The financial advice process in detail

0. Finding each other
– you got in contact with me because you think you need a financial advisor
– I will send you a primary disclosure statement if requested, or bring it to the first meeting otherwise
– a meeting will be arranged

1. Initial meeting (est. 1h)
– determine fit: personality match, services and requirements match
– bring: your requirements from the advisor, any questions you may have (here are some good ones)
– 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 choose to go with each other, I will send you the following
– privacy policy, secondary disclosure, etc – for your perusal
– scope of engagement – to be read and signed
– 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. When you’re done, you can scan and email me the completed documents, or if you don’t mind waiting while I read through them at the next meeting then that’s fine too.

3. discussion meeting #1 (est. 2h?)
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 sufficient information has been gathered to do the requested financial planning, 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.
– We will have as many of these meetings as necessary, but the best case is 1 meeting only.

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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