In Monopoly, players accumulate as much real estate/equity and cash as possible while forcing fellow players into financial hardship and bankruptcy. But if you look beyond these cutthroat objectives, you may find lessons you can apply to your business and your clients.

INADEQUATE PLANNING

The first few times around the board, your goals are to spend money, accumulate property and collect $200. But if you try to buy all the big properties at once, you may soon find your large bills replaced by smaller ones. You may have to sell some of your properties or pay rent to another player. You might even land on those darned income and luxury tax squares. Perhaps going to jail doesn't sound so bad after all! All kidding aside, this is the turning point when you realize that you can't play the second half of the game the same way you played the first—strategy, wisdom, experience, risk management and planning may help you pull through.

The pre-retirees and retirees of the Baby Boom Generation face similar hurdles today. More carefree spenders than their "Silent Generation" parents, some may find themselves inadequately prepared for the distribution phase of their lives—especially in light of the severe market downturn. While markets have rallied and portfolio values risen, they're still far below numbers we saw at their peaks. These investors need a professional advisor skilled at asking tough questions and re-planning their futures.

Similarly, financial advisors who may have approached their business without a fully drafted plan—or those who are simply looking for an edge over the competition—may want to mortgage their property, so to speak. They should borrow some ideas from fellow advisors who have succeeded in a challenging environment.

ADAPTING YOUR GAME PLAN

Four Commonwealth-affiliated advisors recently shared with me some changes they made in their practices since the collapse. They have recast their services to address clients' altered needs.

Go beyond the role of delegatee. With all the attention given to the financial industry lately, it's no surprise that Rob King of The Capital Group in Hyannis, Mass., has seen a steady increase in the knowledge (accurate or not) his clients have of investing and financial planning. Now, his clients want to be more involved in their own decision-making processes. "So we, as a firm, are becoming more than just the place clients go to hand off their issues and expect us to make decisions for them. We're no longer just the delegatees or coordinators; we proactively address every aspect of their financial lives."

King's clients expressed interest in a documented approach that allows advisor and client to walk through the planning process together as well as look back at past decisions. To do so, he has reconfigured his intake process. This allows King to gather information from clients proactively. Having a documented record also helps him defend decisions in the face of client uncertainty, which has been rampant in recent months.

King often provides clients with tangible information that can help them make decisions based on risk management, taxes, estate planning and other financial needs. "For example, we review our investment objective document regularly, not just at the beginning of the relationship," he says. "Many advisors I have spoken with regret not doing this."

Don't avoid difficult conversations. Jonathan Wolff of Lightship Wealth Strategies in Wellesley, Mass., believes "nothing happens until you start with the truth." One of the most significant changes his firm has noticed is that clients today expect to have difficult conversations with you-and you need to address issues honestly to retain their trust and respect.

Wolff says, "We start by reviewing everything that has influenced the client's investment or planning decisions in the past, including legacy relationships with existing professionals. Clients need to understand fully the consequences of the decisions they made, even if it means terminating an existing relationship." Wolff says his efforts show prospective clients that he is focused on their financial comfort and that he is not afraid to let them know when their actions could derail their short- or long-term plans.

When working with existing clients, Wolff lets the plan, not investment performance, dictate the conversation: "I make a conscious effort to remove emotions from key decisions, letting logic lead the way," he says. "For example, we've added a new member to our team who is responsible for discussing long-term care with clients. This obviously can uncover many emotional issues. My role is to focus on the client's plan, educating and reinforcing all of the logical benefits to help the client make appropriate decisions." Wolff discusses important elements, such as cost and value, but he doesn't let these items become the focus of any conversation, as they can cloud long-term care decisions.