How a Proper Financial Plan can Ease Client Tension

When it comes to massage therapy, most first-time clients anticipate a relaxing, slow and gentle rub down that will warm up tissue and ease tension to gradually break up knots in the muscle.

If for some reason they receive a deep tissue massage instead, their overall experience may be very different than originally planned. Deep tissue typically delivers a more focused, intense pressure to the body, as the therapist generally works specific areas to release chronic muscle tension. Because of the increased pressure and concentration, this type of massage is likely to be a bit more uncomfortable than the classic Swedish massage.

The same can be said for financial advising. Mark Mcgarvey, CFP founder of Meld Financial in Birmingham, Ala. has come up with a brilliant analogy to compare how massage therapy is similar to assessing how clients initially react to their financial plans.

Clients are often under the assumption that a plan will be simple and they will easily be served. However, a “deep tissue” financial plan requires heavy lifting in order to remove the knots of steady spending and unfocused consumerism that have built up over many years.

Selecting a Plan That Targets Your Goals and Exceeds Expectations

Mcgarvey believes it is critical that advisors understand what type of plan a client wants, his or her willingness to pursue, and the amount of hard work the individual is prepared to put forth in order to reach the end goal.

One of the most common barriers that advisors encounter during the planning process occurs when it comes time to review an individual’s spending habits. Quite often, clients cannot accurately estimate how much money they spend, nor do they want to feel constrained in terms of future spending.

Individuals who are apprehensive may benefit from a more “Swedish” approach that looks at the difference between what they have now and what may be needed in the future, without addressing the issues on spending and overconsumption that are often discussed in “deep tissue” retirement plans.

In order to satisfy your clients’ requests and provide a service they appreciate, you must be willing to understand the various tolerance levels that come with analyzing past spending and future saving. Each individual has unique goals; therefore, providing your clients with a comfortable plan is a guaranteed way to establish a relationship they may rely on for all their current and future budgeting needs.

To learn more about James Cornehlsen, visit him at www.Capstoneinvest.com.

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