Financial Planning Process Survey (Timeline + Milestones (Survey Design by…
Financial Planning Process Survey
Timeline + Milestones
Delivery is August 31st (TKR White Paper Due Date)
Write-up on the blog
Write-up in TKR issue
Separate write-up for software companies to sell???
Call for Papers on FinTech (FP software adoption?)
How advisors actually DO planning?
Data Gathering by July 31st
Initial data review
Survey Out June 4th
Blog post on Survey
Social Media push (throughout June)
Potential follow-up email push???
Email or other push via partners???
FP Magazine or IN???
NAPFA or FPA?
Survey Design by May 15th
Crafting & Reviewing Questions
Choose Survey Software
Load into Survey Software
Length: 30 minutes max, 15-20 ideal?
Key Topics for Research Investigation
How do advisors actually DO financial planning?
Do they actually follow the 6-step FP process?
How do they DO data gathering?
Gather data in person or send in advance?
3rd party software (e.g. PreciseFP)
Paper form to print and complete?
How do they PRODUCE a plan?
What planning software?
Produce the plan in software, or Word, or Excel? Or a blend?
WHO produces it? Use of paraplanners/associate planners?
Plan creation process
Paraplanner creates & advisor reviews
How do they DELIVER the plan?
Printed in advance?
Live/collaborative with software?
In their office vs at the client?
Who's in the room? Solo vs associate planner included?
How do they MONITOR?
Annual plan updates?
Ad-hoc vs total plan updates?
TIME to complete
How much time does it take to complete each step of the process?
How many meetings do you DO?
Preliminary plan presentation
Final plan presentation
How do they CHARGE for planning?
Separate planning fee?
Included in AUM?
Paid for at implementation?
Advice-Only fee (no AUM or products?)
Typical hourly rate (if they charge one?)
Financial Planning Software
What software do they use?
List of FP softwares
Do they LIKE their FP software? (User Ratings)
Ease of Use
Depth of Analysis
Ratings by module?
HOW do they use it?
Who does the data entry?
Do you use it to print plans, or interactively with clients?
What is most important in FP software?
What do you wish it did more of?
Advisor Business Model
Independent RIA (owner/partner)
Size of firm
Profits??? (Profit Margin?)
Investment Management (AUM)
Investment Implementation (investment product sales for commission)
Insurance Implementation (insurance products)
Annuity implementation (annuity products)
Commission + Fee
Ask percentages of fee vs commission???
Master's Financial Planning
High-road - "academic grade" methodology
Survey design methodology