M.Q. Summary Sheets

The M.Q. Summary Sheets were created based on research that emphasizes the importance of reiterating and clarifying what the client has communicated throughout the meeting process, and connecting the financial plan directly to the client’s goals. In an article published in Investment Advisor, Steve Moeller explains, “Most people don’t get as excited about numbers and spreadsheets as financial advisors do. People (civilians) are interested in one thing: ‘What’s in it for me?’” Moeller goes on to recommend that advisors provide clients with a document illustrating the “personal payoffs” of the financial plan. He says:

Keep this document short, right-brained, and emotional. These are the overarching concerns and goals that you want each client to know that you understand and have addressed in their plan. When used correctly, this simple document will connect your plan and your recommendations directly to the emotional payoffs that your clients want from their money.

Money Quotient offers three Summary Sheets to help you with this process. The first, Key Elements for Creating Your Financial Life Plan is designed to be completed using wording that expresses the client’s point of view to reiterate important highlights of the conversations you have had throughout the Financial Life Planning process. The Key Elements form allows you to say, “I hear you, and my financial advice will address these elements that are most important to you.” A completed example of the Key Elements form is also available in the Practice Management Resources Library.

The next M.Q. Summary Sheet, Plan for Success allows you to take items from the Key Elements form and align them directly with the financial advice you are providing your client. Plan for Success breaks down the financial plan in an easy to understand way on a simple chart and creates a visual bridge for the client between their life and goals, and the financial plan you have created.

The third M.Q. Summary Sheet, Foundation of Your Financial Life Plan is designed to serve the same purpose as the Key Elements for Creating Your Financial Life form, but provides a much more detailed option. Foundation of Your Financial Life Plan allows you to align your financial advice with clients goals and objectives in various facets of life, address current and upcoming transitions, touch on values and priorities related to decision making, and look at important elements of legacy planning.

Sharing the M.Q. Summary Sheets with clients will help them to “buy into” and “own” the unique financial plan that you have designed for them and assist in increasing their responsiveness to the action steps you have outlined by forming a clearer, more personal picture of the end result.

M.Q. Licensees may access the Summary Sheets, via their password protected accounts, located on the M.Q. website. The Summary Sheets are part of the Practice Management Resources Library which contains items designed to support and enhance a successful Financial Life Planning process. The Key Elements for Creating Your Financial Life Plan and Plan for Success forms are accessible to Licensing Levels 2-4. The Foundation of Your Financial Life Plan document is available at Licensing Levels 3 and 4.

Citation: “The Business of Life: Sweet Emotion,” by Steve Moeller. Investment Advisor, December 2005.

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