The first step is to agree on how to work together. We’ll define our responsibilities and your responsibilities, discuss compensation, and lay the foundation for an ongoing relationship.
1. Establish the Relationship
2. Gather Information and Set Goals
Next, we’ll gather information about your finances and set goals. This involves a discussion of your current financial situation, your personal goals including a timeline, and your risk tolerance or comfort level with financial risks. We’ll collect any documents and statements that are relevant to your situation.
3. Analyze and strategize
In working out a plan to meet your goals, we’ll review assets, liabilities, cash flow, insurance coverage, investments, and tax strategies.
4. Develop recommendations
In reviewing our recommendations with you, we’ll discuss the pros and cons of each alternative so that you can make an informed decision.
In this step, we’ll agree on how recommendations will be carried out. Our advisor-managed portfolio may be one way of implementing your strategy. We’ll refer you to other professionals such as attorneys and tax preparers when needed. Your action items will also be determined.