First Year With Compass
We'll work with you to design and implement a plan for your future. Each plan is totally unique. Built around your goals. Designed for your family. We go beyond the numbers to focus on what matters most to you. Over the course of your first year our structured process ensures we address all the components of your financial life, from discussions on risk management and estate planning to tax reduction stratagies, retirement income planning and constructing your investment portfolio.
Meeting One
Goal Setting: It all begins with goals, but you can't work towards goals you don't have. We'll work with you to set objectives for your future so you can live a life of purpose. At the heart of the process is a retirement income plan - establishing the income you'll need to retire on your terms.
Investment Philosophy: We'll share with you the investment philosophy we'll use in managing your money and determine your tolerance for risk.
Meeting Two
Investment Recommendations: After reviewing your short and long-term goals, tax situation and cash flow needs, we'll make specific recommendations for your portfolio and review the cost to implement the recommendations.
Meeting Three
Retirement Income Planning: Working together, we review the income you'll need in retirement to live the lifestyle you desire. We'll then devise a plan that coordinates social security, pension and investment income to generate the income you need, and the most tax-efficient way to draw it.
Meeting Four (When Applicable)
Risk Management: In this meeting we review your various insurance policies from automobile to long-term care to life insurance. We'll make recommendations for termination or additional coverage where necessary.
Initial Financial Plan Review: We review the initial plan we've designed and solicit your feedback to ensure it matches your goals. Your POS (Probability of Success) number is reviewed, and changes are recommended if the results are not within your comfort zone.
Meeting Five (When Applicable)
Review of Estate Plan: Do you have an estate plan and does it currently address the needs of your family? In this session we review your plan and will work with your estate planning attorney to implement changes if needed. If you have yet to develop one we can assist you in engaging an estate planning attorney to develop a plan that fits your needs and budget.
Income Tax Review: We'll review your current income and tax situation and where possible, make recommendations to help reduce your taxes.
Meeting Six
Plan Implementation: After a final review, your plan is put into action. We review the "Action Items" that must be addressed in order for your plan to come to fruition. You'll be given a hardcopy of your completed plan and access to our website where you can model how changes to your retirement age, spending or savings can impact your probability of success.
Meeting Seven
Portfolio Review: You've received your account statements and first portfolio performance report from us. We'll meet to review the format of these reports, answer any questions you may have, and decide how often we will meet to review the portfolio. During this meeting we'll also establish your website access and explain the communication that you'll receive from us over the course of the year.