Since our planning advice is holistic and customized, this means that the initial consultation will usually require two meetings. Prior to the initial meeting, potential clients will complete our Personal Asset Manager which is a comprehensive, personal financial planning questionnaire. The Personal Asset Manager is designed to help you take inventory and assign realistic values to your personal assets and liabilities. It is the essential first step in identifying potential savings. The more accurate the information you provide, the more value you will gain from our initial assessment.
In addition to a fully completed Personal Asset Manager, we will need the following documents for analysis: most recent tax returns, most recent Social Security statement, most recent brokerage firm statements for all accounts, most recent life insurance, long-term care insurance and annuity statements for all policies, most recent statements for all retirement accounts (401(k), IRA, Roth IRA etc.), and any estate planning documents.
First Meeting: The Initial Consultation
The purpose of the initial consultation is to get to know you and have a meaningful discussion about your personal financial life and your most important issues, goals and objectives. Our advisors need to have a deep understanding of your situation in order to do the best job to help you work toward your financial goals. A brief portion of this meeting will also be spent clarifying items in the Personal Asset Manager and your personal financial documents. This meeting typically lasts an hour.
Second Meeting: The Initial Assessment
After the Initial Consultation, your advisor will review and analyze your situation based on the discussion in the initial consultation, along with the information in the Personal Asset Manager and your personal financial documents.
Through this process, your advisor will prepare a “Concerns and Opportunities” document, which outlines the areas where we think we can help you the most. The concerns and opportunities document will be reviewed and discussed at this meeting. Also during this meeting, your advisor will outline the services that could add the most value based on your situation so you can make an educated decision about whether you wish to engage the services of Sterling Wealth Partners. An Engagement of Services document will be prepared that will detail the fees for those services. Should you wish to engage our firm, then a fee agreement will be signed and subsequent planning sessions will be scheduled and conducted.
Third & Subsequent Meetings: Addressing Your Financial Situation
Once you have decided to engage our firm in the planning process, additional meetings will be held to begin addressing your financial situation based on the services that were selected and prioritized. Typically, the most urgent areas of concern are addressed first, with less important concerns addressed in subsequent meetings. The number of meetings needed to complete the process will vary based on the complexity of your situation.
Portfolio and Plan Review Meetings:
Depending on the services selected, periodic review of your plan and/or portfolio will be needed. Reviews are typically conducted quarterly but may be more or less frequent if your situation requires.