Preparing for a Financial Plan Meeting

Preparing for a Financial Plan Meeting

I fully recognize and respect that everyone leads busy lives and wants to get the most out of every meeting.  This article focuses on the steps in preparing for a meeting about your financial plan.  I promise to spend the time you need to get the answers to your financial goals and priorities.

The process I follow closely adheres to the The Financial Planning Process as outlined by the Canadian Institute of Financial Planners (CIFPs) of which I am a member.   Where I differ is that I like to have a pre-meeting phone call as outlined below.

Pre-Meeting – Phone Call

If you have contacted me via the internet, I do not assume you have fully read everything about my services, so the pre-meeting is typically a short phone meeting to verify that what you are looking for in a financial planner is what I am qualified for.

This will help both of us be better prepared for the “First Meeting”.

First Meeting – Face-to-Face

In this meeting we document the following.

  • your specific goals, priorities and timeline,
  • what each other’s responsibilities are,
  • the fee for the plan,
  • if there are any conflicts of interests.

This is outlined in the Client Engagement, Product and Disclosure Document.

Please bring financial information pertinent to what we will be discussing.  Here are general guidelines.

Income Information:

  • Gross Income details. A pay stub or list of income sources such as Canada Pension Plan, Old Age Security and/or company pension payment details.
  • Notice of Assessment from CRA

List of Personal Assets:

  • principal residence details – estimated market value and if there is a mortgage, what is the debt structure (i.e mortgage details).
  • other properties, what they cost, estimated market value and if financed, what is the debt structure (i.e mortgage details).
  • Investment Assets: RRSP, bank accounts (please bring a detailed recent statement).
  • Registered Pension Plan Information
  • A company pension plan statement which details early retirement options.

Estate Planning Details

  • Life Insurance, critical illness, disability and/or long-term care policies owned personally or in group plan.
  • Any other benefit plans available to both of you.
  • Information about current Will and Powers of Attorney 

Note: For fee-for service clients, 50% of the agreed upon fee is paid at this point.

After this meeting, I analyze your information and determine recommendations.

Second Meeting – Face-to-Face

At this meeting, I present recommendations based upon your goals and priorities. It’s all contained in the Wealth Management Binder.

For fee-for-service clients the balance of the agreed upon fee is paid. A second update to the plan is offered plus email/phone support for one year.

At that point the plan is yours to keep with all documentation and you may implement the recommendations at your discretion.

Annual Review Meeting – Face-to-Face

Because life is always changing, I highly recommend an annual review for all clients.

Fee-for-service clients may request an annual review to keep their financial plan up-to-date. The fee is quoted upon request.

For existing asset-based planning clients: If you maintain an account value above $35,000 and have implemented your Financial Plan with me, the annual review and ongoing monitoring is included at no extra cost. 

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