If the Client elects Financial Planning Services, Smith Patrick may extend the initial consultation to include discussions necessary to create a financial plan or may arrange a follow-up meeting to review additional information about the Client’s finances required for establishing a financial plan.
Comprehensive Financial Plan
Smith Patrick will review all aspects of the Client’s finances to prepare a written financial plan that makes comprehensive recommendations to help the Client meet their financial objectives. The areas of analysis include: overall asset allocation, securities recommendations, insurance needs, mortgage planning, consumer debt retirement planning, college planning, savings & budgeting, and tax planning.
Smith Patrick will compile this financial information and use it to construct an Investment Policy Statement (IPS) tailored to the Client. The written IPS will typically be constructed within a month.
Clients can execute the tailored Investment Policy on their own or Smith Patrick can assist in the implementation. If Portfolio Management Services are recommended, Clients may engage Smith Patrick for those Portfolio Management Services (as described later in this section).
Annual Financial Plan Review
As financial conditions or objectives change over time, Clients should engage Smith Patrick to review their financial plan annually. This review updates the Client’s financial information, evaluates whether the financial plan is reaching its goals, and makes any revisions needed. At the annual review, Clients may also raise new objectives or discuss other financial topics of their choice. Also, if Clients experience life-changing events, they may initiate an Annual Financial Plan Review earlier than the typical annual time frame.