This is the first step of the discovery process. There is no paperwork involved here. No contracts are signed and no final decisions are made. It is simply an interview process on the part of both the advisor and client where we get to know each other and decide whether we are a good fit. The choice to work together needs to be mutual and both parties need to be open and honest about their objectives.
The second step in the discovery process is perhaps the most important. This is where we get into the details of your specific situation. We review the financial and non-financial aspects of your life.
This is where we make our initial proposals based on information gathered in the discovery process. Investment goals, income timetables, and risk tolerance are all considered as specific recommendations are being developed.
Now we take action. This is the step where we make changes to your current portfolio as needed and implement the recommendations agreed upon previously. This may take some time and can involve other advisors such as a tax expert or attorney and I will gladly communicate with these professionals as needed. This step can sometimes be difficult because clients may have to leave their comfort zone.
The world is not static and we need to be ready to adapt to changes in our lives. We need to regularly monitor our investments and our strategies to make adjustments if needed. Regular progress meetings and communication are essential.
Around each anniversary of our inception, we will sit down to discuss how we are doing and we will decide whether to continue on the same course or to embark on a different one. Either way we will renew the relationship with a complete analysis of where we are and where we plan to go in the future.