7. Umbrellas in a Downpour Prevent Immense Mess
Understanding the client’s situation, both quantitative and qualitative.
Identify goals with client.
Analyze current course and potential course of action.
Develop recommendations for client.
Present financial plan to client.
Implement the financial plan and recommendations.
Monitor the progress of the plan and adjust accordingly.
A mnemonic from a CFP candidate.
“I picked this mnemonic up while studying for my CFP exam. I’m not sure who originally made it up, but I’ve found it very useful to keep in mind as I support my team. I love using this mnemonic because it keeps the client’s entire plan in perspective. As we recognize patterns in different clients’ circumstances, human nature wants to rush and apply what we know in one situation to another situation. The mnemonic slows the process down enough to ensure we are evaluating the unique details that come with each client and their beliefs, strengths and weaknesses.” —Jessica McDonald, advisor administrative assistant, RFG Advisory in Vestavia Hills, Ala.