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  • Writer's pictureNoel Watson

Increasing client engagement with the One-Page Financial Plan

Updated: Apr 3


Introduction


The One-Page Financial Plan (OPFP) is a high-level summary of the (more in-depth) underlying financial plan we build and share with our clients. In this blog, we describe the changes to how we use the OPFP that significantly increased client engagement.



Background


We wrote about the OPFP in a previous blog and covered it in Noel's book. It's an integral part of our ongoing financial planning and advice service.



A key part of the OPFP is the Action Items section. One of the ways in which we add value to our clients is by helping ensure they implement our advice (we covered this in point #13 in a previous blog). The Action Items section enables us to keep track of Action Items that are assigned to the client (we also comment on where we will assist).

Some of the Action Items are relatively mundane but necessary to ensure retirement plan success, for example:


  • Send me a copy of your state pension forecast. This enables us to ensure the forecast is as expected and update the financial plan (a couple with two full-state pensions has a good underpinning for their retirement income).


While others are more interesting (for both the client and adviser!):


  • Create a bucket list of all the things you want to do while you still have your health. Some clients are very good at creating bucket lists and (sustainably) spending their retirement pots. Others have more difficulty accepting that their final paycheque has been and gone and their retirement pot is there to be used. There is no easy fix for this second cohort, but by regularly revisiting the plan and emphasising that it is very robust and designed to cope with challenging markets, they start to build more confidence in spending their accumulated assets.



What we changed


In addition to the OPFP, we produce an annual financial planning report (AFPR) that contains more detailed information on the client's financial plan. Ours typically runs from 6 to 10 pages. Previously, this had been combined into one document, which the client received after the annual forward planning meeting.


We continually evaluate our retirement planning service, aiming to improve client outcomes. Based on client feedback, we decided to make the following changes.


  • Split out the OPFP and AFPR. We have always encouraged our clients to contact us whenever something changes that might impact their financial plan, and we often update the financial plan together throughout the year. We decided to stick with the current schedule of producing the AFPR annually, even if the financial plan changes throughout the year. The APFP takes considerable time/cost to produce, and we'd question whether it adds sufficient value given the client can easily schedule a meeting with us and view the live financial plan as often as they want. In contrast, the OPFP will be updated whenever an Action Item is completed or a new one is added.

  • Highlight Action Items In the email sent after the financial planning meeting, we highlight the Action Items and emphasise to the client the importance of addressing these. We realised that clients absorbed a lot of information throughout the annual planning process and needed to be more proactive in focusing their attention on the areas that mattered most.


  • Send a refreshed list of outstanding tasks When a client sends an email with an update to an action point, we update the OPFP and send a refreshed list of tasks.

  • Scheduled periodic chasers with outstanding action items We are all human, and sometimes things are forgotten. The beauty of the OPFP is that the Actions Items have been agreed upon between the client and adviser, and clients appreciate a periodic chaser, especially for the more time-critical tasks.



Conclusion


None of the above is particularly ground-breaking, but constantly evaluating every part of our retirement planning offering helps us provide what we believe is a first-class retirement planning service to our clients.



Want to find out more?


If you want to learn more about our retirement planning service, please schedule a free, no-obligation call.



About us


The team at Pyrford Financial Planning are highly qualified Independent Financial Advisers based in Weybridge, Surrey. We specialise in retirement planning and provide financial advice on pensions, investments, and inheritance tax.


Our office telephone number is 01932 645150.


Our office address is No 5, The Heights, Weybridge KT13 0NY.


Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.


Although best efforts are made to ensure all information is accurate, you should not rely on this blog for your personal situation or planning.


The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.




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