by Randy Fox, CFP®, AEP®, Two Hawks Consulting
Develop and execute a good plan.
It’s so easy to forget that a good plan is only effective if it is fully implemented in the way it was designed. Many advisors design good plans that should lead clients closer to their stated goals. Many advisors make good recommendations, offer good strategies and tactics, know what investments to suggest or how to build an asset allocation that suits the risk profile of the client. Many also fall way short of the follow through on the rest of the planning for any number of reasons: perhaps they don’t make money from anything other than managing money so there is no incentive to make sure that other items are completed; perhaps they lack the resources or referral outlets to feel confidence in getting the rest of the plan completed; perhaps they just don’t care (I hope not).
Implementation can be a challenge. Full of details and follow through necessities and reliable outsources who can get things right the first time. It can be frustrating and time intensive. Left to their own devices, your client will get it wrong. Every time. If you have a challenge getting the professionals to do it right, imagine the challenge of having your client trying to communicate to someone what needs to happen next. You need to lead and continue to lead to get your client all the way through every step, every phase of every recommendation.
The best plan, unimplemented, is worthless.