We have a basic, common sense approach to financial planning and financial advice. Our process is based on six logical steps. We understand that our clients want a relationship with an advisor they can trust to do the right thing. In order to properly provide our part of the relationship, we employ the following process:
1. Establishing and defining a professional relationship
We clearly explain and document the services to be provided to you, the client, along with defining responsibilities. We explain fully how we will be paid and by whom. Our agreement will outline how long the professional relationship will last and how decisions will be made and implemented. All of this will be provided at our initial meeting
2. Gathering data, including goals
At our second meeting, we will ask for information about your financial situation. Together, we will mutually define your personal and financial goals. We will gain an understanding of your time frame for results and discuss your perspective on risk.
3. Analyzing and Evaluating the client’s financial status
We will analyze your information to assess your current situation and determine what you must do to meet your goals. This analysis will include analyzing your assets, liabilities and cash flow, current insurance coverage, investments and tax strategies. Where investment strategies are being analyzed and evaluated our planning will incorporate looking at asset classes, investment returns, risk, fund mandates, costs and their impact on the success of your financial plan.
4. Developing and presenting financial planning recommendations and/or alternatives
We will offer financial planning recommendations that address your goals, based on the information you have provided. We will go over the recommendations with you to help you understand them so that you can make informed decisions. We will should also listen to your concerns and revise the recommendations as appropriate.
5. Implementing the financial planning recommendations
Together, we will agree on how the recommendations will be carried out. We will carry out those recommendations that fall within our areas of expertise. We will serve as your ‘coach,’ coordinating the balance of the process with you and other professionals such as attorneys, accountants and or stockbrokers.
6. Monitoring the financial planning recommendations
We will monitor your progress towards your goals. We will meet with you to report on this progress periodically. We are available to assist you with any life changes that affect your financial plan.