Details:
- Introduction: Who, What, Why, How
- Get to know each other
- Interview and ask questions
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Collect all relevant financial data such as:
- list of assets and liabilities
- tax returns
- investment statements
- insurance policies
- wills, power of attorney
- pension plan information
- income and expenses
- Complete questionnaires
Recognize:
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Identify client's financial and personal goals which may include:
- providing for retirement
- strategies to minimize tax
- children's education
- supporting elderly parents
- business succession planning
- transferring assets to beneficiaries efficiently
Evaluate:
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Analyze all of the information provided and reassess financial issues and areas of concern, such as:
- cash flow
- tax issues
- risk management
- suitability of investment allocations
- preparing for life's unexpected changes
- income protection
Advise:
- Present financial plan
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Provide written recommendations and possible solutions which may include the following:
- retirement plan
- capital needs analysis
- establishing a budget
- education plan
- estate plan
- asset allocation and investment strategies
Move:
- Take action to implement the recommendations
- Complete applications
- Sign all documentation and disclosures
- Deliver all regulatory documentation
Systematic Reviews:
- Set-up review appointments according to client's needs
- Review, revise and rebalance portfolio if necessary as a result of market changes, personal changes or changes in the mandates of the funds
- Update on any significant changes in the clients' financial picture (e.g. marriage, divorce, new baby, new job, relocation, tax changes, retirement)
- Revisit the financial plan to monitor the progress and make any required adjustments
