The cash comes in. The cash goes out. We’re all familiar with how cash flow works. However, your clients may not have taken steps to track and manage this crucial piece of their financial plans. That’s why we’ve created a financial planning checklist that addresses cash flow management.
Your Role In The Cash Flow Conversation
Generally speaking, clients know what they should do in terms of managing their cash flow. However, as an advisor, you know all too well that they struggle to focus and face their spending. You are in the position to give the guidance and discipline that helps drive accurate reflection and self-awareness. In short, you can be an accountability coach and partner to help your clients (and their children) form healthy money habits.
The Cash Flow Financial Planning Checklist
To engage your clients in a good cash flow planning conversation, introduce the “What Issues Should I Consider When Reviewing Cash Flow?” financial planning checklist. It applies to every client, regardless of age, employment status, or net worth. You’ll also find that touching on this topic during every meeting can be crucial. As a result, your clients will get more comfortable openly discussing:
- Income sources
- Essential and discretionary spending
- Debt and taxes
- Goal funding
- Monitoring strategies
It’s true: cash flow management can make or break a plan. So seize the opportunity to have a transformative effect on your clients’ futures and facilitate the cash flow conversation.
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