If you just had a heart attack, how would you feel if your doctor showed up with a bunch of pamphlets on the greatest surgery tools and medications? Or if your doctor asked you questions about your health history, your conditions and how you feel? Our No. 1 goal is to get the clients to come to the office for our engagement meeting, not get a commitment to doing a plan.

This is where we set the stage and client expectations. We let them know we are their financial coach and quarterback. Most people start off with a collection of good ideas. Some turn out great, some not so great. It’s really a fragmented approach. Next is a segmented approach. The CPA does all the tax planning, the attorney does all the trusts, and the investment people do all the investments, and they don’t talk to one another. The client is responsible for asking all the right questions and putting it all together. Finally, somebody might come in from the outside and write a plan. This has two problems. One, the plan is obsolete soon after it’s delivered. Two, there are usually a couple dozen items that need to be done, and they usually only get one or two of these implemented. This is a static approach, outdated and expensive. It usually costs $10,000, $20,000, $30,000, $40,000, $50,000. Our solution is to get a LIFE: a Live Interactive Financial E-plan. That’s an attempt at financial humor.

Next is the engagement meeting. This is an opportunity for the clients to learn more about what you do and for you to learn more about them. The goal of this meeting is to come to an agreement on high-level goals and priorities and get them to commit to the next meeting, which is the fact-finding appointment. Identify the value you can add, and be specific in a few areas by doing their plan.

Encourage attendance by the spouse or significant other. They should already know this because you told them who is to attend what meetings in the first-time appointment. Oftentimes, the spouse is the one who really identifies with the process more or equally as much and increases client motivation. We rarely do an engagement meeting without the partner. If the partner does not attend, the goal of the meeting is to get them to come back and learn about our process together. Our success with only one person in the meeting is extremely low. If you cannot measure it, you cannot manage it.

The fact-finding and discovery meeting is often led by our paraplanner or chief onboarding officer. This accomplishes two things. One, it frees up your time; and two, they will often tell your paraplanner things that they may not tell you. Many advisors will say this is where they get the meat of the plan. And how could you possibly miss this meeting? It’s important to keep this focused on data gathering only. The meat comes in the planning meeting. The end of this meeting is where we give them the fee for their plan.

It is always presented as a “Columbo” close, like the old TV show. Almost as they are going out the door, we make it as benign as possible. We do not make it a big deal. We tell them that we will send them their engagement documents using DocuSign. Then we ask for a confirming email, even if we already have it. Or we will let them know that the documents will be ready to sign at our next meeting. Our new clients come in with stacks of paper. We tell new clients that their current situation is like watching a football game where there are no scoreboards. There are no referees, and there are no yard lines, but you might be winning or losing the game. This is our job. Our job is to come in and put down the yard lines, keep score and be the referees. We do this by using our financial planning process, using experts and sophisticated software that is third-party performance reporting and analysis technologies.

The fact-finding meeting is about 1 1/2 to 2 hours long. We’ve given them a “documents needed” list and requested some information. Our primary goal is to agree upon the main goals. It’s OK for just one person to attend.

What fees have they paid in the past to a CPA or financial advisor or attorney? This gives you an idea of how well they perceive the value of paying for professional advice. What did they accomplish with this? Was it of good value? We tell them upfront that this is sometimes the hardest part of the process. However, in this plan, the more information they give us, the better the plan will be. Just like in cooking, it’s best not to leave out what may be a key ingredient.

The planning meeting is where the meat really is. It’s usually about two hours, and the key is to keep open-ended questions going. Clarify and confirm the main goals, then the details of the goals. They may want to retire; that’s their main goal. At what age and how much are the details of the goal? Communicate your expertise in each area, and keep the client focused on one area at a time.

This is where we start to introduce the other members of our team and how they can help. Bringing them in early in the process can really get things sidetracked. Explain how everyone fits together. This is their plan, and these are the pieces we need to put their plan together for them. It also makes things a lot easier for the other advisors when they get the same identical information in a nice, organized manner. Emphasize the value drivers. These are the goals that they want to achieve.

In our strategy meeting, we present the plan, but we do not call it the “plan delivery meeting.” Always use “strategy meeting”; this conveys that we are just getting started. It’s approximately another 1 1/2 to 2 hours. It’s co-presented by us and the paraplanner, and we set the stage in expectations again. We explain that they will feel like this is getting a sip of water from a fire hydrant and say, “But don’t worry. We will review this, and you’ll be given an executive summary before you leave.” Walk through each section of their plan. Show the value of their plan that backs up to each goal and priority that they have chosen. Make sure you ask, “Is this what you want to do?” Get continual confirmation that everyone is still on the right track. Set the next appointment date for them to come back, review and get started.

Next are our implementation and review sessions. This is where we really get started. The meeting needs to be presented with excitement: “You’re now going to start reaching your goals.” Here is where the real relationship and work begins. It’s the action items — the clients’ road map, the first six to 12 months, the next one to three years, followed by three to five years and beyond. The clients have now had a week or two to digest and review their plan. We then ask them to walk us through their plan. This gives us a great insight into how well they understand their new plan. Then we focus on the action items, the clients’ road map. The clients tell us the order that they would like to proceed. We then may make a few adjustments to the order if needed.

In the first six to 12 months, we focus on insurance, cash flow and asset allocation. The next one to three years, we are looking at tax planning, retirement projections and benefits planning. At three to five years, we are looking at the accumulation goals, long-term health care and estate planning. And then, at five to 10 years and beyond, we are looking at business succession planning, charitable planning and legacy planning.

We now introduce our plan management program. Just like when you buy a nice new car, you can purchase an extended warranty and service program. The plan that we have built for them is a complete standalone plan. We have been compensated for the time, effort and knowledge we have put into their plan. If they would like, we can help them implement that plan, manage it and review their plan on a monthly or quarterly basis. We provide them with a menu of items that should be done each year. We then prioritize them, schedule them out and set dates for each meeting for the following year. We always have more items to go over than the time we have with them.

During your fact-finding appointment, you have found out what they have paid in the past for professional services, and you position your fee as a more valuable solution. You now have a good feeling about how comfortable they are at paying for these services. You ask them, “Who’s going to be responsible for getting all these items done? Does anybody have the expertise on your team currently?” and “Who knows the most about your entire situation and goals?” Then you ask the Dan Sullivan question: “If we are sitting here three years from today, what would’ve had to have happened for you to feel that you’ve had a successful relationship with us?” You position your fee as being less than what they are paying their receptionist or bookkeeper or whatever appropriate position in regard to your fee. Then you say, “We will get all this done on your timeline.” You then present the fee in a very low-key way: “So, we can complete all of your goals within the next three years for less than what you’re paying your receptionist. Is that what you said you would like to do?

Hawley H. MacLean, LUTCF, CLTC, is a 27-year MDRT member with 13 Court of the Table and six Top of the Table honors. He founded MacLean Financial Group in 1990, which focuses on multi-generational wealth management, and is an Excalibur Knight of the MDRT Foundation.