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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???
Journal articles?
Call for Papers on FinTech (FP software adoption?)
How advisors actually DO planning?
Data Gathering by July 31st
Initial data review
Data scrubbing
Data analysis
Survey Out June 4th
Blog post on Survey
Social Media push (throughout June)
Potential follow-up email push???
Email or other push via partners???
Bob Veres
FP Magazine or IN???
NAPFA or FPA?
Survey Design by May 15th
IRB Process?
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?
Fillable PDF
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
Advisor creates
Paraplanner creates
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?
As-needed 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?
Data gathering/discovery
Preliminary plan presentation
Final plan presentation
Implementation
How do they CHARGE for planning?
Separate planning fee?
Hourly?
Project?
Retainer?
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
Excel?
Do they LIKE their FP software? (User Ratings)
Ease of Use
Depth of Analysis
Breadth/Comprehensiveness
Ratings by module?
Retirement projections
Tax planning
Insurance planning
Estate planning
College planning
Budgeting/Cash flow
Interactivity?
HOW do they use it?
Who does the data entry?
Do you use it to print plans, or interactively with clients?
Gap Analysis
What is most important in FP software?
What do you wish it did more of?
"Demographics" questions
Advisor Business Model
Independent RIA (owner/partner)
Employee RIA
Independent Broker-Dealer
Employee Broker-Dealer
Bank
Wirehouse
Insurance Broker-Dealer
Insurance/Annuity Agent
Size of firm
Clients
One-Time
Ongoing
Revenue
Profits??? (Profit Margin?)
Services
Financial Planning
Investment Management (AUM)
Investment Implementation (investment product sales for commission)
Insurance Implementation (insurance products)
Annuity implementation (annuity products)
Compensation Model
Fee-Only
Commission + Fee
Commission-Only
Ask percentages of fee vs commission???
Designations
CFP
ChFC
CLU
CPA
PFS
Master's Financial Planning
CFA
CPWA
CIMA
MBA
Other
Methodology?
High-road - "academic grade" methodology
Sampling methodology?
Survey design methodology