The first 90 days of working with a financial advisor are as vital for the professional as the client. It’s all about building trust, setting goals, and creating a solid plan. According to Scott Tominaga, this time is vital for the professional to show skill, insight, and concern for the client’s needs. In those first three months, a good financial advisor should focus on certain things that really help foster the client-advisor relationship in the long run.

1. Establishing Trust and Understanding the Client

Building a concerted rapport with a client is the first step for any financial advisor. According to Tominaga, trust-building is not easy and cannot happen quickly overnight, as it demands openness, consistent communication, and genuine care about the financial well-being of the client. The process involves multiple sessions with the client wherein the advisor gets to know the financial objectives,  risk appetite, financial status, apart from the spending habits and preferred lifestyle.

First, the professional will take a diligent look at the client’s current financial documents, such as bank statements, tax returns, investment accounts, insurance policies, and debts. Having such a thorough assessment helps them gain insight into the client’s financial landscape.

2. Creating a Customized Financial Plan

After gathering the needed data, the next step involves analysis and creating an action plan aligned with the goals, financial standing, and risk tolerance. It should take nearly four to eight weeks, depending on the comprehensiveness and complexity of the matters, for the advisor to develop an informed, unique financial plan. The plan should encompass short- and long-term goals such as developing an emergency fund, tax strategy, retirement planning, investment management, and estate planning.

According to Scott Tominaga, this stage also encompasses defining risk management strategies and choosing the right financial products or investments. A competent advisor will verify that their recommendations are consistent with the client’s goals and risk profile and will provide an explanation for every recommendation proposed.

It is important for the financial planner to take the initiative to educate the client throughout the process. The objective is not to have the investor simply follow instructions blindly, but rather to make decisions after discussing and understanding the recommendations. Discussions concerning market conditions, diversifying across asset classes, and tax issues are crucial to building confidence and certainty.

3. Applying the Plan and Creating Accountability

By the third month, the implementation stage begins. Activities under implementation can consist of opening or transferring investment accounts, asset restructuring, insurance policy initiation, or debt consolidation.

The advisor then introduces a process for monitoring and reviewing. This process will involve scheduling check-ins, establishing performance benchmarks, and discussing how market changes might affect the plan. Early accountability will prevent drift and ensure that the advisor and client follow the intended path in concert.

4. Setting the Path for Long-Term Success

The first 90 days are practically about setting up a solid partnership instead of focusing on quick gains. A professional advisor requires this time to show they can be trusted and always put the client’s interest first.

To conclude, the first three months are mainly used for mapping the plan for the years ahead. With the proper strategy, a financial advisor can instill confidence, provide value, and establish a relationship that evolves and expands over time.