capital shortage of $250,000 The following represents the appropriate type of coverage as well as the most cost-effective strategy for acquiring the required coverage: Roger Louise Monthly Increase Group Life Coverage $100,000 $ 18.00 10 -year Term Insurance $200,000 $250,000 $ 85.00 Level Term to 100 Insurance $150,000 $118.00
Aug/2003	Joe Advisor Roger Louise	In the event of Roger’s disability, there is a shortage of $2,000 per month. The following represents the most cost-effective strategy to eliminate your shortfall: Apply for $2,000 per month of new personally owned disability insurance. Add waiver of premium rider to all personally owned life insurance contracts.
Mar/2004	Joe Advisor Roger Louise	Portfolio Review – To ensure your portfolio is in balance with your target asset allocation.
Aug/2004	Joe Advisor Roger Louise	Review your progress towards your objectives.

The action plan checklist shows that every component of advice is factually covered. No products are mentioned, and no detailed comparisons are made. Rather, problems are identified and solutions recommended. It is tempting to get into more detail, however, don’t turn the action plan into a sales tool. The action plan is a powerful implementation tool, a problem-solving mechanism, not a thinly disguised sales tool.