What services should I expect from a financial advisor?
Financial services vary greatly and it's smart to ask exactly what you're going to get for what you pay. You may think you're getting advice, guidance and comprehensive scenario planning when in reality your advisor is simply a money manager. Asking point-blank is the best approach.
For example, we meet with clients three times per year (every four months), it would be appropriate to ask what the agenda is for all the meetings for the next year. Ask the advisor you interview what their specific "client deliverables" are going to be for you and the frequency of your meetings.
At our firm, our Motorola Execs receive all of the following:
1. Annual Update of the Financial Road-mapTM: A clear and concise exercise to organize your finances, align them with your goals, make sure everything is on-track with what’s most important to you and update the plan to ensure that you are making progress toward your goals.
2. Greatest Probability Strategy™ (Your “GPS”). We’ll review your step-by-step plan of action to give advice and guidance regarding actions required to successfully implement your plan every four months.
3. Progress Reports. Every four months you will be given a simple, one-page summary of assets, which is designed to show your progress benchmarked against your goals.
4. Wealth Management. We analyze how your assets are allocated, and manage your money.
5. Income Tax Projection before the end of every calendar year
6. Prepare your Income Taxes each year
7. Estate Planning: Annual check up and full review every five years.
8. Written Plan for every goal
9. Cash Reserves & Debt Management: Annual review of written plan for cash reserves & debt reduction
10. Financial Plan Safety: Annual review of strategies that will increase the overall safety and full review of insurance.
For example, we meet with clients three times per year (every four months), it would be appropriate to ask what the agenda is for all the meetings for the next year. Ask the advisor you interview what their specific "client deliverables" are going to be for you and the frequency of your meetings.
At our firm, our Motorola Execs receive all of the following:
1. Annual Update of the Financial Road-mapTM: A clear and concise exercise to organize your finances, align them with your goals, make sure everything is on-track with what’s most important to you and update the plan to ensure that you are making progress toward your goals.
2. Greatest Probability Strategy™ (Your “GPS”). We’ll review your step-by-step plan of action to give advice and guidance regarding actions required to successfully implement your plan every four months.
3. Progress Reports. Every four months you will be given a simple, one-page summary of assets, which is designed to show your progress benchmarked against your goals.
4. Wealth Management. We analyze how your assets are allocated, and manage your money.
5. Income Tax Projection before the end of every calendar year
6. Prepare your Income Taxes each year
7. Estate Planning: Annual check up and full review every five years.
8. Written Plan for every goal
9. Cash Reserves & Debt Management: Annual review of written plan for cash reserves & debt reduction
10. Financial Plan Safety: Annual review of strategies that will increase the overall safety and full review of insurance.
posted by Mark Little | 1:22 AM
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