Jeffrey H. Rattiner

Rattiner's Secrets of Financial Planning (eBook, PDF)

From Running Your Practice to Optimizing Your Client's Experience

• Format: PDF

Produktbeschreibung

Learn what it takes to be a success from the 'all-stars' of the financial planning and advisory profession Financial planning involves everything from determining the client's financial position, cash flow, and investment strategies, to income tax planning, risk management, insurance, and retirement and estate planning. Financial planners and advisors are responsible for recommendations and decisions that help people define and achieve their financial goals. Rattiner's Secrets of Financial Planning gives industry professionals the opportunity to hear and learn from 'the best of the best' in the field. Author Jeffrey H. Rattiner, a respected leader in Certified Financial Planning (CFP), shares real-world insights and expert advice from hundreds of top-level advisors in the financial planning industry. Readers gain firsthand knowledge of the challenges these successful planners have faced and how they continue to build their practices and reap success in a dynamic financial environment. This comprehensive resource includes templates based on what the best CFPs use in their practices for work programs, data quantification reports, asset allocation model portfolios, pro forma statements, and checklists for each technical financial planning discipline. Designed specifically for industry professionals, this in-depth book: * Offers CFPs and financial advisors proven advice and practical methods to take their practice to the next level * Includes contributions from and interviews with the leading advisors in the profession * Provides templates taken from the practices of high-level financial advisors * Explains the key ingredients for building a superior financial planning practice * Helps develop successful financial planners and strengthen profitable practices Rattiner's Secrets of Financial Planning: From Running Your Practice to Optimizing Your Client's Experience is an important resource for CFPs, CPAs, financial advisors, financial planners, and high-level corporate executives working in the financial services industry.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 384
• Erscheinungstermin: 14. September 2020
• Englisch
• ISBN-13: 9781119594260
• Artikelnr.: 60674963

Autorenporträt

JEFFREY H. RATTINER, CPA, CFP¯®, MBA, is a renowned author, speaker, and educator with over 31 years of experience as a trainer, mentor, industry liaison, tax professional, and financial planner. He is the recipient of numerous financial planning industry awards and is a leading innovator on financial planning educational programs. He is best known as the "lively and entertaining instructor" through his nationally acclaimed CFP¯® educational program, Rattiner's Financial Planning Fast Tr¯ack.

Inhaltsangabe

Foreword xxi

Preface xxiii

Acknowledgments xxvii

About the Author xxix

Chapter 1 Today's Financial Planning Profession 1

Overview 1

Financial Planner vs. Financial Advisor 3

What Are the "Expectations for Change" in Our Profession? 4

Financial Planning as a "Profession" 5

Landscape 7

Developing Human Capital: Training and Recruiting Techniques for Entering the Profession 10

Specific Ideas for Growing Your Skill Set in Our Profession 13

Compensation 15

Technology 16

Growth and Entry Into Our Profession: Buy vs. Build 18

Change in Regulation 20

Holistic Financial Planning 21

Changing of the Guards: The Expanded Family Base and Addressing Additional Needs 21

Planner Approach: "Cause vs. Effect" 23

Behavior Patterns: Making Sure the Client "Gets" It 24

Communication and People Skills 28

Chapter 2 How to Structure Your Practice 31

Office Procedures Manual 33

Office Expectations Strategies 35

What we expect from each other: 37

Accountability and Monitoring Client Progress 39

Determining the Type of Practice You Are Looking to Run 40

Operational Thoughts 42

The Setup: Establishing Your Business Entity 43

Development and Follow-Through of Your Business Plan 44

Strengths 45

Weaknesses 45

Opportunities 45

Threats 46

Development of a Marketing Plan 47

Life Coaching and Changing Behavior 47

Intellectual Capital/Structuring the Model Firm for the 2020s 50

Marketing 51

Know your target market 52

Set up a professional advisory board 52

Set up a client advisory board 53

Be dedicated in getting to know, understand, and motivate your clients 54

Find a qualified mentor 55

It's all about referrals! 55

Obtain a professional certification 56

Host a client event 56

Send out birthday cards, personal notes, and thank-you letters 56

Write articles, be featured in industry/trade publications, and speak to industry/trade groups 57

Make your website professional 57

Become an industrywide consumer speaker, starting with local employers 58

Start a blog 58

Chapter 3 Developing a Well-Thought-Out Personal Financial Plan 61

Getting Through to Our Clients: Making Sure We Are on the Same Page 63

Relating with Clients 64

Communicating with Clients 67

Nonverbal Behaviors 67

Listening Skills 68

Steps in the Personal Financial Planning Process 68

1. Learning and Understanding the Client's Personal and Financial Circumstances 69

Engagement letter 72

Our Tenets: 73

What We Deliver: 74

What We Expect from You: 75

Our responsibilities to you 76

Scope of engagement 77

Your responsibilities to us 78

Other considerations that are part of this engagement letter 78

2. Identifying, Evaluating, and Selecting Objectives 80

3. Analyzing the Client's Current Course of Action and Potential Alternative Course(s) of Action 84

Statement of financial position 84

Statement of cash flow 85

Effect on Financial Statements 87

4. Developing the Financial Planning Recommendations 91

5. Presenting the Financial Planning Recommendations 93

6. Implementing the Financial Plan 94

7. Monitoring the Financial Plan 95

Chapter 4 Di