The Workflow of Prospecting with Financial Planning

In this next part of the prospecting series, we're going to look specifically at the workflow involved and how planning comes into play.  

One thing I have learned is that workflows come and go, and despite their sometimes-fleeting lifespan they are extremely important.  Not only for consistency of service, recordkeeping, and legal protection, but fundamentally because they enforce better communication.  Let’s be honest…some people just need help communicating. 


Bat mobile.png

Then again...some people need help understanding too.


What makes a workflow successful?  The textbook response is that it must be efficient and effective. 

But I’ve got a secret for you.  Successful workflows are about communication.  Not just any communication, but good, transparent, concise, and thoughtful communication.  OK, it’s not really a secret.  We all know that to be the case…but why is it that so many workflows fail?

Good workflow designers can clearly visualize, empathize, and communicate.  They are often tactfully succinct, and incredibly thoughtful.  They understand the big picture, and they see the fine details needed to execute and deliver a solution.  Whether it’s a simple distribution request, or a more complicated prospecting workflow, the ultimate goal is always the same… provide the right solution in a fast, friendly, and accurate manner.

A good workflow considers the challenges that each person in the process faces, but keeps the primary focus on the client’s challenge (which is the whole reason the workflow exists).  It’s that empathy towards the client, coupled with the effort of those executing the workflows,  that successfully delivers an ideal outcome for the client.  Also, it’s what helps drive better communication.  If everyone is hyper-focused on other people’s best interests, then communication must be top notch, right?

I promised to share how some of the most innovative and technologically advanced firms approach prospecting.  And here it is.

  1. A Lead becomes a Prospect
  2. The Prospect goes through Discovery
  3. Discovery leads to a simple Financial Plan
  4. The Financial Plan broadens and deepens the strategic and tactical conversation
  5. The prospect becomes a Client
  6. The simple plan becomes a more comprehensive plan

I know that I’m oversimplifying. To be honest, each of these steps can have its own detailed process.  We’re going look at each section in a little more detail.

Most likely, your workflow already looks something like the above process.  Only I suspect that for many readers, step 3 and 4 might currently look more like step 6 .  So the question I pose is, where does financial planning fit into your practice?  And, why?

Before I go through each of the above steps, I am making an assumption that you are pretty familiar with financial planning.  That said, since you may be new to inStream, I’m going to dissect each part of the process.  If you have any feedback on how to make any of this better, please feel free to email me at  Thanks!

If you like, you can download the entire e-book right here.  Otherwise, stay tuned for the next post which will break down each step of the workflow.



Share This Story, Choose Your Platform!

About the Author: Bryan Lee

Bryan Lee

Bryan is Director of Marketing and Business Development at inStream. Prior to this role, Bryan led the Product team at inStream, and in a former life, he led operations for McLean Asset Management Corporation, an RIA outside of Washington, DC.

Recent Posts