Onboarding Process for Financial Planning Clients

Opening Your Accounts

We will complete and walk you through all of the paperwork to open your accounts and initiate any transfers.

The COLLAB Financial Plan

Our one-of-a-kind financial planning process will uncover your story so we can plan your best life.

Continuing the Conversation

Because your best life can and will change, we want to have regular conversations to ensure progress.

Initial Onboarding Steps

A Quick Call to Kick Things Off

Once you’ve decided that you’re ready to start working with us, we’ll schedule a quick call to go over the next steps and review all the information that’s already been gathered. This helps us to know if we’re missing anything so we can start preparing your paperwork to get the ball rolling.

The Paperwork Meeting

During this meeting, we will cover the steps to open your accounts and initiate any transfers or rollovers. Once all of your accounts have been opened, transferred, and trades have been placed, according to your Investment Policy Statement, it's now time to begin the COLLAB Financial Planning Process. This is by far my favorite part and truly where the rubber meets the road.

Communicate
Organize
Listen
Learn
Adapt & Adjust
Build

The COLLAB Financial Planning Process

If you've been through a financial planning process before and you completely dread the thought of having to look at some 100+ page plan (that includes me), I can assure you that our financial planning process is not that. The COLLAB Financial Plan is our proprietary and trademarked planning process that truly looks at the what, why, when, where and how of your personal financial life.

Here's a bird's eye view:

  • We explore your relationship with money and how it affects your values and goals
  • We’ll help clarify your vision for the future, balance work & life (both now and in retirement), create financial comfort, help & protect your family and look at your legacy
  • We’ll help prioritize what’s most important in your life right now and craft a plan around it
  • The actual plan we create isn’t overwhelming or complicated but rather simple, straightforward and perfectly in line with your most important goals
  • Finally, we’ll continue to update, adjust and adapt the plan ongoing as goals are accomplished and new goals come up

COLLAB Financial Planning Meetings

The initial COLLAB Financial Planning Process takes place over four meetings. After these four meetings, the process is always ongoing and updated regularly. In other words, the plan is never static.

It's completely up to you whether you want to have the meetings in person or virtually through our meeting software. I've found that the process is equally valuable either way. It really just depends on what's most convenient for you as we offer both options for each meeting.

COLLAB Financial Planning Meeting #1 – Unraveling Your Story

You're not simply delegating the planning to me. Rather, I'm the project manager and seasoned guide and I will share my financial planning knowledge and wisdom that I've gained from working with others who are on a similar path.

You are the experts in your own lives. You have the history of experiences and knowledge that I will only begin to understand.

This process is a collaboration. Together, we'll come up with better solutions than any of us could do individually. We'll work together each step of the way, and it's my responsibility to manage the process, lead each meeting, and keep the project on track. My only ask of you is to stay engaged and actively participate.

Within this meeting, we’ll be going through six questions that will help unravel all the different elements of your story so we can understand your money, and your life. These questions will no doubt require some thought on your part which is why we always give you and your spouse plenty of time to think about them prior to the meeting.

After we go through and discuss these questions, we’ll use this information in the creation of your COLLAB Financial Plan to ensure it’s in alignment with your unique needs.

COLLAB Financial Planning Meeting #2 – Reimagining the Possibilities

In this meeting, we'll be going through a few more questions that will help me to:

  • Clarify your vision for the future
  • Balance your work & life (both now and in retirement)
  • Create financial comfort for you and your family
  • Protect you and your family
  • Determine your legacy

The primary goal of this meeting is to gain clarity on what's truly important in your life above and beyond just the financial areas. Through this conversation, we’ll help you visualize your life through our 360 LifeMap.

We use our LifeMap as a visual aid that captures your values, concerns, and risks. Once these are identified, the LifeMap will allow us to move from the emotional factors and considerations to the financial ones. From there, we’ll prioritize what’s most important in your life right now and craft your COLLAB Financial Plan around it.

COLLAB Financial Planning Meeting #3 – Reviewing Your Plan

In this meeting, we'll be going through the initial draft of your actual COLLAB Financial Plan. This is where education and plan development come in.

We explain where you’re at today, and how that connects to the plans we identified in the last two meetings. We explain your options and evaluate the tradeoffs of various decisions. Then we agree on a way forward, knowing that the decisions we’re making now are never permanent.

The plan is fluid and everchanging just as we all are in life. The building of the plan is important but the adapting and adjusting of the plan is just as important if not more.

Through all complex transitions, we encourage you to remain open to change. It’s important to create a flexible plan that keeps you in the driver’s seat. This is a key principle to the COLLAB Financial Plan.

While this may sound a little overwhelming, I can assure you it is not (we keep the plan to only 1-2 pages). It’s laid out in a way that makes sense and allows us to focus on what's most important to you right now.

COLLAB Financial Planning Meeting #4 – Putting Your Plan into Action
The COLLAB Financial Planning Process is just that; a process. It won’t happen all at once, let alone in a few days.

This process is meant to take place over time and in small increments. We’re not here to bite it all off at once. Baby steps to make incremental progress together.

In this meeting, we want to review that process and begin the implementation.

Getting your financial house in order and keeping it that way takes time and expertise, so we do the bulk of the heavy lifting for you. We insist on being accountable and organized – so we keep an ongoing list of action items – recognizing they will be done over time as they move to the top of your priority list.

As mentioned in the previous meeting, we don’t want to overwhelm you. We take things one project at a time to ensure we’re partnering to make good decisions for the present and future.
Annual Review Meetings

After the design of the plan has been created and we’ve started the implementation, we’ll continue to meet 1-2 times per year. We expect you to keep us updated on any life changes relevant to your plan, and we, of course, will do the same.

We also realize that planning is an ongoing process with surprises along the way. So while we know a conversation about downsizing may not happen right away, it definitely impacts other decisions we might make. We consider future possibilities to keep potential plans in the forefront as we evaluate various planning decisions today.

Our annual reviews ensure we are on the same page when it comes to matters that affect you and your family and they’re a great way to confirm progress and accountability within your COLLAB Financial Plan.

Get Started Here

Trying to find a good financial planner to meet your needs can be rough. That's exactly why we created The Getting Started Process™.  It's a simple framework that will help in your decision-making process so you can find the right advisor for you.

Content written by Clint Haynes, CFP® | Certified Financial Planner®

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein. NextGen Wealth LLC is registered as an investment adviser in the states of Missouri and Kansas, and is notice-filed in the State of Texas. As such, it may only transact business with residents of those states and residents of any other state where otherwise legally permitted subject to exemption or exclusion from registration requirements.

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