Goal Planning & Monitoring best practices


Goal Planning & Monitoring best practices

Goal Planning & Monitoring, powered by MoneyGuideProTM, can help you maximize the experience for your clients and your practice.

MoneyGuidePro™ is a powerful financial planning tool that can help you strengthen relationships with clients and uncover additional assets. In fact, it has been the most-used financial planning software for the last 7 years due to its sophistication and ease of use (https://www.moneyguidepro.com/).

Because the tool is at its most powerful when used collaboratively with clients, we’ve put together the following best practices to help you maximize the MoneyGuidePro™ experience for your clients and for your practice.

1) GET COMFORTABLE. Arrange for a comfortable location to build your clients’ plans together. Consider a seating area where you can be on the same side of the table with comfortable armchairs or a couch near your screen.


2) GO BIG. Install a large screen TV or oversized computer monitor for easy viewing.


3) SHARE REMOTELY. Use web conferencing to access, develop and share plans with clients you are not able to meet with in person. Also, take advantage of portable monitors to enhance the client experience and present plans when meeting outside of the office.


4) PRACTICE. Familiarize yourself and your team with MoneyGuidePro™ so you can quickly create plans and be comfortable with the tool when working in front of clients. But don't be scared to try it with a client for the first time. An engaging, collaborative meeting, even one that that doesn't go perfectly, is better than a static, paper-based meeting where you may feel more in control. Clients want authenticity and interaction.


5) LOAD CUSTOM MODELS. If you manage your own investment models, load them into

MoneyGuidePro™ as a custom portfolio. This will align the plan with your investment process and provide a consistent experience when you run a proposal for your client.


6) GET A HEAD START. Begin a goal plan in advance of meeting with the client. This way you’ll have a starting point and will be able to jump right in when you sit down with your client.


7) GO IN DEPTH. When you sit with your clients, expand the initial plan with more granular goal setting. The more specific and personal the information presented is, the more your clients will “buy in” to the plan and the more accurate the plan will be.


8) MAKE IT PERSONAL. When loading goals into a plan, adjust the names to give them a personal touch. Consider “New Harley for Steve” or “Anniversary Trip to Italy” as opposed to the more generic “New Car” or “Vacation.”


9) COLLABORATE. Be sure to include both spouses in planning meetings. Use the tool as a way to encourage a less involved spouse to participate in developing the plan by creating goals, assessing risk tolerance and stress testing results.


10) UNCOVER OUTSIDE ASSETS. When loading investment and personal assets into the plan, be sure to ask your clients if there are additional items that should be considered to most accurately reflect their probability of successfully meeting their goals.


11) ACCURATELY FORECAST. Use the new healthcare and education planning modules to provide more informed estimates of important expenses clients will encounter.


12) MAXIMIZE. Social Security is the foundation to retirement income planning. The “Social Security Maximization” module allows you and your clients to review options for taking Social Security, which can often lead to additional income.


13) ASSESS RISK. Spend time with the “Risk Assessment” screens. When faced with the hard dollar figures presented by the “Bear Market Loss” scenario, clients may change their minds about their risk tolerance.


14) HAVE FUN. Show your clients the Play Zone™ to quickly and easily illustrates the effects that certain tradeoffs and adjustments will have on their probability of success. Use the “What If?” worksheet for even more detailed illustrations.


This image is reproduced from the Goal Planning & Monitoring financial planning software, ©PIEtech, Inc. Used with permission. All rights reserved.


15) STRESS TEST. Use the “What are you afraid of?” feature to start discussions around unknown risks to help hone in on your client’s biggest concerns and stress test the plan.


16) ADOPT THE PLAN. Once you and your client agree to the plan, adopt the plan under the Star Track™ tab. Once a plan is adopted, it becomes active and progress toward goals is regularly monitored and updated quarterly.


17) SHARE. If possible, give your clients access to view their plans through their client account portal.


18) SUMMARIZE. Use the “Executive Summary” feature to keep track of topics discussed with clients, action items and future topics you want to bring up.


19) DOCUMENT. Generate, print and deliver two physical copies of the agreed upon plan to clients. Leave one copy with the client and keep one for your records.


20) MAKE INTRODUCTIONS. MoneyGuidePro™ is also a useful succession planning tool. Including your partners in planning conversations is a good way to introduce them to clients and start building relationships.  

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