In an article for GoBankingRates, financial advisors shared some of their top tips for onboarding new clients. While every client has unique circumstances and their own goals and definition of success, there are still some universal rules that apply for effective financial planning. 

One of the first tips is to understand a clients’ cash flow with a full accounting and understanding of each dollar that goes in and out. This is the first step in any sort of effective financial planning. Only once this is complete does it make sense to move onto other components of planning like investments or an estate plan. Cash flow analysis tends to be tedious for advisors and clients, but it creates a solid foundation and is necessary for success.

Another tip is to gain clarity around financial goals in the short and long-term. This creates a roadmap and rules that will lead to better decision and behavior. For most clients, their success comes down to more effectively managing their finances and increasing allocations to savings and investing.

Finally, plans should be written down and frequently read and revised. Having a written plan leads to increased compliance especially in terms of sticking to a budget and an investment plan regardless of market conditions. 

Finsum: Onboarding clients is a delicate mix of universal processes and customized service. Here are some tips from advisors on more effective onboarding.