Your ongoing advisor relationship
After you’ve met with an advisor and decided to work together, you’ll schedule one or more follow-up discussions to start developing your plan. As part of your planning relationship, your advisor may also invite you to participate in financial seminars and client appreciation events and provide you with current financial information, including commentary and insights about the financial markets from our experts.
While every advisor works a little differently, here’s an idea of the steps you’ll take, based on our unique Dream > Plan > Track >® approach.
1. Identify and prioritize objectives
Based on your first meeting, your advisor will continue to discuss your dreams and goals to get a clear picture of where you are and where you want to go. At this point, you’ll prioritize and determine which goals and immediate needs are most important to you.
2. Gather information
Like many people, you’ve probably already taken steps toward your goals. Your advisor will review your important records to help understand the big picture and see the progress you’ve already made.
To prepare, you’ll want to locate:
- Recent brokerage and bank statements
- Tax returns
- Insurance policies
- Retirement plans
- Recent pay stubs
- Your budget or estimate of how you spend your money each month
3. Analyze information
Your advisor will consider your prioritized goals and needs together with your current financial situation. They will evaluate the information you provided including the four cornerstones of your financial situation: cash and liabilities, insurance, investments and taxes. From there, your advisor can begin to determine where you need to take action or make changes to put you on a path to reach your goals.
4. Propose recommendations
Once the advisor has a clear understanding of your financial life, they can provide advice and help you create a plan to pursue your goals. You’ll review the advisor recommendations together and go over any questions you have. This is where you’ll begin to see clearly the impact each recommendation and decision you make will have toward meeting your goals over time.
5. Take action
Next, you’ll discuss how to work together and determine the product and service solutions that are right for you. The advisor can help you open an account or accounts and take care of other financial details. You may also choose to implement recommendations yourself. We are committed to providing the type of guidance and solutions that best meet your unique needs.
6. Track ongoing progress
Regularly, you and your advisor will review your progress and make adjustments to help keep you on track with your goals. Many advisors plan to meet twice a year and follow a schedule similar to the one below; however, you and your advisor may discuss the arrangement that works best for you.
Following the financial planning process, the advisor’s main job is helping you stay on track. You keep the advisor up to date on anything that might affect your plan. For instance if your goals change or you experience other life changes (marriage, job change, new baby, new business, etc.). In addition, you should contact your advisor with any financial questions or concerns that come up, so that your advisor always has a current understanding of your financial situation.
At the mid-year review, your advisor will follow-up with you to find out how you are tracking toward your goals. At this time, the advisor can make any needed adjustments to your plan or investments. You may also discuss topics such as tax strategies, estate planning or beneficiary review.
At the year-end review, you’ll review your accomplishments of the past year and go over your goals, including any new goals you’d like to work toward. At this time, the advisor will take you through planned fees and expectations and, should you continue to work together, begin to create your plan for the coming year.
During your annual review, you and the advisor typically review your financial plan, recap your goals, rebalance your portfolio if necessary and other activities. The advisor will also show your current financial situation including your cash, liabilities, investments, insurance and taxes and may offer recommendations and solutions to you to fill any gaps you may have.
You may not always work with the same advisor over an extended period of time.
Ameriprise Financial cannot guarantee future financial results.
Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax issues.
Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.
Ameriprise Financial Services, Inc. Member FINRA and SIPC.