BMWA Planning Process
The process we use is very similar to a traditional business planning process:
- Where are you? (situation analysis)
- What do you want to achieve? (goals)
- How do you get there? (gap analysis and strategy)
- What steps do you need to take? (recommendations and implementation)
- How well are you doing? (periodic reviews & adjustments)
- The BMWA Planning Process (PDF linked) will give you a better idea of how we go about helping you pursue your financial goals.
Initial Consultation Points
- Liquidity needs
- Risk management and assessment
- Investments through various instruments
- Tax consideration
- Retirement income planning
- Estate planning needs
- Charitable & Philanthropic plans
- Special family needs (i.e. assisted living & college planning)
Areas of Guidance and Assistance
- College Education Planning
- Tax Planning
- Liability Planning Management
- Estate Planning
- Annual Updates of Key Financial Data
Financial Planning Services
- Personal: We review family records, budgeting, personal liability, estate information and financial goals.
- Tax & Cash Flow: We analyze the client’s income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability.
- Investments: We analyze investment alternatives and their effect on the client's portfolio.
- Insurance: We review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile.
- Retirement: We analyze current strategies and investment plans to help the client achieve his or her retirement goals.
- Death & Disability: We review the client’s cash needs at death, income needs of surviving dependents, estate planning and disability income.
- Estate: We assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing homes, Medicaid and elder law.
Typically the financial plan is presented to the client within six months of the contract date, provided that all information needed to prepare the financial plan has been promptly provided.
Clients should be aware that the receipt of additional compensation by our firm and its management persons or employees creates a conflict of interest that may impair the objectivity of our firm and these individuals when making advisory recommendations. We endeavor at all times to put the interest of our clients first as part of our fiduciary duty as a registered investment adviser and take the following steps to address this conflict:
- We disclose to clients the existence of all material conflicts of interest, including the potential for our firm and its employees to earn compensation from advisory clients in addition to our advisory fees;
- We disclose to clients that they are not obligated to purchase recommended investment products from our employees;
- We collect, maintain and document accurate, complete and relevant client background information, including the client’s financial goals, objectives and risk tolerance;
- Our management conducts regular reviews of each client account to verify that all recommendations made to a client are suitable to the client’s needs and circumstances;
- We require that our employees seek prior approval of any outside employment activity so that we may ensure that any conflicts of interests in such activities are properly addressed;
- We periodically monitor these outside employment activities to verify that any conflicts of interest continue to be properly addressed by our firm;
- We educate our employees regarding the responsibilities of a fiduciary, including the need for having a reasonable and independent basis for the investment advice provided to clients; and
- We make it clear to the client that they are under no obligation to act upon the investment adviser's recommendation, and, if the client elects to act on any of the recommendations, they are under no obligation to effect the transaction through the investment adviser.