Being consistent is crucial to financial planning. Whether clients need to be transferred to new advisors, or referrals expect a certain experience, having uniform processes in place ensure expectations are met.
Inspired by the fiduciary standards and human psychology, our four-step-process helps us identify the right coverage for a client based on their wants and needs.
Implementing a process into your insurance reviews also increases accuracy as requirements are done step by step. When you entrust these reviews to MDP Consultants, your efficiency sky rockets as you get more done in less time.
Our four-step-process begins with a risk assessment. This includes a review of client lifestyle and expenses. We then have clients complete our Health Planning Questionnaire, which is tailored to their life stage. This helps determine what a client wants in their coverage.
We then move on to a coverage analysis. We review existing coverage in extensive detail.
Then we provide our recommendations. These align existing and new coverage with client goals and concerns that were discovered using our Health Planning Questionnaire.
Finally, we record decisions. This is important to have for liability reasons, as well as ensures a client makes a decision regarding their coverage. Choosing to do nothing is still a decision and should documented.
Following a step-by-step process makes insurance reviews simpler and more accurate. If you’re interested in enhancing your risk management, send us an email or give us a call.