Complex Financial Planning Process

Most clients DO NOT need this high level of service

Step One: Preliminary Planning Meeting Part One

Wake Wealth

1. Explains scope of the initial financial planning engagement
2. Covers Securities and Exchange Commission (SEC) requirements and other disclosure information
3. Reviews preliminary planning reports using data provided by client
4. Answers questions and makes recommendations
5. Quotes flat fee for a written financial plan and a quarterly flat fee for ongoing financial planning reporting and advice
6. Dictates notes and recommendations
7. Sends transcribed notes to client

Client

1. Provides preliminary data one week before meeting (see financial planning checklist)
2. Brings written questions to be answered during the meeting
3. Signs financial planning contract
4. Acknowledges receipt of documentation required by the Securities and Exchange Commission (SEC)

Step Two:
Preliminary Planning Meeting Part Two

Wake Wealth

1. Reviews notes from first meeting with client
2. Answers any additional questions
3. Reviews sample financial plan
4. Reviews monthly financial planning reports
5. Reviews pros and cons of flat and hourly fees
6. Sets date for data gathering meeting
7. Provides checklist for additional data if needed

Client

1. Reads notes that were dictated by financial planner after the first meeting, transcribed, and mailed to client
2. Decides how to go forward with financial planning – hourly or flat fee

Step Three:
Data Gathering Meeting

Wake Wealth

1. Gathers objective data
2. Gathers subjective data and financial planning goals
3. Assess investment temperament and risk tolerance
4. Prepares reports and analyses
5. Writes financial plan containing 13 sections, including recommendations
6. Delivers financial plan
7. Schedules financial plan presentation meeting

Client

1. Commits to the time needed to thoroughly gather all relevant financial data and goals

Step Four:
Financial Plan Presentation Meeting

Wake Wealth

1. Reviews financial plan analyses and recommendations
2. Explains how to best utilize the client’s resources to help clients pursue their goals
3. Reviews recommended implementation schedule
4. Assists client in the implementation process

Client

1. Decides on an action plan to implement recommendations contained in the written financial plan

Step Five:
Implementation Meeting

Wake Wealth

1. Assists and educates client during one or more implementation meeting(s): Investment, Charitable Planning, and/or Estate Planning
2. Works together and meets with client’s other professional advisers as needed, e.g. the client’s estate attorney and other professional advisorsProvides monthly financial planning reports: Portfolio, Estate, Rebalancing, Retirement Income, Personal Financial Statements, Tax-Advantaged Planning, Goals, Asset Allocation, and Cash Flow Reports

Client

1. Asks questions and seeks to understand what is implemented
2. Seeks to understand the features, benefits, risks and costs of recommended strategies, investments and insuranceProvides financial planner updates on income, expenses, assets, liabilities, goals, and objectives

Step Six:
Ongoing Tracking and Financial Plan Updates

Wake Wealth

1. Provides monthly financial planning reports: Portfolio, Estate, Rebalancing, Retirement Income, Personal Financial Statements, Tax-Advantaged Planning, Goals, Asset Allocation, and Cash Flow Reports
2. Provides ongoing advice and recommendations in the areas covered by the scope of the engagement
3. Reports and advice given for quarterly flat fee, with no hourly fees. Clients can choose to go back to hourly, as needed, fee arrangement at any time
4. Coordinates financial planning with other professional advisors, including client’s CPA
5. Conducts annual review meetings as requested by client

Client

1. Provides financial planner updates on income, expenses, assets, liabilities, goals, and objectives