Our Process
Establish & Define the Scope of the Relationship
- “Meet & Greet”: introduction to ourselves and processes
- “How We Work”: types of engagement/compensation/planning, what we will not do
- Gather basic information
Gather Data
- Quantitative: financial statements, tax returns, cash flow, net worth statement (debt, assets)
- Qualitative: Past financial experiences, family, activities, organizations, “Vision”
- Identify Goals: Lifestyle, legacy, specific subject area (retirement, education funding, etc.)
- Identify Needs: Essential vs. discretionary, one time vs. ongoing, flexibility in outcome
- Sources of Income: types, start/stop date, survivor options, earned income, passive income
- Planning Software
Analyze Data
- Preliminary Projection of Preparedness (Monte Carlo): inflation, market fluctuations
- Determine Appropriateness Investments: asset allocation, asset location
- Review Risk Mitigation: Strategies, level of protection
- Define Potential Shortfalls
- Identify Possible Contingencies: LTC, disability, premature death, support, living longer
Develop Recommendations, Alternatives & Communicate
- Shortfalls & Potential Remedies: help client identify priorities
- Asset Allocation: risk tolerance, risk capacity, Total Wealth Asset Allocation
- Asset Location: account type, tax status, tax diversification
- Income Strategies: current/future, converting assets into an income stream
- Risk Mitigation: premature death, disability, Long Term Care, insure vs. self-insure
- Tax Considerations: Income strategy, conversions, gifting, tax advantaged tools
- Legal Considerations: Estate planning documents, structure, Beneficiary structure
- Contingencies: communicate types and their impact
Implement
- Changes to existing accounts, structure and establish new accounts
- Referrals to legal, accounting professionals
Monitor & Review
- Ongoing Maintenance and Reviews
- Update for Life Events, Potential Impact
