Financial Planning Competency Handbook, 2nd Edition

CHAPTER 76 Implementing the Financial Planning Recommendations

Ronald A. Sages, PhD, AEP^®, CFP^®, CTFA, EA

Kansas State University

DEFINITION

The implementation phase in the financial planning process is where months of discussions, number-crunching, and “what-if” analysis come together to bring life to clients’ goals and objectives. It is also, sadly, the point in the financial planning process where some plans fail to come to fruition, due to procrastination and lack of persistent follow-up. Thus, the financial planner will frequently need to adopt the role of a “conductor” coordinating a symphony of allied financial planning professionals consisting of probate attorneys, insurance professionals, accountants, planned giving directors, banking customer service representatives, and, of course, the client.

Once the mutually agreed-upon planning recommendations between financial planner and client have been formulated, an action plan consisting of a series of steps and responsibilities are identified to put recommendations into action. This phase includes such activities as:¹

• Identifying activities necessary for implementation.
• Determining the division of activities between planner and client.
• Referral to, and involvement of, other allied financial planning professionals, as needed.
• Coordination of action steps with other allied financial planning professionals.
• Sharing of information as authorized.
• Selecting and securing products and/or services.

When selecting products and ...