Principal Business Needs Assessment Tool
Help your clients and prospects uncover planning needs to help protect the financial well-being of their business and prepare for the future. Using the Principal® Business Needs Assessment, you can provide a personalized assessment in three key areas: protecting their business, employees, and lifestyle.
Key resources
It’s easy to get started with this holistic approach that can help your clients identify concerns that can help them protect the financial well-being of their business and prepare for the future.
Before contacting clients and prospects, you should do the following:
- Familiarize yourself with the tool by running through the Business Needs Assessment to better understand the questions asked and the types of business needs assessments reports provided.
- Learn about the two ways you can work with your clients and prospects to get a personalized assessment. For a more detailed explanation of the process, watch this short video.
Then you’re ready to get started.
View the approach below that you’ll be using with your client/prospect to see the recommended process. Many financial professionals prefer using a combination of these two approaches. The video above outlines that process.
- Guided Assessment Process
- Email Assessment Process
Guided Assessment Process
Step 1: Send the Business Needs Assessment email (LF1297) (OFT) to business owners you’d like to meet with to get them thinking about financial planning needs they may have.
Step 2: Follow up with your client/prospect within 7-10 days and schedule a Zoom or TEAMs meeting (or in person, if you prefer).
Step 3: On the day of the meeting, prior to the start of your meeting, go to the Business Needs Assessment access page and click on the “Start Assessment Now” button in the Guided Assessment section to share with your client/prospect.
Step 4: Gather feedback along the way:
- What are their thoughts/expectations about the process?
- What are their thoughts about the results?
- Was it what they expected? If not, what did they expect?
- What could be improved with the tool to make a better experience and/or results?
Step 5: Review the results with them and determine the next steps.
Email Assessment Process
Step 1: Send the email provided as part of the email assessment process to your targeted clients and prospects. Note, you may send your own personalized email, but make sure to include a new, unique link in each email you send. Need a quick refresher on how to accomplish this, view this short video.
Step 2: After you’ve received email notice of the client’s completed assessment(s), follow up with them to schedule a Zoom or TEAMs meeting (or in person, if you prefer).
Step 3: On the day of the meeting, access the email you sent the client that contained the customized link. Click on the link and either share your screen (if Zoom or Teams meeting) and walk the client through each assessment. It should only take about 10-15 minutes.
Step 4: Gather feedback along the way:
- What are their thoughts/expectations about the process?
- What are their thoughts about the results?
- Was it what they expected? If not, what did they expect?
- What could be improved with the tool to make a better experience and/or results?
Step 5: Review the results with them and determine the next steps.
Considerations for completed assessments:
If they’ve completed the “Protecting your business” assessment, consider the following:
- What are their pain points?
- Have they recently had their business valued? Are they interested in a complimentary informal business valuation? Complete this RFP.
- Do they have a buy-sell agreement in place? If they don’t, are they interested in a business continuation report? Complete this RFP.
- Do they have a buy-sell agreement in place? If they don’t, are they interested in a business continuation report? Complete this RFP.
- If they have a buy-sell agreement, when was it last reviewed/updated? Would they benefit from a complimentary review? Complete this RFP.
- Do they need to review their key person insurance? Use this Key Person Calculator.
If they’ve completed the “Protecting your employees” assessment, consider the following:
- What are their pain points?
- Do they have existing benefits they aren’t happy with? Are they curious about how they “stack up” against other similar companies? Help them evaluate their benefits package.
- Do they have Key Employee Retention and Retirement solutions in place? If yes, are they happy with them? Would they like to add or review their existing plans? If they have existing plans, complete this RFP. (BB9485) (PDF)
- If they don’t have a current plan, would they consider adding one? Complete this RFP. (BB9484) (PDF)
- Or, if they’re just interested in learning more about Key Employee benefits, share this Concepts Guide. (BB8998) (PDF)
If they’ve completed the “Protecting your lifestyle” assessment, consider the following:
- What are their pain points?
- Do they have a life insurance need? Help them evaluate their new or changing insurance needs. (BB10013C) (DOC)
- Do they have existing life insurance that needs reviewed? If yes, use this checklist. (BB11467) (PDF)
- What about estate planning? Is their estate in order—wills, trusts, gifting strategies, inheritance equalization? Share this Estate Planning Questionnaire and this Financial and Estate Planning Documentation Workbook for their use.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company® and the companies available through the Preferred Product Network, Inc. Plan administrative services offered by Principal Life. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional use only. Not for public distribution.
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