Financial Advisors Should Integrate Efforts With a Client’s Professional Advisors
To establish a financial planning process, a financial advisor needs to integrate their efforts with a client’s other professional advisors. To become effective, you must define the role of the different professional advisors involved in your financial plan.
To ensure the alignment of your interests with the professional advice you receive, all parties involved in the decision-making process should receive and understand your written financial plan and investment policy statement.
The elements of the written financial plan and investment policy statement detail the duties and responsibilities of each decision-maker involved in the following process:
- Define Goals, Needs and Objectives;
- Gather Data Required to Perform Duties of the Process;
- Analyze Current Course of Action;
- Construct Recommended Course of Action, if any;
- Implementation Responsibilities Amongst Decision-Makers, and;
- Monitoring Responsibilities.
In this step of the process, we define for the client the scope of the proposed engagement, your role and the roles and responsibilities of all decision-makers involved in your financial plan.
