Use Discovery Agreements to Ease Implementation

Melchinger, John H.
August 1997
Journal of Financial Planning;Aug1997, Vol. 10 Issue 4, p102
Academic Journal
This article discusses the use of discovery agreements to bridge the gap between financial planners and their clients. The discovery agreement helps financial advisers bridge the gaps--between the intense fact-finding and the anticipated intense presentation of recommendations. Discovery agreements are easy to complicate with long-winded, detailed explanations and interpretations of facts and displays or pedantry. Resist doing this at all costs. Keep it simple. The most effective discovery agreements capture reality with elegant simplicity. Not every case will seem to merit writing a discovery agreement, but once it becomes a habit, it will be bard for a planner to break it. Many planners have found that routinely sending discovery agreements to their clients after fact-finding bas reduced their own worry about bow their recommendations are awaited. Their clients like it, too, for the same reason: it reduces anxiety. Use the discovery agreement routinely in practice and watch the implementation of ideas go a bit smoother. INSET: Sample discovery agreement..


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