The foundation of the entire wealth management approach is our firm’s ability to uncover your true financial needs. Without this skill, all the financial knowledge in the world is of little use. To determine your needs, we must comprehend your entire financial picture. This goes far beyond specific asset management or estate planning requirements and into the realm of your most important values, relationships and lifelong dreams.
Our firm utilizes a simple, yet thorough 5-step process. We believe the development, implementation and oversight of a solid wealth plan should not be complicated. Here’s a quick peek at our financial planning process:
Meeting #1: The Discovery Meeting- This is the first conversation we have with a prospective client to gather the facts we need to evaluate how significant our advice may be. It is important to be sure that our approach to Wealth Management is the right fit for your current situation. Both client and advisor must feel confident that the relationship will be mutually beneficial.
During the meeting, we discuss a series of questions that revolve around seven major themes. Information that you provide helps us to understand where you are now, where you want to go and assess any gaps. Simply stated, the Discovery Meeting is focused on learning more about your goals, needs, expectations, and values. It also provides you an opportunity to learn more about our firm, and ask any questions that you might have of us. The insight that we gain will assist us in developing investment recommendations and guiding our professional network in providing advanced planning recommendations.
If, after the Discovery Meeting, we both believe that there is a basis for moving forward, then our firm would next prepare an Investment Plan that offers a step-by-step explanation of how we propose to manage your investments. The Investment Plan is presented during the second step of our wealth management process, the Investment Plan Meeting.
Meeting #2: The Investment Plan Meeting- In this meeting, we will present a detailed investment plan that describes your individual needs and risk tolerances, and provides benchmarks for tracking progress toward your goals. This investment plan, together with our advanced planning efforts, constitutes the overall wealth management plan that we provide to clients.
Meeting #3: The Mutual Commitment Meeting- This meeting is an opportunity to address any questions or concerns regarding the investment plan prior to implementation. Once all concerns have been answered, we will begin executing the account documents. Due to the emotional nature of investing, we will revisit the topic of behavioral finance as well as your financial goals.
Meeting #4: The 45-Day Follow-up Meeting- Because of the amount of paperwork generated when money is transferred and multiple accounts are involved, it is quite easy for clients to become overwhelmed in the weeks following the implementation of the investment plan. This meeting allows us to help you understand and organize the financial paperwork.
Meeting #5+: Regular Progress Meetings- At the first Regular Progress Meeting, we will present the wealth management plan to you. The plan will contain recommendations for addressing financial challenges beyond investments. With your approval, we will then begin to implement the plan, focusing first on the action items of highest priority. We will devote subsequent Regular Progress Meetings to reviewing your progress toward meeting your goals.