One thought on “Can someone please recap some best Wealth Planner practices for a client in accumulation

  1. Best practices for accumulating client:

    – Start with the retirement savings plan (RSP) and work your way to the right through the Asset Allocation tab.
    – Get the asset allocation for different goals.
    – Use the expected return for the suggested portfolio in developing retirement savings plan. or retrieve it from year to year based on the revised asset allocation.

    1. Create your own financial plan first. You have all the data you need to enter in the system.

    2. Before you start creating a financial plan, visualize a client’s financial situation and list critical questions that this client needs your advice on. This will help you plan efficiently.

    3. Start with goals based planning: Retirement Savings Plan (RSP), Insurance, Retirement Income Planning (SRIP) and other tabs on the green navigation bar are examples of goals based planning.

    4. Do cash flow based planning (Cash Flow tab) only after you have produced some goals based financial plans.

    5. Keep things in perspective. A financial plan provides a client certain guiding principals for taking action based on what we know today and to manage uncertainties. Monte Carlo simulations provide an idea around different possibilities toward uncertainties. The point is you don’t need to nail down every bit of income, expenses, and assets down to the pennies. For example, it is ok to

    6. Create an executive summary for each client. Under “Reports” tab on the right side, there is room to copy and paste or to type-in two pages worth of executive summary. Attached are a couple of samples that you can copy and paste. Make sure you press the “Update” button after pasting it.

Leave a Reply

Your email address will not be published. Required fields are marked *