Process Flow for Creating and Presenting a Financial Plan.
Creating and delivering a financial plan using Conquest Planning involves a structured process designed to align with a client’s financial goals and circumstances. This process includes gathering client data, analyzing their financial situation, modelling scenarios, and presenting actionable strategies to achieve their objectives. By leveraging Conquest's interactive tools, financial planners can provide personalized and engaging plans that adapt to real-time feedback.
Overview of the Timeline
Below is a visual timeline outlining the duration and key steps involved in creating and delivering a financial plan.
KYC Questions
One of the first and most important steps in developing a financial plan is understanding your client’s financial situation and goals. This process typically takes 30 minutes to an hour for the financial planner to complete.
Asking KYC Questions
Financial planners using Conquest Planning should ask clients about their aspirations, such as buying a home, funding higher education, achieving a comfortable retirement, or starting a business.
It’s also critical to explore specific timelines or deadlines associated with these goals, as well as their prioritization—helping determine which goals are most urgent or important.
Additionally, discussing any lifestyle changes or major life events that could impact financial planning, like career shifts, marriage, or having children, ensures the financial plan aligns with their personal and professional trajectory.
Inputting Income & Expenses
Understanding a client's income and expenses helps create a realistic and sustainable financial plan.
Financial planners need to gather detailed information about all income sources, including salary, bonuses, and passive income, as well as any fixed or variable expenses, such as housing, utilities, and discretionary spending.
A comprehensive view of a client's assets and liabilities is also essential for assessing their financial health and planning for future goals.
Financial planners should ask about existing assets, such as savings accounts, real estate, investments, and retirement funds, while also understanding liabilities, including loans, mortgages, and credit card debts.
Setting Up the Goals
After gathering information on the client’s goals, aspirations, income, expenses, and assets & liabilities, the next step is to begin setting up the client's goals. This process typically takes 30 minutes to an hour to complete.
Inputting Client Goals
When inputting goals into Conquest Planning, financial planners typically focus on key areas such as Cash Reserve, Education, Financial Well-being, Legacy, Major Expenses, and Retirement.
These goal categories help create a comprehensive financial plan tailored to the client’s needs. Each goal is entered into the system, allowing the planner to model scenarios and set specific targets, such as saving for a child’s education, building an emergency fund, or planning for a comfortable retirement.
Implementing SAM Goals
Implementing SAM (Strategic Advice Manager) Goals in Conquest Planning allows financial planners to align their clients' financial strategies with clear, actionable objectives.
Once goals like retirement, education, or legacy are defined, SAM helps in setting specific milestones and creating a tailored roadmap for achieving them. Planners can adjust strategies based on ongoing assessments, ensuring that each goal remains on track.
By leveraging SAM, planners can provide clients with dynamic advice that adapts to their evolving financial circumstances and objectives.
Presentation
Once the Client Goals and SAM Goals have been implemented and reviewed, the next step is to prepare and deliver the financial plan story to the client.
Creating and reviewing the financial plan story typically takes about 30 minutes, with an additional 30 minutes dedicated to presenting the story to the client.
Finalizing and Creating the Financial Plan Story
To create the financial plan story in Conquest Planning, the financial planner begins by selecting a template that best aligns with the client’s goals and financial situation.
After choosing the appropriate template, the planner reviews the content and can customize it by adding or removing specific information to ensure that the story reflects the client's unique circumstances and objectives.
Presenting the Story
Presenting the financial plan story to the client involves walking them through the key components of their personalized financial strategy.
The financial planner explains the goals, recommendations, and steps laid out in the plan, ensuring the client understands how these align with their objectives.
This presentation is an opportunity for the planner to answer any questions, address concerns, and reinforce the plan’s relevance to the client’s long-term financial success.
