1 Plan Development  Can you best prepare a plan for: A friend Your parents A sibling A child Yourself  Problem solver Put more tools in your toolbox  ETFs  Longevity insurance  GRATs  ILITs

2 Plan Development  Why plans fail Lack of resources  Long-range goals in a short-term world Conflicting goals Failure to implement Failure to monitor  Why plans succeed Consideration of all feasible alternatives Selection of strategies which accomplish multiple goals  Reducing expenses  Motivating clients Prioritized goals Understandable goals Measurable progress toward goals Regular monitoring of progress Knowing where the finish line is

3 Plan Development  Alternatives if insufficient resources – plan must demonstrate how goals can be funded Prioritize goals and focus on top goals Delay implementation of some goals Increase resources to fund goals  Components of a comprehensive plan – Pages Planning sections: discuss alternatives considered  Advantages and disadvantages of each  Charts  Calculations and projections at end Include disclaimer: no guarantee projected results will be achieved

4 Plan Development  Implementation Division of responsibilities between client and planner Referrals to other professionals Coordinate with other professionals Have authorization to share information Timeline for implementation  Monitor Review performance Rebalance  How often  Retirement accounts versus taxable/Roth accounts Educate client

5 Plan Development  Plan presentation Prioritize goals Explain how goals will be achieved  In terms client understands Explain, briefly, why you selected your strategy for achieving goal Get “buy in” from client Clearly delineate timeline for implentation