Gather the Client Data

From Planipedia

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

1. Confirming Goals
2. Collection—Modular or Comprehensive
3. Know Your Client
4. Checklist of Incremental Data Collection for Modular Planning
5. What’s In a File
6. Confidentiality, Privacy, Photocopying & Related Issues, Data Retention

After completing this section advisors will understand that:

• Following a diligent data collection process is the first step to gathering all of the client’s assets and securing all their business;
• Know Your Client rules are a business opportunity and a natural starting point for gathering meaningful information;
• This KYC starting point plus a small amount of incremental information enables advisors to produce a meaningful Investment Policy Statement;
• Systematic, incremental information gathering over time can easily provide the advisor with what’s required to produce a significant life goals analysis, retirement plan, death and disability analysis and estate plan.
• Each step provides successively higher levels of service for the client, with the client rewarding the advisor with increased assets, insurance placement, loyalty and referrals; and
• File maintenance, privacy and confidentiality, photocopying and data retention is all a well-defined process that is part of a well-run professional practice.