Filling the gaps in a client’s financial plan

Sports fans have heard the adage, “The best offense is a good defense.” I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to detail.

This great defense is important for many reasons. It can mitigate professional liability, identify other service providers who are not doing a good job, and find many gaps that need attention. It also helps to strengthen a client relationship.

Do you realize that some of the largest firms in the country don’t allow their advisors to talk to clients about certain matters? Taxes are one of them. You’ve seen the disclosures: “This is not tax advice; seek qualified tax advice from … .” This alone is a slam dunk for CPA financial planners.

This defense turns to offense when you realize how tight your client relationships are. This offense gets a further boost once the word gets around that your service is distinct, and truly holistic. People will find you.

Now, let me share some of the more common gaps that I’ve seen in my 40 years of practice.

Speak Your Mind