Not wanting to be negative about lack of planning previously

[ReStart]

I am looking to start a position as an associate advisor next month at a small firm. I am an experienced planner, with a CFP, and I would be looking at going through existing client files and doing reviews to start.

This firm hasn't done a lot of planning in the past, beyond investment analysis - from what I currently understand - and many clients are blue collar workers without a lot in the way of assets.

My question, then, is how to best discuss the importance of planning, with clients who haven't had planning done with them in the past, without implying anything negative about the previous method of doing things? While I wouldn't be looking at a full fledged analysis for everyone, I would at least be reviewing their emergency fund, insurance coverage, wills and estates, etc. Do note that I have a high opinion of the advisor I'd be working primarily with, and he hasn't done a lot of financial planning in the past.

Thanks for any suggestions!

[Bob H]

I'd recommend you buy and read a few of the Nick Murray books. He has a wonderful way of discussing the importance of FP'ing.




Bob

[Bradly T.]

I provide planning for CPA clients, also many blue collar, working class clients. Some become investor/rollover clients too. Couple of suggestions; 1) you are adding a NEW service to improve client outcomes in an expanded issues menu - you don't need to explain what they weren't getting before, they were getting investment advice. 2) Charge something for the new service (or include for sizeable account minimums) - we charge 1% of AGI w/ $400 minimum/$1000 max (except business owners, second marriages, and large estates - no max there). This is annual retainer for ongoing access and once a year financial statements, benefit reviews, etc. Clients see value and participate. We also charge hourly for single issue consultation. This service binds clients to firm and they see taxes, estates, benefits, risk management as VERY important financial help.