Your Financial Plan

Professional financial planning takes a holistic approach to an individual's financial life. Our qualified Advisors consider a client's goals, stage in life, personal circumstances and risk tolerance. They will make recommendations for growing and preserving wealth, minimizing tax, estate planning, insurance - and more, depending on the needs of the individual client. In some cases, the same advisor may be involved in helping the client to implement some of the recommendations in the Financial Plan. In other cases, the Advisor may work with other professionals such as accountants or lawyers to implement the recommendations.

Professional Financial Planning consists of the following Six Steps. We encourage our clients to familiarize themselves with them. Above all, remember that it's our big-picture, holistic approach that sets Professional Financial Planners apart from all other professionals who may have been trained to focus only on one aspect of a client's finances.

1. Assess Client's Situation and Establish the Client-Planner Relationship:

• Explain issues and concepts related to the overall planning process, as appropriate.
• Explain the services we will provide and the process of planning and documentation.
• Clarify your responsibilities as a client.
• Clarify the responsibilities of your planner, including a discussion about how the Advisor is compensated.
• Discuss the scope of the client/planner engagement
• Agree on how decisions will be made.

2. Establish Client Goals, Priorities and Concerns:

• Advisor will obtain information about client's financial resources and obligations through interviews and/or questionnaires.
• Gather all the necessary documents before giving you the advice you need.
• Define your personal and financial goals, needs and priorities.
• Investigate your values, preferences, financial outlook and desired results as they relate to your financial goals, needs and priorities.

3. Identify Current Problems and Opportunities:

Advisor will analyze the client information gathered in Steps 1&2 and assess current situation (cash flow, net worth, tax projections, etc.). Problems and opportunities will be identified with respect to the client’s:

• Capital needs
• Risk management needs and coverage
• Investments
• Taxation
• Retirement planning
• Employee benefits
• Estate planning
• Special needs (eg. adult dependant needs, education needs, etc.)

4. Provide Written Recommendations and Alternative Solutions:

• Develop and prepare a financial plan tailored to meet client's goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations.
• Present the plan to you and establish an appropriate review cycle.
• Work together to ensure that the plan meets client's goals and objectives.

5. Take Action on Implementation:

Bick Advisor will assist in the implementation of the recommendations included in the financial plan. This may involve coordinating contacts with other professionals such as accountants, insurance agents and lawyers.

6. Perform Periodic Reviews, Updates and Revisions to the Plan:

• Review progress of plan periodically and make adjustments to the recommendations required to help client achieve financial goals.

Regular review will include:

• Discussion about changes in client’s personal circumstances and how they might affect client goals.
• Review and evaluation of the impact of changing tax laws and economic circumstances.
• Review of client’s life circumstances and adjustment of the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc.