Process: Six Careful Steps
One: Introductory Meeting
Before we establish a formal financial planning or investment advisory relationship with you, we will have an introductory meeting to learn more about each other. During this meeting, we will discuss your personal financial history and long-term goals. We will also explain the planning process, including timelines, our compensation, and the advantages of working with an independent investment advisor. Once we’ve identified your individual concerns and answered your questions, we will describe services offered by DeYoe Wealth Management that might be appropriate for you and your family. There is never a charge for this initial meeting, because we believe you deserve the opportunity to communicate your expectations and determine the scope of our potential collaboration before you call DeYoe Wealth Management your advisor – or we call you a client.
Two: Define Client and Planner Responsibilities
Once we agree that our services and philosophy meet your needs and would benefit you and your loved ones, we schedule your first financial planning meeting with our wealth advisors. At this meeting we will collaborate on creating a Financial Planning Agreement that defines your responsibilities and ours during the planning process, documents the work we’ll be doing on your behalf, and determines the fees you’ll be paying for our services. We will explore your goals and priorities together, taking ample time to understand your current financial resources and obligations, consider your personal circumstances, and gather all the necessary support documentation. We will also investigate your values, preferences, financial experience, and outlook as they relate to your future.
Three: Clarify and Assess Your Current Financial Status
During the next phase of the planning process, we clarify and assess your current financial status. We will examine your cash flow, net worth, tax projections, etc. by conducting a thorough review of your investment account statements, bank statements, retirement and pension plan documents, stock options, mortgage obligations, credit card bills, insurance coverage, and any other relevant documents. This detail-oriented process will help us identify challenges and opportunities with respect to your individual:
- Capital Requirements
- Risk Management Needs & Coverage
- Tax Planning
- Retirement Income Projections
- Current and Future Employment Benefits
- Estate Planning
- Education Funding
- Philanthropic Goals
- Special Needs (i.e., adult dependency, education, etc.)
Four: Develop Your Personal Financial Plan
After we’ve gathered your financial data, crunched the numbers, and factored in all your specific concerns and requirements, we will meet to review your comprehensive financial plan together. This plan will be tailored to help you achieve your goals and objectives while honoring your personal values, temperament and preferences. We will include a GAP analysis that compares the actual performance of your assets to potential performance under different scenarios, offer our recommendations, and determine an appropriate plan review cycle. We will also present alternatives, discuss trade-offs, propose solutions, explain options, answer your questions, and make adjustments until the plan meets your expectations.
After your financial plan is finalized, we will guide you through the implementation of the investment strategies, insurance coverage, and estate planning recommended in your plan. Plan implementation may involve coordinating efforts with other professionals such as your insurance agent, attorney, or CPA. If you haven’t already forged a strong relationship with the necessary professionals, we will be happy to make suitable introductions.
Six: Monitor and Evaluate Your Progress
We will track your progress towards your goals on a regular basis and make necessary adjustments to your investment strategies or financial plan to keep you moving in the right direction. We are committed to regularly reviewing the impact of changing personal circumstances, varying tax laws, and shifting economics on your financial plan. Our seamless, proactive service is designed to give you confiidence and allow you to focus on those things most important to you.