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How We Work...
What can you expect when you engage us? — The 6-step process we typically follow for initial financial planning engagements is summarized below. This is the approach that we recommend in most situations, but the process is meant to be flexible... it may be streamlined for more limited engagements, or may be expanded to accommodate more complex situations.
Step 1: Establishing and Defining the Client-Planner Relationship
We'll schedule a no-obligation Initial Consultation meeting or teleconference, and ask that you complete a Confidential Questionnaire and return it to us prior to the meeting.
During the Initial Consultation, we'll answer any questions you have, and we'll ask questions of our own to better understand your financial situation, your needs, and your objectives. We'll discuss which of our services are right for you, and provide you with a fixed fee quote for providing those services (or an estimated fee range if the scope can't be clearly defined). We'll also give you a list of the additional data that we will need to get started, should you decide to proceed.
Step 2: Data Gathering and Initial Preparation
When you decide to engage our services, you will need to gather the data requested, and possibly complete a risk tolerance questionnaire and/or a cash flow worksheet that we provide. You can mail, email, or fax this information to us. A deposit of 50% of the estimated total fee is also due at this time.
After we receive your information, we will review it in detail and begin to develop your financial plan. We'll also compile a list of additional questions to discuss with you at our next meeting.
Step 3: Additional Collaboration & Goal Setting
Depending on your individual circumstances, this meeting may or may not be necessary. If it is, it can be in person or via teleconference.
This is an opportunity for you to help us better understand your current situation, and to prioritize and/or fine-tune your objectives. We'll review and clarify the information you've provided thus far, and work with you to refine your financial goals and objectives. Examples of things we may need to discuss would be: your like-to-haves vs. must-haves, tradeoffs between savings rate and retirement age, preferred investment strategies and risk levels, etc.
Step 4: Analysis and Plan Formulation
The ball is entirely in our court at this point. We refine our analysis and study various plan scenarios. Ultimately, we produce a written report that includes our observations, assumptions, specific recommendations, and a customized action plan.
Step 5: Presentation of Plan
We will meet to go through your personal financial plan in detail. We'll discuss the projections we've developed for you, together with our recommendations and the rationale behind them. If portfolio design is part of the engagement, our report will include a specific list of investments to sell and to buy, as well as guidance regarding ongoing maintenance of the portfolio.
Full payment of the balance of actual fees incurred is due at the conclusion of this meeting.
Step 6: Plan Implementation and Follow Up
At this point, you will hold a personal blueprint, designed with your financial goals in mind. If you wish, you may employ us to assist you with implementation of the plan, or you may choose to implement it yourself. Either way, we urge prompt action. To support you and to encourage timely implementation, we will answer clarification questions at no additional charge for up to 30 days after the presentation meeting.
Typically, we will also recommend periodic check-ups to discuss any major changes in your family or financial situation, to review the status of your plan and make minor course corrections as necessary, and to review your asset allocation and rebalance the portfolio. We will send you a reminder if we haven't heard from you in 12 months or so, but scheduling of follow up meetings is always at your discretion.
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... and of course we are always available on an "as-needed" basis to assist you with any issues that may come up.
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