Step 1: Foundation for partnership
My practice is dedicated to helping serious investors make prudent choices about their money so that they can fulfill their goals in life. Our initial discussion will be focused on understanding your values that define the greatest satisfaction in your life. This also gives us an opportunity to learn about each other and determine if we should work together.
Step 2: Financial Diagnostics
The purpose of this step is two-fold. One is to establish your personal milestones or financial goals along the path toward where you want to be in life. These milestones are the targets (such as retire at 60) that require money and time to accomplish. The other is to pull together your financial profile so I understand what you have accomplished so far financially, as well as the risks and constraints that present challenges to accomplishing your financial goals.
It is extremely important that I have your complete financial picture to ensure that the strategies and solutions I recommend are accurate and appropriate for you.
In our discussion, I will attempt to clearly understand:
- Your financial goals and objectives,
- Your time horizon for each goal,
- Your current and future need for liquidity,
- Your current and future need for risk protection
- Your investment risk tolerance,
- Your tax situation,
- Your current financial resources and debt, and
- Your service expectations
We will complete the step 1 and 2 above in our first face-to-face meeting.
Step 3: Prescription to Success
Based on our understanding of where you are now and where you want to go, and the gap between them, I will recommend financial strategies that bridge the gap. I will provide a few strategy documents, including your comprehensive family financial plan (FP).
In our second meeting, we will review your FP, and discuss my strategy recommendations. I will articulate the strategies with a framework that clearly sets out your goals and objectives, time horizons, risk tolerance, cash flow needs, tax situation, asset mix guidelines, security selection criteria, review and service process, and implementation details. I will explain to you the risks of implementing the strategies, and the risks of not implementing the strategies. We may revisit your financial goals based on the choices we make about strategies. Once we agree on the goals and strategies, we will open appropriate accounts for you and complete the required paperwork.
For special needs and complex issues, we will schedule meetings with the specialists within my team. As required, we will also provide access to the vast resources of RBC Financial Group so that you get the specialized expertise you need, when you need it. Our Estate Planning Consultants, Insurance Consultants, Global Planning Consultants, Tax Specialists, Trust Officers, and Personal Bankers are highly skilled, and available to help you.
Step 4: Put The Winning Formula To Work
This step in the process implements your strategies. I will ensure the strict criteria as agreed upon is followed to select the appropriate products for you.
Step: 5 Are You On Track?
Your financial goals are not static and may change over time due to changes in your lifestyle, family, career, etc. As a result, the recommended strategies may need to be adjusted. Market dynamics may require change in portfolio positions as well. I will review your strategies with you on a regular basis, and make adjustments, if necessary, to keep your program in line with your evolving needs and changing market conditions
