Ironically, when talking to prospects and clients, I try to avoid the words “financial planning.” The term is imprecise and vague. It oversimplifies the depth and breadth of my work, and most clients and prospects don’t know what I’m talking about anyway.
Hi Reese. Thanks for highlighting this mental model and for expanding on it in the 3 subsequent articles. Most advisers would benefit from a guided group session to collaborate and fast-track the creation of a really good list of job statements (there would be a lot of overlap even if you have advisers with different niches). If you ever launch this cohort or course please drop me a note! Sincerely from South Africa
Reese, I think "jobs" can help us explain our value to both clients and prospects. Ironically, I was talking to a new client last week who was trying to get clarity on what we meant when we said "Financial Planning."
I'm not sure if these are great examples, but here are some attempts and some jobs I think we do for clients. Admittedly, even these are more vague than I like and the language may be too "cliche."
- Ensure you are maximizing your available retirement savings options
- Proactively coordinate your tax strategies with your overall financial goals
- Monitor your cash levels to make sure your money is working toward your goals
- Regularly review your insurance policies to make sure your family is still protected adequately
- Maximize your charitable giving through tax-efficient strategies
Does EFPS share these job and desired outcome statements for each of the Elements? As I read your example and thought of the various Elements, I thought it would be great if there was a manual for this.
Hi Reese. Thanks for highlighting this mental model and for expanding on it in the 3 subsequent articles. Most advisers would benefit from a guided group session to collaborate and fast-track the creation of a really good list of job statements (there would be a lot of overlap even if you have advisers with different niches). If you ever launch this cohort or course please drop me a note! Sincerely from South Africa
Thanks for this, Reese! It is the one last thing I needed for refining my processes with my new business partner.
Reese, I think "jobs" can help us explain our value to both clients and prospects. Ironically, I was talking to a new client last week who was trying to get clarity on what we meant when we said "Financial Planning."
I'm not sure if these are great examples, but here are some attempts and some jobs I think we do for clients. Admittedly, even these are more vague than I like and the language may be too "cliche."
- Ensure you are maximizing your available retirement savings options
- Proactively coordinate your tax strategies with your overall financial goals
- Monitor your cash levels to make sure your money is working toward your goals
- Regularly review your insurance policies to make sure your family is still protected adequately
- Maximize your charitable giving through tax-efficient strategies
Good post Reese.
I love this. This is fantastic. I can see this being a much better way to frame, position what we do from the outset. Thanks.
Does EFPS share these job and desired outcome statements for each of the Elements? As I read your example and thought of the various Elements, I thought it would be great if there was a manual for this.