The first step with a client is to learn as much as possible about the client, which includes not only current circumstances but also goals for the future. These goals are unique to each relationship; some may revolve around financial achievements while others may center on topics such as career, charitable inclinations, and family. In order for us to gain a clear understanding of the client and the client’s goals, we make a concerted effort to address every aspect of the client’s financial life as it relates to achieving life goals.
Once the financial goals of the client have been established, we can begin to determine how the client’s current financial circumstances contribute to achieving those goals. This analysis will allow us to decide what areas of your financial life are on track and what aspects need to be adjusted.
After a thorough analysis of the strengths and weaknesses of the client’s current financial profile, we then make specific recommendations concerning topics such as retirement goals, sustainable retirement income, portfolio allocation, insurance needs, and estate planning suggestions.
After recommendations have been presented to the client, we begin implementing the strategies that assist the client in working towards life goals. Some strategies are focused on short-term goals, while others are focused on the long-term. For this reason, a time line is constructed to ensure that all these strategies are in line with the client’s goals and can be executed in a timely manner. Through various resources, we are able to provide strategies and solutions to all the needs that arise overtime.
Monitor and Review
A comprehensive financial plan is not just a snapshot. The initial plan will allow us to make recommendations based on the factors that exist in the client’s life today, but we are all aware that those will change as time moves on. Therefore, monitoring the plan as it relates to the overall situation is equally as important as running the plan for the first time. We proactively meet with clients for review and discussion to ensure that they are on track to reach their financial goals.
Markets change. Companies change. People change. With these changes and others comes the need to constantly monitor our client’s financial situation relative to their stated goals. If changes in the markets or our clients’ lives warrant, we will make adjustments to the implemented strategies. Just like planning for life, we must all keep in mind that this process is a journey and not a destination. While numbers and statistics are important in the investment management process, our focus goes well beyond the numbers. Our focus is on the client first.