The financial advice process in detail

1. Initial meeting (est. 1h)
– determine fit – personality match, services and requirements match
– bring: your requirements from the adviser, a list of questions (refer reddit post)
– no offense will be taken if you go with someone else
– if I determine that we are not a good fit or I cannot provide the required services, I will let you know

2. Information gathering
Assuming we go with each other, I will send you the following
– scope of engagement – to be read and signed
– privacy policy, secondary disclosure, etc
– risk questionnaire – to be completed as far as possible and send through
– personal info gathering booklet – ditto
It is OK to not know everything, do your best and I’ll walk you through the rest of it

3. discussion meeting #1 (est. 3h)
Bring the completed documents.
– We will go over your risk profile, goals, and current position. This ensures we are on the same page w.r.t. your situation. At the end of this session, I will update the information gathered, write up minutes of discussion if necessary, and send through. Please confirm accuracy in writing.
– We will have as many discussion meetings as necessary, but the best case is 1 meeting only.
– When all information has been gathered, an invoice will be sent.

4. (behind the scenes) I will write up some plans and recommendations.

5. Plan explanatory meeting #1 (est. 3h)
– I will bring a first draft plan and options. We will go over it and I will explain how these steps move you towards your goal.
– Where compromises have to be made, I will explain the pros and cons.
– Feel free to ask questions, make comments, etc.
– Unfortunately I cannot release a hard or soft copy of even the draft report without payment, but feel free to peruse it in my presence.
– Go ahead and make/sign/initial/whatever comments, in writing please for the record. Alternatively I will write up minutes of discussion and send through, please confirm accuracy in writing. The important part is that we both agree on what was discussed.

6. Final report and follow-ups
When we are both happy, I will send through the final report and give you a call (or text, or another meeting, if preferred) to arrange follow-up appointments.
– First (phone call) @ 1 month, review immediate steps taken
– Next @ 6 months, confirm settling in OK
– Subsequent @ 1 year (and intervals of 1 year thereafter if on retainer, refer policy)

policy: 1 meeting per calendar year or per anniversary. Go ahead and bring forward the next year’s meeting for life events and other major changes. Free follow-up meetings etc (within reason) until satisfied – as many emails/calls/texts/meetings as it takes to get it right, in good faith.

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