Format Today 1. WELCOME 2. OUR AGENDA

4/17/2015
Format Today
What We Do When We Do
Financial Planning
Presentations
1. Eric Bruck – Prospect Process
2. Kirsten Ismail – New Client Discovery
3. Rich Durso – Integrating Financial Planning
with the Investment Policy
4. Dave Yeske – Delivering Policy-Based Planning
5. Justin Fulton – the Family Almanac
A panel presentation and conversation with
•Eric Bruck, CFP® - Principal, Silver Oak Wealth Advisors LLC
•Kirsten Ismail, CFP® - Vice President, Wealth Management, UBS
•Rich Durso, CFP®, AEP - Director of Financial Planning, RTD Financial
Advisors
•Dr. Dave Yeske, CFP® - Managing Director, Yeske Buie
Followed by
•Justin Fulton, J.D., CFP® - Principal, Client Strategies, Signature.
– Q&A
– 2 Rounds of conversation at your tables
Hosted by Elizabeth Jetton, CFP®
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“What We Do
When We Do
Financial Planning”
1. WELCOME
• “Can we offer you coffee, tea, or water?”
The Prospect Meeting:
Discovery, Conversation
& Process
– How is your day going so far? (Gauging their state of
mind)
– “Per our telephone conversation” (refresh as to purpose,
timing and purpose of this meeting)
– Your agenda: “We would like to hear what will make this
meeting a great experience for you? What would you
like to take away from this meeting?
Eric D. Bruck, CFP®, CFT™
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2. OUR AGENDA
3. DISCOVERY INTERVIEW
• This, our first meeting together is all about
you.
Each party answers separately
• “What is most important to you about money?”
– “Please share a couple of your earliest memories about
money…how you feel those may have influenced the way that
you make financial decisions today”
– “We want to understand what is important to you
about money; a little of your history; how you make
decisions around money…”
– What do you feel is the purpose of money to you?
– “Our next meeting is where we will present to you
our proposal, in the context of what we heard is
most important to you. We’ll share a lot about
Silver Oak”
– What financial concerns crop up that nag or distract you?
• “Of what in your life, both Personal and Professional, are you
most proud?”
– “Per our telephone conversation…”
• “Is 90 minutes or so still OK for this meeting?”
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• “What do you want your money to do for you for the future?
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3a. THE DISCOVERY
3b. TRUST BUILDING
INTERVIEW
Communication Preferences
CLIENT’S Preferences
SOWA’s Commitments
Allow me time to process my response
(may be a subsequent day)
Invest time in building the relationship
Offer and explain options so that I can
decide; verbal communication of
options, dialogue and explanations are
my key preferences
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Remember my need to analyze; time to
digest in making important decisions
4. CONCLUDING THE MEETING
Develop
Transition Plan
Discovery
Meeting
Complete
Discovery
Process
Develop
Investment Policy &
Planning Proposal
Investment Plan
and Proposal
Meeting
Mutual
Commitment
Meeting
Presentation
of Investment plan
Confirmation of client
and advisor relationship
Create Wealth
Management Plan
Our recommendations
for meeting your needs
Eric Bruck, CFP®, CFT™
Quarterly Progress
Meeting
45-Day Review
Meeting
Review of progress and
performance of plan
Organization of
Account Paperwork
Silver Oak Wealth Advisors, LLC
Expert Team
Collaboration
Your expert tem
meets to discuss
your wealth plan
Phone: (310) 207-4800
Expert Team
Collaboration
Your expert team meets to discuss
[email protected]
www.silveroakwa.com
your wealth plan
We are here.
 Takeaway “Brochure” (see handout)
 Schedule next meeting
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On Boarding Process
Discovery
Meeting
Investment
Strategy
& Action
Plan
New Client Discovery
Meeting & Experience
Mutual
Commitment
Meeting
Kirsten Ismail, CFP ®
On-boarding
(administrative)
& Wealth
Management
Implementation
meeting
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Regular
Progress
Meetings
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What's involved in the Discovery meeting?
Discovery Meeting Environment
- Over 60 questions
- Covers 7 categories:
Values
Advisors
Goals
Assets
Relationships Process
Personal Interests
Questions?
Example Questions:
"What famous people do
you know?"
"What is your ideal
weekend?"
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"What would you like to
achieve with your
money?"
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•Tools:
Note Pad – Levenger's Oasis Shaded Annotation
Concept Pad
Mind Mapping Software – Mindjet
Monitor – 36" Flat screen TV
Seating – Comfortable chairs and a low circular coffee
table
Extra – Personal photograph of family members
Session Title
Speaker Name
Company
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Integrating Financial Planning
With Investments
Contact Information:
Kirsten Ismail, CFP ®
617-439-8137
[email protected]
Richard J. Durso, CFP®, AEP®
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Selecting Your RTD Managed Portfolio
Reaching Your Life Goals
• Determining the proper asset mix to maximize your
chances of success while minimizing your risk.
• What RTD-managed portfolio provides the greatest
chance of achieving your goals?
• We will stress multiple portfolios when we create
your financial projections.
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Debt Policy
Financial Planning Policies
in Practice
• We will use credit cards for convenience only
for purchases that are part of the monthly
budget.
• For purchases equal to 10% or less of annual
after-tax earnings, we will set aside funds
monthly until needed sum is accumulated.
Dr. Dave Yeske, CFP©
• For purchases equal to more than 10% of
annual after-tax earnings, we will use
amortized debt.
Yeske Buie
Golden Gate University
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Safe-Spending Policies
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Policies for Young People
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Policies for Young People
Cash Flow Policies
• I will save 10% of every paycheck.
• My savings will go first to my emergency fund until
equal to 3 months worth of living expenses.
• Thereafter, my savings will go into my employer
retirement plan to contribution limit.
• Any remaining savings will go into an after-tax
“opportunity fund.”
• Windfalls (bonuses) will be allocated 10% to a “fun
fund” and 90% per the preceding policies.
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Policy for Contingent Resource
Cash Flow Policies
Windfalls (unexpected income)
• Any windfall from (bonus, options, inheritance,
business sale, etc.) will be allocated as follows:
Earned Income
– First, toward my granddaughter’s college fund up to
½ the then projected 4 year cost.
10%
“Fun Fund”
– Next, to my alma mater up to 10% of my then
annual earned income.
Emergency Fund
(3 months)
Employer
Retirement Plan
(max limit)
– Next, to a kitchen remodel up to 5% of the house’s
then appraised value.
Opportunity Fund
(big trips?)
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– Any remaining funds will be added to retirement
savings.
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Dr. Dave Yeske, CFP©
What We Do When We Do Financial
Planning
Managing Director, Yeske Buie
Chair, Financial Planning Program,
Ageno School of Business, Golden Gate University
Family Almanacs &
Legacy Letters
Practitioner-Editor, Journal of Financial Planning
Justin Fulton
Signature Family Wealth Advisors
Phone: (800) 772-1887
[email protected]
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• Family Almanac
• Dashboard
– Contents
– Balance sheet
– Life insurance summary
– Estate plan picture
– Debt summary
– Retirement plan summary
• Legacy Letter
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• Updates annually or biannually
• Online vault
• Fees for work
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Family narrative & family tree
Letter of intent to executor & trustee
Balance sheet
Real estate – include disposition plan
Debt summary
Tax summary
Charitable giving – pledges
Estate plan summary
Powers of attorney & adv med directives
Insurance summary
Physicians
Collectibles – automobiles, art, wine, etc.
Justin Fulton
Signature Family Wealth Advisors
Phone: (757) 961-5219
[email protected]
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