Michael Wallin VP of Advisor Development
	The financial services planning process.

Continued from August Newsletter...

With all the new marketing programs, illustration platforms, and training curriculums Covenant has been introducing over the first half of this year, many advisors have been asking, “How can I maximize the services available through the Advisor Development team?” To best answer this question, let’s take a ‘walk’ through the financial services planning process. The planning process is a six step approach that each advisor should follow when working with a new prospect or when conducting periodic reviews. As we outline each step, I will share how the Advisor Development team can be best utilized.

This month’s article will cover steps four, five, and six in the process.

Step four in the process is "Developing and presenting the financial planning recommendations." In step four the advisor develops the recommendation(s) based on selected financial alternatives (i.e. annuities, life insurance, long-term care, registered investment products, and managed investment accounts) in an effort to reasonably meet the client’s goals, needs, and priorities. Once the recommendations are developed, the next step is to present the plan of action in a manner reasonably necessary to assist the clients in making an informed decision. This step differentiates “True Advisors” from product salesmen. Successful advisors enlighten their prospects with solutions to meet their retirement goals, needs, and priorities.

How the Advisor Development Team can assist you with the fourth step:

1. We can help you to identify the client’s goals, needs, and priorities through case design coaching calls and by incorporating the use of software designed to evaluate a client’s retirement income needs.
2. Our team can assist you in selecting the correct financial strategy based on the client’s time horizons and accumulation/decumulation needs.
3. Selecting the carrier(s) to use in the recommendation.
4. In the near future, CRP advisors who are properly U4’d with Brookstone Capital Management or Center Street Securities will have access to our team to assist in selecting registered products, portfolio selection, and insurance product solutions to meet the client’s overall strategy.

The fifth step in the process is "Implementing the financial planning recommendations." Implementing the suggested recommendations is accomplished by both the advisor and client mutually agreeing on the plan of action.

How can the Advisor Development Team assist you with the fifth step:

1. We can provide you with all necessary point of sales materials.
2. CRP’s Life and Long-term care department tracks all applications from submission to commission. If you have not written a life or long-term care case with CRP, then just give Marj and Joe a chance at your next case and you will see the difference!

The sixth and final step in the process is "Monitor and make changes to the plan as necessary." Policy delivery is not the end, it is the beginning. As an advisor you have the responsibility to periodically (at least annually) evaluate your client’s progress toward their financial goals. If an unexpected situation develops, you will be ready to make any necessary changes to get your client "back on track."

How the Advisor Development Team assist you with the final step:

1. We can assist you in identifying additional sales opportunities.
2. We can provide assistance on how to generate referrals through annual reviews.

Following the six step approach and allowing the Advisor Development Team to assist you will increase your proficiency and effectiveness when working with your prospects. This fundamentally sound financial planning process will set you apart from your competition. Eagles don’t flock, they soar. Set yourself apart from the competition one prospect at a time.

If you have any questions regarding these steps or need assistance from the Advisor Development Team, please give us a call. We are here to assist you in reaching your goals.