How to Help Grow Your Practice with Holistic Wealth Planning - Month DD, YYYY
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How to Help Grow Your Practice with
Holistic Wealth Planning
Month DD, YYYY
Speaker Name
Speaker Title
Speaker Name
Speaker Title
Speaker Name
Speaker Title
For investment professional use. l © 2022 FMR LLC. All rights reserved.
Control your own destiny,
or someone else will.
JACK WELCH
Source: https://www.azquotes.com/quote/310711.
2 For investment professional use.
Today, We Plan to…
Illustrate the importance of embracing a holistic wealth planning
◼
approach in your practice
◼ Demonstrate how to apply a planning approach to your practice
Develop an action plan to identify clients to start with and ideas on
◼
integrating planning into your overall marketing and business
development plans
3 For investment professional use.
Embracing a Holistic Wealth Planning Approach For investment professional use.
Let’s Face It, to Grow Over the Long Term,
Advisors Should Consider…
Avoiding Providing an Meeting the
commoditization “offense” against shifting dynamic
and pricing competitive of customer
pressures business models needs AND
exceeding their
expectations
5 For investment professional use.
To Help Clients Realize the Life They Envision, You Must
Provide High Levels of Value
THE ADVICE VALUE STACK®
FULFILLMENT
PEACE OF MIND
ACHIEVING GOALS
MANAGING THE MONEY
6 For investment professional use.
The Advice Value Stack®
Accomplishing life’s purpose Leaving a legacy
FULFILLMENT
Taking care of Organized and More Freedom
loved ones in control discretionary time from worry
PEACE OF MIND
College Health Care Retirement Estate Charity
ACHIEVING GOALS
Money manager selection Asset allocation Security selection Insurance
MANAGING THE MONEY Income generation Taxes Debt Cash flow
Third-party marks are the property of their respective owners; all other marks are the property of FMR LLC. Third parties referenced herein are independent
companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.
7 For investment professional use.
Where Do You Mostly Find Yourself on the Advice Value Stack®?
FULFILLMENT
PEACE OF MIND
ACHIEVING GOALS
MANAGING THE MONEY
8 For investment professional use.
Did You Know…Investors Will Pay More for More Value
56% 45%
of investors would be willing to of investors would be willing to
pay more for an advisor who pay more for an advisor who can
provides a clearly defined road map develop a holistic plan that is inclusive
of how they can financially achieve of their financial needs and the goals
their goals/dreams/ambitions of them and their entire family
Source: 2019 Fidelity Investor Insights Study.
9 For investment professional use.
What Services Do Investors Value From an Advisor?
11% Gen X/Y/Z investors: Did You Know?
15%
FULFILLMENT
16% 58% would like their financial
20% advisor3 to provide comprehensive
19% services (vs. 23% of boomers+) 1
PEACE OF MIND
29% 45% would like to consolidate more
assets with their primary
ACHIEVING GOALS advisor (vs. 15% of boomers+)1
They are focused on maximizing savings so
they can retire early and pursue passions
MANAGING THE MONEY 54% 36%
Boomers+1 Gen X/Y/Z2
Source: 2019 Fidelity Investor Insights Study.
1 Boomers+ includes baby boomers and the greatest generation.
2 Gen Z includes those born from 1997–2012. This study included only those born from 1997–1998 or those who were at least 21 in 2019. This group was included with millennials
and Gen X/Y for analysis.
3 Definition of Advisor: When we refer to the term “paid financial advisor," we mean someone who is paid fees and/or commissions for providing financial and investment
advice (for example, a broker at an investment firm or an advisor in the trust department at your bank).
10 For investment professional use.Untapped Opportunities to Move Up the Advice Value Stack®
Percent of investors who say they turned to their financial advisor during these life events:
Divorce Loss of a Job/Job Change Legal Issue
8% 8% 13%
Marriage Significant Health Issue/Serious Illness Death of a Spouse/Loved One
9% 8% 22%
Birth/Adoption of a Child Child Beginning College Major Gain or Loss of Income or Assets
8% 10% 26%
Purchase/Sale of a Home Started, Bought, or Sold a Business Inherited Money
8% 13% 43%
Source: 2019 Fidelity Investor Insights Study.
11 For investment professional use.Advisors Realize the Qualitative Benefits of Financial Planning
99% 97% 90% 89%
of advisors believe believe it enables believe it is critical believe it is a way
financial planning more client to an advisor’s to differentiate a
enables deeper collaboration long-term success firm’s offering from
client relationships those of competitors
Source: 2019 Fidelity Financial Advisor Community, Financial Planning Study.
12 For investment professional use.They Also See an Economic Benefit
67% 26% 87% 79% 71%
captured between realized an asset sold 10–40% realized believe it
10–20% more increase of at more products 10–40% growth in augments their
held assets1 least 30%1 per client1 revenue profits1 revenue stream2
1 Data compiled from eMoney survey of 5,400 customers, conducted and verified by an independent, third-party research organization, TechValidate.
2 Source: 2019 Fidelity Financial Advisor Community, Financial Planning Study.
13 For investment professional use.Your Role and Goal
Become your clients’
Proactive plan
first call during
for the life stages
life’s big moments
14 For investment professional use.What Is Financial Planning?
Financial planning is a process, not a product.
It is the long-term method of wisely managing your
finances so you can achieve your goals and dreams,
while at the same time negotiating the financial
barriers that inevitably arise in every stage of life.
FINANCIAL PLANNING ASSOCIATION
15 For investment professional use.Life Paths Are Changing
Get divorced Cohabit with Change
a partner career
Travel Live
abroad Cohabit abroad
with a
Move in with partner Get
friends married
Get Work at one Work part-
married company time
Live with Get an Start a Have Retire
parents education career children
Kids go to
Buy a home Raise college
children
Sell home Multigenerational
Move back with living
parents Add to
Change jobs family
Go back to Care for elderly
education relatives
Inspired by The Futures Company, Millennials Monitor Download, 2015.
1 Fidelity Investments 2016 Life Decisions Research.
Millennials: born 1981-96; Gen X: born 1965-80; Boomers: born 1946–64; Greatest Generation: Born 1928–45
16 For investment professional use.Ways Planning Can Add Value
• Understand and organize their complete financial picture
– Investments – Estate needs
– Insurance – Etc.
A holistic wealth plan is – Debts
a financial plan calibrated to • Clarify goals and priorities
your client’s life circumstances • Understand the options available for achieving their desired
and helps them: goals, along with the implications of their decisions
• Address transitions when “life happens”
• Be accountable
17 For investment professional use.Applying a Planning Approach to Grow Your Business For investment professional use.
Planning in Action
1 2 3
Fidelity’s Let’s meet How planning
framework our clients tools can help
for planning
19 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Review progress against goals. Holistic Wealth
Actively support clients through life 3 Develop financial plan(s)
transitions, making adjustments to
Planning Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
20 For investment professional use.Let’s Meet Our Clients
Tim and Katie Stevens
ABOUT THE COUPLE
• Young and busy professionals
• 2 kids–10 and 7 years old (Eva and Jack)
• Opened a brokerage account with you 5 years ago as well as a term life policy
• Diligent savers, make monthly contributions to their account
• Meet with you once a year to review their brokerage account
You have your annual meeting with Tim and Katie to
review the performance of their brokerage account
For illustrative purposes only.
21 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
22 For investment professional use.Conduct Intelligent Discovery
Client goals may be similar,
but individual values and
priorities are likely different.
23 For investment professional use.Conduct Intelligent Discovery
By conducting intelligent discovery to understand
client’s values and priorities, you can then:
Explain the rationale behind the
Build a plan unique to their needs
plan—it helps them adhere to the plan
Ultimately clients see what the plan means for their life.
24 For investment professional use.Conduct Intelligent Discovery
After a warm intro and asking how things are going,
“I know what you mean—most of my clients are
“Like most people, just balancing life—two
ADVISOR balancing all that life throws at them—and then some!
TIM & KATIE careers and raising kids, trying to stay ahead
of the madness—you know, the usual!” That’s why I am doing more planning now as opposed to
just investing—I’ve found that achieving goals and
having more peace of mind is just as important to them
as providing investment advice.”
"Wait, what's the difference between planning and “Well, it’s about focusing on ‘life’ concerns. For
TIM & KATIE investment advice?" ADVISOR example, planning for retirement, college planning,
making sure loved ones are protected and cared for
in case something should happen to you, and
maintaining cash flow to live the lifestyle you want.”
“That sounds pretty good—I know we have “If you think that would help you, let me ask a few
TIM & KATIE thought about those things…” ADVISOR questions to find out what types of goals or concerns
you have. Then, based on those answers, I can offer
some suggestions about the types of financial planning
that can help you gain clarity and the confidence to
make some wise financial decisions so that you
achieve what matters most to you.”
25 For investment professional use.Conduct Intelligent Discovery
Ideas on opening the conversation
To learn more about what’s going on in Tim and Katie’s
lives, consider leading your meetings with a warm This approach will help you identify the issues,
introduction that builds upon a series of open-ended challenges, and goals your clients are
questions. focused on. And help you identify and
introduce the opportunity to deliver financial
“It’s wonderful to see you again. Before we dive into the details of planning.
our meeting, tell me:
• How is life treating you and your family? Be genuine in your engagement.
• How are your kids doing just now?
• Tim, what’s new with the company you are working for? Listen more than you talk.
• Katie, congratulations on the recent promotion, tell me about your
new role.
• How do you typically spend your summers, with the kids
out of school?”
26 For investment professional use.Discussion
What do you do to What language Can you share a time
help clients open up do you use? when you got a client to
about their concerns open up about themselves
and goals? and their situation?
27 For investment professional use.Conduct Intelligent Discovery
Sample Discovery Questions
Needs, concerns, and Finances and
Views on money goals investments
• What does money mean • Describe the vision for • How have you, (and how
to you? your life—five, ten and do you plan) to address
• What worries you most 15 years from now? any unforeseen financial
about money?. • What concerns do you emergencies?
• What’s more important to have as you age (e.g. • How long do you plan to
you, beating the market, health, financial, continue working?
or meeting your life caregiver availability, • Have you thought about
goals? outliving money)? your income needs in
• What impact do you want retirement?
to make with your family,
community, causes
important to you?
Screenshots are for illustrative purposes only.
28 For investment professional use.Best Practices: Conduct Intelligent Discovery
The most effective discovery processes
eMoney
Start by asking open-ended questions that provide a picture Client Portal
of the client’s personal and professional life Provide a collaborative and consolidated view of each
client’s complete financial picture.
• Onboarding tool—a virtual, streamlined workflow
Ask permission to help that asks clients the questions necessary to help bring
their financial situations to life.
• Integration & Aggregation tools—Sync eMoney
Leverage Emotional Quotient (EQ) questions to learn more with many of the industry’s best financial apps and
about clients’ life, current concerns, and goals software through open architecture access to receive
and process data.
Vault
Take notes and record client answers during meeting
Unlimited, secure storage of important client
documents, including shared documents, that are
accessible 24/7 from both the advisor and client
Document findings in CRM portals.
eMoney Advisor LLC is a Fidelity Investments company and an affiliate of Fidelity Brokerage Services LLC and National Financial Services LLC.
29 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
30 For investment professional use.Translate Discovery Findings into Planning Opportunities
Here’s What We Know What We Uncover during Discovery
• Tim and Katie have 2 children, Eva (10) and Jack (7). • They are contributing monthly to a 529 plan held elsewhere.
• They have mentioned saving for college in the past. • Eva is a special needs child and they are unsure of what
high school will look like, or even if she will go to college -
this is very stressful for them.
• Jack is a typically developing child and they have no
educational concerns for him.
Planning conversations give the ongoing opportunity to answer
Tim and Katie’s questions and explore solutions
Educate Tim and Katie on a variety of Connect Tim and Katie with a Run analysis to determine
educational savings vehicles and college planning professional— monthly savings necessary for
options to remain flexible depending ideally one specializing in planning for education needs
on Eva and Jack’s situation special needs children
31 For investment professional use.Translate Discovery Findings into Planning Opportunities
Here’s What We Know What We Uncover during Discovery
• Tim and Katie are diligent savers and contribute monthly to • Katie is happy at work and doing well with the company she
their account. works for, and recently got promoted.
• However, they are too busy to organize their financial matters. • Tim is not happy with his job and had been thinking about
starting his own business.
• Both Tim and Katie work full time.
Planning conversations give the ongoing opportunity to answer
Tim and Katie’s questions and explore solutions
Review retirement savings strategies Run cash flow analysis to reflect Provide full net worth picture
and ensure they align with how Tim new income and spending due to and organize finances
and Katie envision their retirement Katie’s promotion
32 For investment professional use.Translate Discovery Findings into Planning Opportunities
Here’s What We Know What We Uncover during Discovery
• Katie is originally from the area having moved back after • Katie's mom has been having health issues.
college to be closer to her parents • Katie is the only family member in the area—her brother
lives in CA and Tim's family is in MA.
• It is falling on Katie to help with her mom if she needs it.
• This is causing Tim and Katie to think about their own situation
if something were to happen to them and is a will enough.
Planning conversations give the ongoing opportunity to answer
Tim and Katie’s questions and explore solutions
Review fundamental estate Review any existing estate planning Re-run life insurance analysis to
planning documents documents or facilitate a referral to an ensure it reflects their current needs as
estate planning attorney well as ensuring guardians are named
in the estate planning documents
33 For investment professional use.Receive Permission and Agree on Next Steps
After your conversation, Tim and Katie gave you permission to do the following:
Put together a full financial Analyze their Review current Revisit their
picture of their assets, college saving estate planning insurance needs
liabilities, and cash flow strategy documents
based on the information
they provided to you
34 For investment professional use.Best Practices: Translate Findings into Planning Opportunities
The most effective discovery processes
eMoney
Facts
Summarize and repeat back what you’ve heard online eMoney’s Basic Facts allow for an intuitive and
virtual experience while entering and reviewing
client’s planning opportunities.
Discuss and agree on financial planning areas to address
Clarify priorities order for each area of financial planning work
Document it in the FP agreement
35 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
36 For investment professional use.How to Enter Data into eMoney
For illustrative purposes only.
eMoney Advisor LLC is a Fidelity Investments company and an affiliate of Fidelity Brokerage Services LLC and National Financial Services LLC.
37 For investment professional use.How to Enter Data into eMoney
For illustrative purposes only.
38 For investment professional use.How to Enter Data into eMoney
For illustrative purposes only.
39 For investment professional use.How to Enter Data into eMoney
For illustrative purposes only.
40 For investment professional use.How to Enter Data into eMoney
For illustrative purposes only.
41 For investment professional use.Best Practices: Develop Financial Plan
Help make data gathering process easier for a client
eMoney
eMoney’s Comprehensive Software Suite
Create plans using financial planning software
of interactive planning tools coupled with our other
technologies, enable you to start and scale financial
planning and serve the evolving needs of a diverse
Utilize any built-in tools of the software package to generate financial and growing client base.
planning reports and leverage presentation templates to improve scale
and plan development efficiency
Leverage staff to help simplify and scale data entry—outsource if you
need to
42 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
43 For investment professional use.Best Practices: Deliver the Plan
Help make data gathering process easier for a client
eMoney
Interactive tools that allow advisors to
Review facts and assumptions with client before presenting a plan
• Collaborate with their clients
• Run different real world scenarios
• Show clients in real time how their financial
Present plan results in order of importance vs. chronological order decisions today may affect their financial future
Presentation center
• Allows creation and editing of client materials
Pause after each topic and ask for clients’ thoughts
• Option to print or store in a client’s eMoney Vault
or questions
Be open to make changes and brainstorm ideas
Communicate carefully when plan results show that goals can not be
met with the current approach
44 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
45 For investment professional use.Implement the Plan
After reviewing the potential outcomes through scenario planning,
Tim and Katie decided (with your partnership and assistance) to take the following actions:
• Transfer two 529 plans currently with another • Have Tim and Katie determine primary and
provider to you contingent guardians for the kids
• Increase contributions to Eva’s 529 Plan with the • Offer to work with their attorney, or recommend
goal that this account will fund a private school one from your centers of influence (COI), to update
their estate planning documents
• Keep Jack’s 529 contributions the same
• Allow you to adjust their current asset allocation in
• Increase limits on Katie’s term life policy to reflect the brokerage account to ensure the overall asset
a change in her income level allocation is in line with Tim and Katie’s new goals
and life circumstances
If the designated beneficiary is not a resident of the state sponsoring the 529 college savings plan, they may want to consider, before
investing, whether their state or the designated beneficiary's home state offers its residents a plan with alternate state tax advantages or
other state benefits, such as financial aid, scholarship funds, and protection from creditors.
Units of the Portfolios are municipal securities and may be subject to market volatility and fluctuation.
46 For investment professional use.Best Practices: Implement the Plan
Have clients sign planning agreement once they agree with your eMoney
proposed strategy
Observations and Next Steps
• Tools to communicate action items
Provide a list of action items that they will take care of • Can include calculated, smart text from the plan
Tasks
• Set completion due dates
Provide a list of action items that you will take care of • Assign to yourself, members of your team, or
your client
Vault
Set expectations for how you plan on implementing and monitoring their • Provides secure, private, and shared space for
plan (e.g., you will follow up quarterly on checklist items and whether there you and your clients
have been any changes in life circumstances with periodic meetings) • Send, receive, and collaborate over documents
47 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Holistic Wealth
Review progress against goals. 3 Develop financial plan(s)
Actively support clients through life Planning
transitions, making adjustments to Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
48 For investment professional use.Delivering Value During Life’s Big Moments
Sometimes life doesn’t go according to plan
For investment professional use.Next Scheduled Meeting
Prior to your next meeting, you shared your proposed agenda and asked:
If there was anything they If there were any important changes
would like to add to the agenda in their lives since you last met
Tim and Katie responded:
• Katie's mom's health is • How can they balance her
deteriorating, and they are not care responsibilities with their
sure how that impacts their plan. own savings goals?
50 For investment professional use.Caring for an Aging Loved One?
of caregivers for adults agree
being employed makes
providing care extra difficult
69% AMONG CAREGIVERS FOR ADULTS:
• 9% left their job
• 17% reduced hours from full- to part-time
• 3% took a leave of absence of 6 months+
• 1-in-5 (19%) report giving up work opportunities (turning
down promotions/offers, or choosing not to pursue them)
due to caregiving responsibilities
Source: 2021 Fidelity Investments® American Caregivers Study.
51 For investment professional use.Help Clients Realize They Are Not Alone
79% 32% 75%
Caregivers report their Less than 1/3 took the Three-quarters of all
responsibilities have led time to consider the caregivers wish they had
to financial, social, mental impact on their financial done more planning ahead of
or professional setbacks future taking on caregiving
responsibilities.
Source: 2021 Fidelity Investments® American Caregivers Study.
52 For investment professional use.Adjust the Plan…
Back to goals—
add in taking care
of Katie’s mom
For illustrative purposes only.
53 For investment professional use.Implementation and Adjustment to the Plan
After reviewing plan outcomes and thinking through the implications of taking care of
Katie’s mom, Tim and Katie decided (with your partnership and assistance) that they should:
• Meet an elder care specialist in their area • Hold off at the moment on increasing their
that you know through your COI contributions to savings given that they will
need to contribute to Katie’s mom’s elder
• Provide any materials to help them care expenses
understand and locate any important
documents such as health care proxy,
power of attorney, insurance coverage, etc.
Katie's mom situation has shown them the importance of planning for their own estate
and making sure a they have a plan for their own family.
54 For investment professional use.Best Practices: Monitoring and Adjusting
Monitoring techniques
eMoney
3-4 weeks prior to meeting, send an agenda to clients about topics
you plan to cover Ask for feedback on any items on their mind that Alerts
they would like to add to the agenda • Set by the client or advisor
• Ability to receive automated email notifications
Remind clients of planning items they had agreed to take care of for important dates, reminders, and account and
after your last meeting investment changes
Inquire about any changes in circumstances that need to be Spending
reflected in the plan update Help clients track spending habits, monitor cash
flow, and stay on the right financial path to meet
their overall goals
Review updated financial plan before reviewing investment
performance with a client Advanced Analytics
• Deep insight into your book of business,
Review an updated financial planning checklist to see if there are Client Portal usage, and client engagement
any outstanding items from the last meeting • Help to uncover target segments where an
advisor should consider focusing their efforts
55 For investment professional use.Caretaking
EXAMPLES OF CLIENT CONCERNS
How much financial support can I provide my aging
parent? Can I afford to stop working or dial back my
profession in order to provide care myself? How do I take
control of my parents’ finances when they are no longer
capable to do so?
56 For investment professional use.Caretaking: Ways You Can Add Value
Educate clients on the importance Knowing that these important
Introduce client/parents of ensuring critical forms are documents are secure and where
to COIs: documented and updated: they are located:
• Eldercare consultant • Beneficiary forms • Fireboxes
• Estate planning attorney • Power of Attorney • Safe Deposit box
• Etc. • Health care Proxy • FidSafe®
• Etc. • eMoney Vault
FidSafe is a service of Fidelity Wealth Technologies LLC, a Fidelity Investments company.
57 For investment professional use.Use Annual Reviews to Create Stickiness
Annual Reviews are an opportunity to enhance the client experience. Regularly analyze your book,
determine who needs an Annual Review, and proactively schedule them.
ANNUAL REVIEW FORMAT
Plan Investments Experience
• Life events • Market and portfolio performance • Awareness of tools
• Review existing financial plan • Alignment to goals • Feedback on interactions
• Potential changes to a client’s situation • Ease of account access • Preferred mode and frequency
• New goals of communication
• COI connections
• Future events
58 For investment professional use.Showing Value for Peace of Mind
We adjusted your plan to provide Your critical documents to be
support for Katie’s mom. updated:
We coordinated with an • Will/Trust
education counselor to help with • POA
options for Eva.
• Guardianship
Who has access to these
We discussed the markets on documents:
the following dates: • Person/group 1
MM/DD/YYYY MM/DD/YYYY • Person/group 2
We reviewed life insurance Your portfolio could go down 15%
needs on the following dates: and you would still meet your
MM/DD/YYYY MM/DD/YYYY retirement goal by 2029.
59 For investment professional use.Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Review progress against goals. Holistic Wealth
Actively support clients through life 3 Develop financial plan(s)
transitions, making adjustments to
Planning Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
60 For investment professional use.10-Minute Break For investment professional use.
Developing a Road Map to Planning
1 2 3
Find the next Integrate
Hone and test
best clients planning into
your message
to engage your growth plan
For investment professional use.Create a Personalized Road Map
1
Find the next
Identify the qualitative and quantitative
best clients characteristics that represent an ideal
to engage planning client
63 For investment professional use.Identifying Opportunities in Your Practice
Ideas on where to start:
What clients do I have that value my advice and whom I have a
strong relationship with?
Clients where there’s an opportunity to expand your relationship
beyond products (e.g., insurance, brokerage)
Segment your book by demographics to evaluate life transitions
64 For investment professional use.Example: Segmenting Your Book by Demographics to
Evaluate Life Transitions
Life transitions drive the need for financial planning and advice
EXAMPLE LIFE EVENTS
20s 30s 40s 50s 60s 70s 80s 90s
Graduate college Marriage Divorce Kids to college Retire Health event Death of spouse Move to
assisted living
First job First home Start a business Sell business Lose a loved one Move to
assisted living
Move out from First child Second marriage Manage an Renovate home
parents inheritance
Change career Take care of
Back to school elderly parents Long vacation
Second child
65 For investment professional use.Consider Your Existing Clients
Think carefully about who in your client base you want to serve:
Find the sweet spots in your practice by focusing on the biggest, most prevalent needs
Uncover specific areas in your practice where planning opportunities exist
Determine which planning areas to initially focus on
Identify which specific clients you will focus on first:
• Demographic
• Product only
• High value client
What type of planning areas can you help them with?
66 For investment professional use.Uncover Untapped Opportunities in Your Practice
I’m constantly worried about running out of money in retirement.
I’m worried about health care costs.
I’m going through a divorce. I don’t want to give up the house.
Clients may ask for help
without using the words My wife and I are worried that our adult children are in over their heads financially.
“financial planning”
I hate my job. Can I retire at the end of the year?
I want to sell (fill in the blank) but I don’t want to pay the taxes.
My biggest concern is how my spouse is going to handle the finances after I’m gone.
For illustrative purposes only.
67 For investment professional use.Identifying Opportunities: Best Practices
Find the sweet spots in Review your CRM and You may want to start
your practice by focusing think carefully about who with a small group of
on the biggest, most in your client base you clients with select services
prevalent needs can best serve and expand your planning
capabilities over time
68 For investment professional use.Create a Personalized Road Map
2
• Communicate to existing clients why you
Hone and test are making this shift within your practice
your message
• Position yourself to prospects
69 For investment professional use.Exercise: Craft and Test Your Message
Write out 2–3 bullet points as to how you will
position this to clients:
Ways to prepare for client conversations
• Determine the incremental value you add to your client
relationships by offering planning
• Translate these thoughts into a story to tell clients when you
introduce your new working approach
• Strive to create an emotional connection with clients when What analogies or stories will you use to help paint
telling your story the picture for the client:
70 For investment professional use.Craft and Test Your Message
Sample points to consider including in your message:
I want to dedicate more time to helping you achieve your Our planning work is intended to result in better risk
goals. I’m committed to helping you achieve your goals. management, since it further informs us for how we manage
your investments and plan for liquidity needs. Clients are
My team/practice is committed to helping you enjoy less concerned about beating the market and are focused on
financial confidence. making certain they achieve their goals.
Our value is empowering you with the right information,
at the right times, so you can make the best possible I’m not sure if you’re aware, I provide a range of planning to
decisions for you and your family. many of my clients who have complicated lives. They find
that the planning experience I provide helps them take
Our approach entails building a deeper relationship that control of their lives. They tell me it gives the confidence in
helps us better understand not only your goals, but your making informed decisions that are in their very best interest.
values and priorities.
71 For investment professional use.Craft and Test Your Message: Best Practices
Practice your delivery with
A select group of A trusted friend or
A client advisory board,
clients you are most family member who
if you have one in place
comfortable with knows you well
Refine your message based on their feedback.
Remember: Your message is a work in progress.
72 For investment professional use.Delivering Value During Life’s Big Moments
3
Integrate Remember to consider your expanded
planning into service offering (planning) into your
your growth plan marketing and business development efforts
73 For investment professional use.Ensure Planning Is Integrated into Your Marketing and
Business Development Activities
Social
Media
Newsletters
Website
Collateral
MARKETING Webinars
AND BUSINESS
DEVELOPMENT
Email In-Person
Events
Referral
Sources COIs
74 For investment professional use.Who Is in Your COI network?
Estate Planning
CPA ⚫ ⚫ Attorneys
It’s a partnership:
• Understand each other’s value proposition
Mortgage ⚫ ⚫ Elder Care • Understand the types of clients each are
interested in and work best with
• Look to potentially deliver joint events
⚫ ⚫
College
Health Care Counselors
⚫
Security
Counselors
75 For investment professional use.Road Map to Planning Recap
Target ideal planning client candidates in your book by identifying
qualitative and quantitative characteristics
Craft and test your message to introduce your clients and prospects
to your planning capabilities
Ensure your marketing and business development efforts reflect your
new approach to planning
76 For investment professional use.Workshop Wrap-Up For investment professional use.
Embrace Holistic Wealth Planning: An Ongoing Process
1 Conduct discovery 2 Translate facts into
Ongoing intelligent discovery helps planning opportunities
you become fully aware, at all times, Findings from discovery provide a way
of client needs, concerns, values, to uncover ongoing advice opportunities.
and behavioral patterns as life
circumstances evolve.
6 Monitor and adjust
Review progress against goals. Holistic Wealth
Actively support clients through life 3 Develop financial plan(s)
transitions, making adjustments to
Planning Create comprehensive plans that
investments and the plan as needed. are regularly updated using best-in-
class technology.
5 Implement
Deploy the investment strategy in
coordination with the plan. Implement 4 Present the plan
outstanding planning activities that Share the plan and supporting
also support goal achievement. investment strategy.
78 For investment professional use.Recap
Holistic wealth planning can deepen client connectivity
and help grow your practice
Technology can be a dynamic tool to help clients understand where
they are now, where they are headed, and how to pivot when life
happens
Having a plan to target clients and integrate planning into conversations
should be a part of your business development plan
79 For investment professional use.Additional Resources
Strengthen Your Planning Practice Discuss Life's Big Moments
Visit go.fidelity.com/holisticplanning to access additional resources
Screenshots are for illustrative purposes only.
80 For investment professional use.Important Information
For investment professional use. Not for distribution to the public as sales material in any form.
Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not
meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its
representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or
indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain
investment services.
The 2019 Fidelity Financial Advisor Community – Financial Planning Study was an online blind survey (Fidelity not identified) and was fielded from December 19, 2019 through January 2,
2020. Participants included 393 advisors who manage or advise upon client assets either individually or as a team, and work primarily with individual investors. Advisor firm types included a
mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to
reflect industry composition. The study was conducted by an independent firm not affiliated with Fidelity Investments.
The 2021 Fidelity Investments® American Caregivers Study presents findings from a nationwide survey of 1,008 U.S. adults ages 18+ who are current or past (within last five years)
caregivers to children or adults. This survey was fielded in April 2021 by Versta Research, an independent research firm not affiliated with Fidelity Investments. Caregivers to adults provided
at least five hours of care per week. Caregivers to children must have left the workforce to do so or reduced to part-time hours. The results of this survey may not be representative of all
adults meeting the same criteria as those surveyed for this study.
The 2019 Fidelity Investor Insights Study was an online, blind study conducted from August 6 , 2019, through August 26, 2019. It involved a total of 2,026 25-minute (on average) online
interviews, with the sample provided by Brookmark, a third-party research firm not affiliated with Fidelity. The study was focused on understanding affluent investors’ attitudes, goals,
behaviors, and preferences related to investing, wealth management, and advice. Target sample included respondents across affluence levels, from $50,000 to more than $10 million in total
investable assets, excluding any real estate or investments in 401(k), 403(b), pensions, or other employer-sponsored retirement plans.
eMoney Advisor LLC is a Fidelity Investments company and an affiliate of Fidelity Brokerage Services LLC and National Financial Services LLC.
Third party marks are the property of their respective owners; all other marks are the property of FMR LLC. The third parties referenced herein are independent companies and are not
affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments
Fidelity Institutional® provides investment products through Fidelity Distributors Company LLC; clearing, custody, or other brokerage services through National Financial Services LLC or
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