In Junxure, the FMA or Financial Management Assessment is a tool that is used to help organize the financial plans for the client’s financial situation. Based on the “The Wealth Management Index” by Ross Levin, the FMA enables you to create areas for review and recognize items to address for achieving goals for a financial plan.
This tool should be used as a turn-by-turn set of directions for the client as well as for the planner. This is to ensure that everyone is on the same page regarding the client’s financial plan. Creating a fool-proof financial plan is essential so that the plan can be applied to the bulk of your client base. Once this is accomplished, Junxure will allow you to select only those areas that apply to a specific client.
Follow the suggestions when creating financial plans in Junxure:
- Identify the areas you want to address in the Financial Plan. For example, Estate Planning, Retirement, and Insurance are areas of interest to your clients.
- For each area to review, identify more specific areas you want to address. For example, with Estate Planning, you want to make sure the clients have the proper estate documents and has plans for liquidity.
- Drilling further into the FMA, create a checklist of very specific items for each specific area you identified in Step 2 above to help you measure the progress toward achieving the goal. For example, within the area of Estate Planning, you identified documents and liquidity plans as two specific areas within Estate Planning you want to cover with clients.
Once you have planned each area to cover with specifics of each area and checklists for each specific item, you are ready to create the FMA or question set in Junxure. See List Data Maintenance: FMA for instructions on creating the FMA Question Set.
- For the Documents item: Create a checklist of documents such as Wills, Trustee Documents, Financial Statements, and so on.
- For the Liquidity Plans Item: Create a checklist of items such as Identify Assets, plans for each Asset and Projected Living Expenses to provide you to complete liquidity plans.
In a contact’s record, open the Client Assessment Builder and assign the appropriate Areas To Be Reviewed to clients as needed. See Create Question Set for instructions on adding an FMA to a contact’s record.
See FMA Tab Reports for an overview and instructions on creating reports for clients to follow their progress through the FMA system.