Everybody’s financial priorities and goals are unique to their specific circumstance. That is why we follow a comprehensive 6 step process to develop a plan that reflects today’s situation and provides guidance for tomorrow’s decisions.
Step 1: Establishing the Relationship
We would typically begin with a general discussion of the client’s financial situation to determine if WRWM can provide a meaningful service. We also attempt to assess whether we can develop a solid, trusting, professional relationship over time. Lastly, we begin establishing and defining the relationship by identifying the services to be provided, the responsibilities of each party, the time frame of engagement and the method by which WRWM will be compensated for services rendered.
Step 2: Gathering of Information
We gather both quantitative and qualitative data about the client, including your financial goals and objectives. Quantitative data is a detailed look at the balance sheet and cash flow statement as well as other documents such as tax returns, employee benefits statements and estate planning documents. Qualitative data includes the client’s general health condition, risk tolerance, employment and retirement expectations as well as specific financial goals and objective.
Step 3: Data Analysis
The client’s data is organized to document an initial financial position. The data is then analyzed to determine areas of strength and weakness with respect to achieving the financial goals and objectives.
Step 4: Development of the Plan
A plan is developed that is objective and tailored to the client’s specific goals, values, financial strengths and weaknesses, and risk tolerance. Detailed recommendations are given to address each client objective. Some of the more typical objectives are:
Step 5: Implementation of the Plan
In this step, we provide guidance and assistance in the implementation of recommendation which the client has chosen to adopt. This may require meeting with other professionals that the client already retains, providing wealth management services and in some cases providing referral to other professionals in order to implement the plan.
Step 6: Monitoring the Plan
Periodically, the plan is reviewed to track progress and also to update the underlying assumptions due to changes in tax law, economic conditions, and available investment techniques.