Wealth Management

Our Wealth Management process centers on the individual. Individuals’ financial situations are unique, complex, and evolving. Getting a handle on everything can feel overwhelming - even to the most organized amongst us.Often times, it is difficult even to know how to assess if one is on track.

Working with our clients, we put together a Financial Strategy Action Plan. The Financial Strategy Action Plan is an executive summary that can be used to highlight implementation strategies and define both short-term and long-term goals. It can also be used as a good reference to share with loved ones.

To help clients set, prioritize, and test their goals, we use Wells Fargo Advisors’ proprietary Envision® process. Envision uses a powerful statistical modeling technique to help confirm our clients are in the “Target Zone” to achieve their goals. Using the information produced by Envision, we help our clients understand the factors that are within their control when pursuing their goals. We also help them understand factors that are outside their control and provide ideas on how to potentially mitigate and manage those factors.

Ultimately, our process allows us to help clients gain a clearer picture of their current financial situation as well as begin to picture their future financial situation. Through our process, we strive to relieve people of the burden of financial stress and work alongside them to accomplish their unique goals.

Wealth Management Process

  1. Discovery: We start with getting to know our client and their situation. In the initial conversation, our goal is to understand our client’s needs, wants, fears, and concerns. We ask about priorities and values. During the discovery process, we also strive to understand what working and communication style will work best. For the wealth management process to work, we must establish our responsibilities to our client and their responsibilities to us and the process, so we can work towards achieving their goals.

  2. Data Collection: Once we’ve established the areas to prioritize and focus on, the next step is to begin the data collection. The goal of the data collection step is to gather the information necessary to put together an estimate of net worth, understand current cash flow, and assess exposure to different risks. The discovery process helps us determine the data that will be needed as well as how best to collect it. Some individuals like to work off a questionnaire or a checklist. Others prefer getting together and providing the data in a Q & A style format. Since the data collection step is so important, we work to design it around what will work best.

  3. Assessment: Using the information collected in the first two steps we analyze and summarize the information gathered drafting an initial Financial Strategy Action Plan. Using the Envision process, we do an initial assessment of how well our client is on track to meet their goals and objectives. Depending on the results of the initial assessment, we may begin to
    identify how changes in savings, goals, and investment allocations may impact the potential success of our client. We also consider how unexpected personal occurrences could potentially impact the ability to meet all goals and protect one’s family and interests.

  4. Strategy Development and Review: At our follow up meeting, we review the Financial Strategy Action Plan.
    We also present the initial results of the Envision process which includes an initial score to give some indication as to the confidence all objectives will be met. During the review, we can model different scenarios and illustrate the impact on the Envision score. For example, we can show the impact of saving more, different investment strategies, making a large
    purchase. This meeting is very interactive!

  5. Implementation: Based on the results of the strategy development and review meeting, we begin implementing changes. Our team works to minimize the time needed for implementation and is happy to participate in phone calls with
    other advisors and providers to help facilitate conversations.

  6. Review: We feel one of the most important aspects of the process is the review. Changes happen. Priorities and goals can shift. Establishing an agreed upon review period helps keep everything up to date and relevant.

IMPORTANT: The projections or other information generated by Envision® regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

Envision® methodology: Based on accepted statistical methods, the Envision tool uses a simulation model to test your Ideal, Acceptable and Recommended Investment Plans. The simulation model uses assumptions about inflation, financial market returns and the relationships among these variables. These assumptions were derived from analysis of historical data. Using Monte Carlo simulation, the Envision tool simulates 1,000 different potential outcomes over a lifetime of investing varying historical risk, return, and correlation amongst the assets. Some of these scenarios will assume strong financial market returns, similar to the best periods of history for investors. Others will be similar to the worst periods in investing history. Most scenarios will fall somewhere in between. Elements of the Envision presentations and simulation results are under license from Wealthcare Capital Management LLC. © 2003-2021 Wealthcare Capital Management LLC. All Rights Reserved. Wealthcare Capital Management LLC is a separate entity and is not directly affiliated with Wells Fargo Advisors.