1. Setting up the Backdrop (Getting to Know each other - Meeting 1)
The first meeting is essentially where we see if there is a fit. We believe in a long term, interactive financial planning relationship (with our clients), so it is important to take the time to learn something about each other. We will look at: What is important about money to you? What are your most important financial goals? When do you want them accomplished? How much will they cost? We will review our planning process, including how we work and how we are paid. Following the meeting there will be homework for your next meeting.
2. Taking a Snapshot (Meeting 2)
We will review your homework together and look at "where you are now". We will look at the R-Factor Question "If we were meeting here three years from today, looking back over those three years, what has to have happened during that period for you to feel happy with your progress?" And we will do a "DOS" analysis by identifying your dangers, opportunities and strengths! This is the legwork for the next step... time for my homework.
3. The Dark Room - Creation of a Draft Financial Plan
Based on the information provided and our conversations I will create a preliminary personalized comprehensive financial plan. The plan will address key aspects of your relevant financial affairs and include analysis, commentary and recommendations relating to your net worth, to your investment portfolio, to tax saving strategies, risk management, estate preservation strategies, retirement income funding and everything in between.
4. The Final Touches - (Meeting 3)
We will again sit down together and review the draft plan. We will discuss some options and alternatives and this is the time when we set up your "game plan", by making any required adjustments.
5. Back to the Dark Room - Touching up your Wealth Coach Financial Plan
Further to our 3rd meeting I will make adjustments to the plan and prepare your finalized Comprehensive Wealth Coach Financial Plan.
6. Your Picture Perfect Plan - (Meeting 4)
David will present the finalized Wealth Coach Financial Plan and provide you with recommendations & strategies to help you meet your goals. We will clearly identify the most important steps to be taken and recommend implementing them in a priority order. A written comprehensive plan and investment strategy tailored to your needs will give you added peace of mind, knowing that you are on track to reaching your financial goals.
7. Decision to Become a Client
It is only at this point that we ask you to decide if you are ready to become a long term client of our practice. We believe that who you choose as your Wealth Coach is an important decision, and therefore we strive to help you make an informed decision. Now it's time to start completing your implementation checklist!
1. Implementation of your Financial Plan by Priority
We clearly identify the most important steps to be taken and implement them in order of priority. When recommendations are in priority order, implementation is easier. Completion leads to a sense of satisfaction and energy and real progress.
2. Investment Policy Statement
An investment policy statement (IPS) is a business plan covering one's personal financial affairs. It provides the direction and framework within which investment decisions can be made rationally. Without an IPS investment decisions are often driven by emotions such as fear and greed, and are fired by heavy reliance on the daily market as a guide. Your IPS will recommend a specific portfolio asset allocation, a range of types of investments, geographic diversification and different management styles and it projects an expected rate of return.
3. Risk Management
It is essential that our clients be aware of the major areas where they might be vulnerable to having their financial plan derailed. A thorough analysis of each client's situation is undertaken including possible areas of need and consideration of various solutions.
4. Tax Planning Review
We will look at tax strategies to help you accomplish your long term financial goals with maximum efficiency.. Are you doing all you can do? In some cases accountants, lawyers or our Wealth Planning Department may get involved and help create tax saving strategies for you, your family and for business owners - your business.
5. Your Wealth Health Organizer
Just as we organize family photos in an album, we should organize financial documents in one place. We have developed the Wealth Health Organizer!! This binder should contain every single document relating to your financial life and is the kind of ultimate resource we all intuitively know that we should have. We have found most don't!
It will include copies of your Will, Powers of Attorney, insurance policies from life and disability to home and car insurance, your financial plan, investment statements, information on your bank accounts, credit cards, names and addresses of your Wealth Coach team, information about safety deposit boxes and more! Once complete this binder is an absolute goldmine of information, and will provide immense peace of mind!
6. Your Advisory Team - Making sure the right People are Involved!
We believe it takes a team of people to help you meet all your financial goals. You identify your team, from accountants, lawyers to your power of attorneys and more and we will work with them to ensure successful implementation of your Comprehensive Financial Plan
7. Estate Planning Review
We work with our clients to ensure that their major estate planning issues are addressed, and that their documents (wills, powers of attorney, living wills, insurance) accurately reflect what it is that they wish to accomplish.
1. Regular Reviews
Once implementation has been accomplished, it is important to review progress, and make fine-tuning adjustments as necessary, on an ongoing basis. These regular meetings will serve as a tool to ensuring you are on track, keeping you informed, up to date and motivated! Our goal is to keep you on track!
2. Client Education Events
We believe that information is critical to satisfaction. We offer regular presentations to keep you up to date and informed. Need to know what the new legislation that just passed is all about?... We will have third party resources such as a lawyer, an accountant or a wealth planner in to review and discuss with our clients! Some past events include: Executor School, Charitable Giving as Part of your Estate Plan, Planning your Will Effectively, Planning your Funeral and many more!
3. Regular Updates
As needed we will revisit Chapter 2! Has there been a change in your financial situation...perhaps a new child, or grandchild, a change in career, you are nearing retirement, you received an inheritance... we believe regularly updating your financial plan and IPS, revisiting your goals and reevaluating your needs, is an essential part of your success! To quote Dwight Eisenhower (1890-1969) US President, military leader - "Plans are nothing; Planning is Everything."
4. Newsletters & Regular Mailings
We keep you up to date on new tools and strategies through our website, newsletter as well as regular mailings. We will provide our clients with a login to our website where they can access past newsletters, market commentaries, access their portfolio and be able to register for upcoming events.