We don’t prepare taxes because we want to be dedicated all year round to your financial planning needs. As changes occur in your financial life, it is important to compare and contrast the impact taxes will have on these decisions. By utilizing your previous year’s tax return, we can run what-if scenarios on our planning software.
We believe that client review meetings are equally as important as the first meeting we ever held with you. You can expect to have us start with the “Wealth Management Update”. We’ll be asking questions about any events that have changed in your life, any financial issues that have caused you to save, spend, or earn more money. Hopefully all of your financial information will be aggregated through our Wealth View program by your first review meeting. This will allow us to have up-to-date information on all aspects of your financial life and we can be prepared to offer thoughts and feedback to you. In addition, we will review the overall asset allocation, risk tolerance, performance and projections designed to help you achieve your goals. Most clients tell us that each time they visit the office they not only learn something more about their personal financial situation, but they wish they had begun a relationship with us much sooner.
At Walfrid Private the number of meetings/reviews is left to the discretion of our clients. Oftentimes we find that clients prefer to meet 2-3 times during the first year, and then 1-2 times in years that follow. Our contact management system insures that we schedule an appointment with you at least annually so that we can both review your personal financial situation, and also learn about changes that may have occurred in your life.
There are a range of tax efficient ways for you to pay for your professional fees.
In the event you may experience a significant tax liability due to a sale of a security, we will contact you directly to discuss strategies and alternatives. We work very hard to insure that tax management plays a significant role in the continued supervision of your investment portfolio.
Performance of your investment account is maintained from the date the first euro is deposited into your account. Each calendar quarter you will receive a performance report of your portfolio. We can also produce performance reports for anytime period you’d like and measure your account against several benchmarks.
At least twice per year, your portfolio is independently examined for rebalancing considerations, tax strategies, and continued alignment to your overall investment objective. Throughout the year, your portfolio may experience changes in allocation or holdings as we consider new additions, replacements or removals of funds from client portfolios.
Performance is tracked daily; portfolios are rebalanced quarterly.
Many clients ask us how we’re able to manage so much money AND maintain such personal relationships with our clients. We are able to do it because of the strength and depth of our financial planning team and portfolio managers.
Our research process allows us to custom construct portfolios. In addition, we can include exchange traded funds, stocks, and individual bonds.
As independent representatives we are free to select from companies that best serve our client’s interests.
Clients who elect to hire our firm as Investment Advisory Representatives, after the completion and presentation of an objective financial planning analysis, will continue to receive ongoing updates, regular monitoring and periodic reviews that address their overall financial planning objectives. We do not accept investment advisory clients without first knowing our client’s overall financial situation. This allows us to truly place the interests of our client’s first and align with our Code of Ethics.
Sorry, we won’t do that. We simply don’t believe that it is possible to place the interests of our clients first without initially capturing both a snapshot of their financial well-being, as well as a clear understanding of their financial goals and objectives. Unfortunately, we’ve witnessed too many advisors focus first on YOUR INVESTMENTS before ever considering how they weave into your overall financial circumstances. We believe this approach is quite dangerous, and oftentimes leads to changes to your portfolio that could have been avoided had the advisor better known your overall objectives first.
As an advisory firm, we are committed to delivering the same depth of analysis and reporting that we developed for your initial financial plan. On an ongoing basis, we will continue to update the progress of your goals and make recommendations as needed. In addition, our client’s continuously turn to us for advice on the following areas:
- Advice and analysis on large purchase considerations such as a home, boat or car. In fact, we’ve been known to visit auto dealerships with many of our widowed and single clients so that the “sales” process doesn’t seem so daunting.
- Advice and analysis on refinancing and mortgages.
- Advice on reallocation and review of retirement plans held with your current employer.
- Analysis of corporate benefits such as stock options, deferred compensation plans, executive bonus plans, etc.
- Ongoing reviews.
- Continued analysis of Life, Disability and Long Term Care Insurance.
- Ongoing conversations pertaining to estate issues such as legacy planning, tax planning charitable giving and more.
Step 1: Each client relationship is unique, yet in general, we first construct a comprehensive Net-Worth Statement that details assets and liabilities as well as ownership of each item. We may also prepare a cash flow statement and other supporting schedules. We do this to insure that our analysis is based on our collective understanding that your “financial snapshot” is accurate; after all “garbage in is garbage out”.
Step 2: Your net worth will be sent to you for your review prior to us beginning any detailed analysis.
Step 3: Upon receipt of your approval of the net worth statement, we will begin our comprehensive analysis which will include a review of (but not limited to):
- Previous Tax Returns
- Pay Stubs
- Benefits Booklets
- Investment, Retirement and Bank Statements
- Insurance Contracts
- Deeds to Property
- Any and all outstanding debts, including:
- Mortgages
- Equity Loans
- Credit Cards
- Student Loans
- Personal Loans
- Estate Planning Documents such as:
- Wills
- Trusts
- Powers of Attorney
- Health Care Proxies
We recognize that every individual’s situation is unique and it is critical that we understand the mechanics behind each component of your financial life before proposing any recommendations.
Step 4: Continued Analysis
During the analysis phase, we will identify your strengths and your points of vulnerability. We will make individual comments on particular areas of your situation.
In addition, we will also develop models, projections and “what-if” scenarios that showcase how likely you are to achieve your personal goals. We use advanced software for this.
Step 5: Recommendations
Our financial plan includes relevant recommendations that address your point of vulnerability and offer strategies (which you can implement on your own) to help you achieve your goals. IMPORTANT — You are under no obligation to implement any financial planning strategy through our office. As Multi Agency Intermediaries we are obligated to deliver an objective representation of your financial situation and empower you with a road map that can be implemented anywhere you see fit.
Step 6: The Financial Planning Presentation
Financial plans are presented in our office or at a location you choose. You should budget between 1 and 2 hours for our highly interactive presentation. Many of our strategies are presented through our State of the Art Wealth View software program which allows us to play “what if” scenarios while we collectively discuss your situation. We utilize a combination of financial planning software, spreadsheets, research and our personal experiences as tools that guide us towards our recommendations.
Step 7: Implementation
At the conclusion of our financial planning presentation you will be provided with an action plan. This document will serve as a timeline and guide that prioritizes items of importance and issues you need to consider.
Walfrid One is our state of the art, fully integrated financial planning software system. All clients who, after completing a financial plan, maintain advisory accounts are eligible to participate in our single-access point, integrated software. This web-based, highly secure solution allows clients to view their overall net worth on a single page, while having their financial data updated automatically on a daily basis. Access to investment reports, financial planning progress, realized gain and loss statements and snapshots of your insurance and liabilities are accessible at your fingertips.
Our formula of financial planning is as follows:
We believe that in order for someone to say they received financial planning, the client must feel confident that their planner:
- Asked questions about their Goals, Challenges and Successes (We call this Discovery)
- Explored how effectively the client has elected to protect their family, their health, their life and their legacy. (We call this Capital Protection)
- Discussed issues that impact the quantitative elements of their financial life with particular attention to how changes in cash flow, market volatility, inflation and other factors will impact the client’s expectations. (We call this Wealth Management)
We believe that if you ask twenty different people you’ll get twenty different definitions about how to describe financial planning. Unfortunately, if you ask twenty financial planners the same question, it’s likely that you’ll get another set of different answers too.
At Walfrid Private we are dedicated to helping our clients identify whether they are receiving financial planning services or not. We simply call it “the Formula for Financial Planning”
We believe that Financial Planning “done right” needs to include conversations around your “feelings” about money issues as much as it includes the “facts” that support them. In addition, conversations around “peace of mind” issues such as protecting loved ones, protecting your income and protecting your legacy are critical elements that need to be woven into the planning conversation.
Our comprehensive disclosure kit will provide you with a complete overview of Walfrid Private’s background, our services, our experience and, of course, how to prepare for a complimentary consultation with us.
At the conclusion of our meeting, we will:
- Review your goals and objectives — We want to be sure we heard you correctly
- Review our process for preparing a financial plan — After all you should know what you are buying
- Review our costs —We prepare a custom analysis executive summary letter and recommendations. We then discuss implementation cost.
- Create a record of our conversation — Following our initial meeting, we will dictate a memo to your file so that we can remember all of the specific facts pertaining to your situation.
- We will send you a personalized thank you letter – Our thank you letter restates the goals and objectives we discussed in our meeting along with any other information we need to gather from you. This may include:
- You signature on our Financial Planning Agreement
- Actual statements from various financial institutions
- Other items of importance.
You can expect our meeting to be informal yet focused. We will spend much of the “getting to know you” and you getting to know us, and all that our firm has to offer. During our meeting, we will seek to understand your unique goals and objectives by asking questions that cause you to think about “money” in ways you may have never thought before. Of course, we will also briefly review details pertaining to your assets (what you own), liabilities (what you owe) and your insurance (what protects you and your family from risks).
A phone call to our office is best. It is usually best to speak briefly with one of our professionals prior to scheduling your actual initial interview so that we can allot the appropriate time for your visit. Your initial consultation will last anywhere from 45 minutes to 90 minutes. The disclosure kit we send you will include what you need to bring to our meeting.
We meet clients in our offices and venues suitable to them.
We believe that when you are ready for a financial planning discussion you should contact us. We are only looking to establish life-long relationships with clients, and as such we believe that you should seek a Company that exudes experience, integrity and a style that matches your needs. Ordinarily we start new relationships by introductions from existing clients.
We integrate all the financial areas in your life, including tax planning and preparation, estate planning, and investment advice. Our holistic approach includes a wide range of services, and we understand that our clients will need these services to varying degrees. We work with you to determine which areas are priorities for you and which areas we feel need more attention.
- Unbiased Fee-Only commitment on pension and investment advice
- Holistic approach to planning: all the financial areas of your life are integrated in one overall, wide-ranging plan.
- Focus on client education.
- Full Service Retainer: with this open-ended retainer, appointments are not limited, simply contact us to request a phone call or schedule an appointment to discuss whatever financial issues you may be having, at no extra charge.
- For those who require a more extensive plan, our Wealth Management program is available.
- A complimentary initial consultation is available to review your situation and develop a proposal.
Again as each individuals circumstances are unique, costs will differ. The two things to remember is that the first consultation is at the expense of Walfrid Private and that before you act on our recommendations, you will understand fully the benefits and the costs.
You can’t afford to leave your wealth unprotected. Your Walfrid Private Adviser can help you steer your assets safely through difficult times, providing certainty in times of uncertainty.
Protecting your hard-earned assets through appropriate insurance is an integral part of the financial planning process. The trauma of death, accident or serious illness can be devastating for you, your family and your financial plan, especially if you’re in the wealth accumulation phase of your financial plan – that is, investing to build your wealth during your working life.
The right insurance advice can help you minimise risks, secure your family’s future and soften the financial blow of serious illness or injury. Your Adviser is able to analyse your insurance needs and recommend appropriate wealth protection solutions.
The same care and expertise your Adviser applies to planning your affairs during your lifetime extends to planning the transfer of your assets to your family and other beneficiaries when you die.
Your Adviser can work with you, your solicitor and/or an estate planning specialist to help you structure a tax-effective estate plan using testamentary trusts and other strategies to protect your assets from unnecessary taxation or the unwelcome claims of others.
This is a type of investment that brings the assets of multiple investors into a single investment pool, with a common investment strategy or objective. The benefits of a managed investment are that you have access to professional management, lower costs through economies of scale and access to greater diversification
Walfrid Private is a privately owned and operated company. As no investment or insurance provider has any ownership or material interest in Walfrid Private, you can be assured that our Advisers only recommend investments that are suited to you and your financial situation. The aim will always be to reduce costs, reduce tax and increase performance where possible.
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The actual amount of your savings or assets does not matter. The situation of each individual is unique and equally important. A Walfird Private Adviser will look at your situation and help you with a strategy that is best for you.
Most people choose to see a financial adviser at significant turning points in their life. They may need a professional to help them consider their options and to understand financial products or tax laws. Once people find an adviser with whom they’re comfortable, a long-term relationship often develops with regular meetings to review changing needs. People most often consult a financial planner when:
- Starting work or changing jobs and looking at superannuation options
- Getting married, or separating from a partner
- Starting a family, and saving for education costs
- Buying a house, or paying off the mortgage
- Looking to invest for capital growth
- Planning to retire
- Inheriting money, receiving redundancy payments or other lump sum payments.
- Looking for a centralised Wealth Management Strategy
Often, our clients find that they’ve been sold the wrong products for the wrong reason at the wrong time; they’ve wasted money. We like to believe that other advisers act on their best judgment but even mistakes out of ignorance can cost you. Trying to make sound, beneficial decisions, especially now, can be a daunting task. Most people don’t know enough about finance to know when they’re being taken advantage of.
Most financial planners provide advice on investment and/or insurance products and some manage investments or model portfolios. Most take into consideration your goals as well as your financial situation (such as your tax bracket, marital status, risk tolerance). They may or may not create a written financial plan, and it may be comprehensive or address one or two areas of your finances.
We like to look at all areas of personal and business finance including cash flow, debt, all forms of insurance, economics, investments, taxes, retirement planning, education planning, charitable giving, and estate planning.
Some financial planners may be paid by commission from products they sell, others may be paid a fee (hourly, flat-fee, retainer or percentage) for advice and/or for managing investments, and some receive both kinds of compensation.
Good advice from an experienced, well-informed adviser can help people save money, protect against risk, manage debts, grow assets, reduce tax liabilities, plan for retirement, identify entitlements for government benefits, and plan what inheritance is to be left to the next generation. A financial adviser’s first responsibility is to the client, not to an employer, a product manufacturer, to him/herself or to anyone except the client.
When providing personal financial advice an adviser must take into account the individual client’s circumstances and goals. The advice may or may not involve the recommendation of a financial product. The role of a financial adviser is not to sell financial products.
A financial planner sets out to understand each client’s different needs and financial objectives and to recommend an appropriate financial strategy.
There is an established six step financial planning process which our advisers follow with every new client:
- Gather financial information about the client
- Identify financial and lifestyle goals
- Identify any financial issues
- Prepare a financial plan
- Implement the plan
- Review and revise the plan at regular intervals, or when circumstances change.