What is the Process once you Hire a Financial Advisor?

What is the Process once you Hire a Financial Advisor?

Understanding your financial situation is a critical first step in choosing a financial advisor.

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP®

I was speaking to someone on the phone a couple of weeks ago, and the question they asked was “what is the process after we hire a financial advisor?”. This is a very important question to have answered, and the response from the book is as follows.

What is the process once you hire a Financial Advisor?

“Normally the ongoing process they would follow would be to -

  • Find out what your family’s dreams, hopes, goals, and desires are.
  • Benchmark your current financial reality.
  • Co-create the required strategies and plan that will enable you and your family to achieve your dreams, hopes, and desires in the time frame you have selected.
  • Execute your specific strategy in the following five key areas:
  1. retirement and cash-flow strategies,investment management,
  2. investment management,tax planning,
  3. tax planning,insurance and risk management, and
  4. insurance and risk management, andestate planning;
  5. estate planning;
  • Use a detailed checklist-driven, step-by-step process to ensure nothing is missed in the execution of your plan; and
  • Provide an on-going annual review of all aspects of your strategy and plan to make sure they remain aligned with what your family wishes to accomplish over time.”

For more information you can refer to Chapter 10: The End of Summer from the book Preserving Wealth; The Next Generation - The definitive guide to protecting, investing, and transferring wealth by Jack Lumsden, MBA, CFP®


Jack Lumsden, MBA CPF, Preserving Wealth
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