We know building wealth takes willingness, time, discipline and a clear plan. Too many times a plan is put into place and then is never revisited. Our commitment to our clients is to continue to review the plan, to assist with keeping on track, to help in whatever way we can with your endeavour to build and protect your wealth.
Whether you are younger and just beginning to build your wealth or if you have already built up a significant wealth everyone should have a plan and objectives. We even go further and assist you with establishing what should be a goal return on your investments and we will measure your performance against both an agreed upon benchmark for your accounts and the goal return we established as part of your financial plan. Everything needs to fit together, and we welcome the times to review how the actual progress compares to the plan.
There is nothing like seeing a plan accomplished or exceeded.
Below are the six major components to the Planwell service program:
We have an initial free consultation where we discuss your situation and answer any questions you have about us and our process.
Critical to the success of our process is regularly updating the plans we have established and tracking your progress against your stated objectives.
We believe it is in the interest of our clients for them to be familiar with financial concepts and current events that may affect their financial plan.
Ongoing Account Monitoring
We monitor all the accounts to ensure everything is operating as they should and to take action when changes are required.
Order Execution and Record Retention
When changes are required and with the appropriate authorization we will process all the trades. Records will be kept of all communications.
We welcome our clients to contact us if any major life changes come up requiring decisions to be made that you would like financial guidance on.
Pre-meeting package includes: Our initial meeting can be a simple discussion without getting into too much detail, depending on your comfort level. Or, if you prefer you can complete as much of our pre-meeting package as you would like, as the information may be useful at the initial meeting. It will also be needed if it is decided to proceed with a financial engagement.
⦁ “Wealth Planning Fact Finder” provides the opportunity to list out where you stand today in various areas related to your financial situation. It allows you to consider the goals that you would like to achieve in the years ahead so that your financial plan can align with your goals.
⦁ “Investor Profile Questionnaire” provides the opportunity to investigate the level or risk that may be appropriate for you.
⦁ Copies of your current investment and insurance plans.
⦁ Copies of your wills, POA, Health directives
⦁ Copies of your group benefit plans
⦁ Copies of your CPP statement if available
⦁ Copies of your pension plans
⦁ Copies of pre-paid funeral plans
⦁ Copies of any RESPs including scholarship plans, RDSPs, RRSPs, TFSAs, RIFs, spousal plans, corporate accounts
⦁ Business structure information, i.e. share ownership, financial statements, partnerships, buy-sell agreements, key-man insurance plans.
Your Questions: The goal of the initial consultation is to determine if you would like to consider engaging us to assist you, and whether we feel that we will be able to assist you in a meaningful way. We welcome your questions about how we do things in our practice, our experience, our track record, our credentials, how we are compensated, and what you can expect from us.
Our Investment Account Guidelines: We will also review at this meeting our Investment Account Guidelines which sets out the parameters of the types of investment that can be held in the accounts, the benchmarks which we use to gauge portfolio performance, and the service commitments which we make to you.
Purpose of the Initial Consultation: The typical initial consultation is between 60 and 120 minutes and will be discussion based to allow us to understand where you are today and where you would like to be in the future. We will discuss your financial experience and what you are looking for in a financial planner to assist us in understanding what is important to you and how we can best assist you in reaching your goals.
Typically this will be a more in-depth meeting to gather and review the financial details of your situation, and for you to ask any questions that remain prior to us proceeding with the process of preparing a proposal and plans for you.
⦁ Normally you will be providing us with the balance of the pre-meeting package and completing any remaining questionnaires which may be needed.
⦁ This second consultation is typically between 60 and 120 minutes.
Recommendation, Plans and Documentation Meeting
This will be our opportunity to discuss the recommendations that we have for you, which will depend on your unique situation. These recommendations typically will include a discussion of:
⦁ Investment recommendations
⦁ Plan types
⦁ Rate of return requirements
⦁ Appropriate levels of risk for you
⦁ Restructuring and implementation plan
⦁ Tax and cost considerations
⦁ Recommendations of other plans you may have such as group benefit plans, pensions, funeral plans, etc.
⦁ A financial plan if this has been agreed to be prepared at this stage
⦁ Insurance plan recommendations
⦁ Initial estate plan considerations
⦁ It is possible depending on how the meetings have been progressing that at this meeting the documentation to begin the implementation of the program will be available for signing. Sometimes a separate meeting or arrangement will be made for the signing of documents to be done at a separate time.
Initial Meeting Review
This meeting can be in person, by phone, Skype, or teleconference:
⦁ Typically, after 30 days we like to meet to review everything that has been done to ensure everything has been set up properly and all plans are in place as discussed and functioning properly.
- As the majority of our clients are using one or more of our model portfolios, we are monitoring the status of each of the underlying investments in these model portfolios on a regular basis. If we see something which needs to be changed then we will contact you to review the changes that we feel are necessary.
- We also like to meet either in person or by phone, skype or conference call or web meeting on usually a quarterly or semi-annual basis to discuss the accounts with you. We will review the performance of your accounts against the stated objectives which were established in the Investment Account Guidelines (IAG) in addition to comparing your portfolio performance against the established benchmarks also in the IAG.
- We are available by phone and email to answer any questions you have regarding your accounts. Our commitment is to respond to you in a very timely way to address any questions or concerns you have
- We like to review your insurance plans annually to ensure the coverage amounts and the types of insurance are still appropriate, and that all beneficiary designations are still as they should be.
- Insurance plans to be reviewed where applicable are: life insurance, short and long term disability plans, critical illness plans, and long term care plans. We will also review your group benefit plans and discuss any issues we identify.
- We like to review your financial plan annually as this will reaffirm how things are progressing. We will update all the values in your financial plan and then we can interactively adjust the plan as needed to reflect any new goals and the progression being made.
- If a budget has been included in the plan then a discussion relating to how the actual financial situation is versus the budget will be included in the annual review.
- Planning well is important, and ensuring that the appropriate progression of the plan is being made is very important. This is a key way in which we assist you in achieving your goals by regularly rechecking to make sure we are on track.
- We will review to see if any adjustments need to be made to systematic contribution or withdrawal plans.
Debt Management Plans
We will discuss any debt issues and assist with a plan to reduce debt, especially any consumer debt.
We will review your tax situation to see if there are any recommendations we can make to assist with lowering your annual tax bill.
We will review your estate plan to try to ensure that when you die or are incapacitated the structure and documents are in place to protect your estate and make things as easy as possible for those left behind or caring for you.
Goals are such an important part of a healthy financial plan and we will review the goals you have established for yourself and add or change any previous goals.
As we proceed through the review our goal is to ensure you are as financially well set up as you can be. We will provide recommendations and suggestions as we see fit with the hope these will enhance your situation.
Financial Seminars & Events
- We are big believers in financial education. We know the degree to which our clients want to know detailed financial information will vary, however we enjoy offering education opportunities throughout the year to all our clients. We have financial seminars and events listed on our website (Planwell Seminar Series) and encourage you to sign up and invite some friends to join you.
We also believe that it is valuable for us to spend time socializing with our clients, as it helps us to get to know them and better understand who they are, and how their financial plan can reflect what is important to them. We also want to show appreciation to our clients for the trust they have put in us, and so we typically have several interesting events each year. These events sometimes include an educational component as well.
Some of the events we have done in the past include:
- Theatre events
- Dinner events
- Boat cruises
- Golfing and dinner
- Vancouver Aquarium exhibits and dinner
We also take our own education seriously and regularly attend seminars and conferences in addition to taking industry courses to enhance our knowledge so that we can serve you better.
ONGOING ACCOUNT MONITORING
- We are constantly staying up to date on market and economic events that may impact the portfolios we monitor.
- We monitor each of the holdings that are in the accounts and will recommend changes from time to time as warranted.
- We attend applicable industry events to further enhance our knowledge of the investments we manage and to stay up to date with any changes.
- We research and conduct analysis to determine whether the investments we hold are the best or whether alternate investments may be better.
- We monitor the strategic balance of the accounts in comparison to the stated objectives in the Investment Account Guidelines. We will recommend rebalancing when it is necessary.
- Further to our research and due diligence as new and possibly better investment opportunities arise we may recommend additional investments or changes as warranted.
ORDER EXECUTION AND RECORD RETENTION
- We will process any changes that need to be made on your account once the necessary authorization has been obtained.
- We will monitor any changes to ensure the orders are executed as instructed.
- We will notify you in advance of any costs associated with any changes.
- We will keep a record of all transactions processed and notes on all types of communication that we have with you.
Advice On About Changes
We recognize that things come up as we live our lives. We welcome our clients to contact us if something comes up that you would like to have some guidance on. This could be the sale of a house, negotiating a new mortgage, setting up a line of credit, a child starting university or college, the death of someone close to you, or even making plans for your own funeral.
Depth Of Knowledge
After years of experience in assisting clients, we have developed a wealth of information and resources that we would love to share with our clients to enhance their decision making and enhance the quality of their lives.
Ask us the questions you have we love to answer questions.
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