The foundation of the methodology utilized by WEALTHdesigns.ca is the 6-step process outlined in the Financial Planning Standards Council practice standards. It takes into consideration whether we are advising clients in one specific area or whether we are providing comprehensive planning advice.
A common scenario we encounter is where a particular issue has been identified that is of vital importance to the client’s overall financial situation. Whether the issue was brought to our attention through one of the client’s other advisors or revealed during our Strategic Process of Discovery, the issue is high priority and warrants specialized attention. In this case our focus is narrow and we assist the client in this one area of their financial planning.
The Big Picture
Through our Strategic Process of Discovery, we assist the client in determining their greatest priorities, taking into consideration their values, strengths and obstacles. This process reveals risks and opportunities, often unknown to the client, and serves as a call to action. This values-based planning approach considers both needs and wants and provides the necessary framework to create a financial plan uniquely suited to each client.
Once we have assisted the client determine what is most important to them, we typically observe them experience what we call the “A-Ha moment”. It is the moment when the difference between holistic planning versus simply acquiring financial products is fully appreciated.
Next step in the process is where we roll up our sleeves and do the analysis. This rigorous exercise helps quantify where the client is today relative to where they wish to be. We consider the various tools necessary to achieve client objectives and conduct the necessary market research to ensure our recommendations are optimally suited to each client’s needs.
Once we’ve presented our recommendations and a decision has been made regarding implementation, we continually ensure the plan progresses as intended with on-going monitoring and client communication.