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Financial Planning
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Process vs. Workflow

A process is a series of steps or actions designed to achieve a particular outcome, while a workflow is the orchestrated flow of tasks in a specific sequence within a larger process.
Process
Workflow

What is a Process?

A process is a systematic series of actions or steps designed to achieve a particular outcome or goal. It provides a high-level overview of the entire journey from start to finish. Think of it as the blueprint or roadmap guiding a set of activities towards a specific result. Processes can be simple or complex, depending on the nature of the desired outcome.
Task routing software for operational teams at financial advisory firms

What is a Workflow?

A workflow is the detailed, step-by-step execution of a specific part of a process. It's the hands-on, nitty-gritty part of the operation that ensures each task is carried out correctly and efficiently. Workflows can be both manual and automated, depending on the nature of the tasks involved.
Task reminder to follow-up

10 Complex Process Templates

A complex process involve multiple interrelated tasks that may require different workflows working in tandem. These might have decision points, parallel branches, or feedback loops, making them more intricate to manage.

The large majority of advisors firms have some key processes that are deeply important to operating your business.

Simply put, think of a process as the overall plan and a workflow as the detailed execution of that plan.

New Client Onboarding Process

Description: Process templates for your new clients that follows a prospect to becoming a client including referrals, meetings, planning, and onboarding.

Workflows: Lead/Prospect -> Introductory Call -> Goals Meeting -> Data Gathering -> Signing -> Billing

Client Review Process

Description: Process template to plan your process to schedule, prep, and follow-up on recurring client review meetings.
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Workflows: Client Review Scheduling -> Client Review Preparation -> Client Review Meeting -> Client Review Follow Up

Financial Planning

Description: Process template for delivering comprehensive financial planning.
‍
Workflows: Data Gathering -> Agreement & Invoice -> Input & Review
‍-> Plan Delivery

Tax Prep & Filing

Description: Process template that addresses routine client tax filing planning.
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Workflows: Document Gathering -> Prepare Return -> Review Return -> Tax Return Filing -> Extension Review Return

Trading Process

Description: Process template related to trades needed.
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Workflows: Trades Needed -> Dollar Cost Average Trades -> Rebalance Portfolio -> Update Model

Life Insurance Analysis Process

Description: Process template facilitating your insurance business - from analysis to app to annual reviews.
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Workflows: Life Insurance Analysis -> Life Insurance Application -> Life Insurance Underwriting -> Life Insurance Approval -> Life Insurance Delivery -> Life Insurance Review

Annuity Process

Description: Process template to address routine annuity business operations.
‍
Workflows: New Quote Request -> New Policy Application ->Trade Request

Prospect Process

Description: Process template for prospects that includes your steps that occur before moving forward with your new client onboarding process.
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Workflows: Initial Contact -> Intro Meeting -> Follow-Up Drip Campaign

Client Termination Process

Description: Process template that addresses routine client termination and outbound transfers.
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Workflows: Client Termination ->Outgoing Asset Transfer -> Outgoing Asset Transfer Follow Up

Hiring/New Hire Onboarding Process

Description: Process template for hiring and onboarding new employees.
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Workflows: Job Description & Posting -> Candidate Identified -> Employment Offer -> Internal Prep -> Onboarding Week 1 -> Onboarding Week 2

6 Simple
Process Categories

Simple processes typically have a straightforward, linear flow and can be accomplished with a single workflow. Each step follows the other in a clear sequence.

Given the multitude of simple processes we have grouped them by some common categories.

Money Movement

Description: Workflow templates for account establishment, transfers and other money movement processes.
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Workflows: New Account Opening Paperwork, Account Transfer, 401k Rollover, ACH Standing Instructions, Incoming Assets, IRA Contribution, Withdrawals/Distributions, Raise Cash, Trades Needed, Roth Conversions, Backdoor Roth IRA, Dollar Cost Average Trades, Rebalance Portfolio, Tax Loss Harvesting, 529 Account Opening

Client Service

Description: Workflows templates that address routine client service items as well as age/milestone planning opportunities.
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Workflows: Birthday, New Child, Personal Info/Address Change, Client Anniversary, Referral Ask, Update Beneficiaries, Client Termination, Death of a Client, Holiday Cards/Gifts

Topic Specific Planning Analysis

Description: Workflows templates that address topic specific planning analyses and reviews.
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Workflows: Investment Analysis, Risk Analysis, Retirement Analysis, Tax Projection & Planning, Debt Review, Student Loans Analysis, Real Estate Purchase, Real Estate Sale, Divorce Planning, Risk Tolerance Review, RSU Vesting

Age-Based Milestones

Description: Workflows that address routine client service age/milestone planning opportunities.
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Workflows: Catch Up Contribution, HSA Contribution Catch Up, RMDs, Medicare Filing, Social Security Review, QCD Eligibility

Compliance Requirements

Description: Workflows templates for common compliance requirements.
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Workflows: Monthly Tasks, Quarterly Tasks, Annual Registration Renewal, Annual Client Delivery, ADV Annual Filings, Review Internal Policies, State RIA Compliance Calendar

Marketing & Events

Description: Workflow templates for firm marketing, client outreach and event planning.
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Workflows: Annual Website Updates, Quarterly Newsletter, Social Media Planning, Holiday Posts, Holiday Cards, Webinar Planning, Event Planning

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