Particip-Action Planning Process
At Montcalm and Associates Financial Group Inc., we believe that the preparation of a financial plan is a life changing experience. It is only through a participatory process where all participants get involved that a truly personalized future planning document and process can be developed.
Through our experience over the years in preparing and implementing numerous action plans, we have developed a process that we refer to as the “Particip-Action Planning Process”.
Your planning begins with..
Step 1. Introduction Meeting
This meeting usually lasts 1 to 1/2hours and allows each participant to not only get to know each other but to discuss goals, objectives and for our planner to gather important information that will allow analysis as to how we can best meet your needs.
Step 2. Engagement Package
This meeting takes about one hour and lays out the approach that will be followed as pertains to the plan to be prepared, the compensation (direct or indirect) to the planner, and the time frame that will be followed in preparing and delivering recommendations.
Step 3. Information Gathering
The attached list of documents are prerequisites to plan preparation with the most important of these highlighted for your assistance. The original documentation is gathered by the planner at the onset and returned intact to the clients when the finished product is delivered.
- Most recent tax notice of assessment from CRA(revenue Canada)
- Copies of most recent company pension statements(if applicable)
- Copies of most recent investment and RRSP statements
- Copies of life/disability insurance policies
- A list of investments or debts for which no statement is available
- Copies of current pay stubs or estimate of earnings
- Approximate listing of current monthly expenditures
- Copy of last will and testament and power of attorneys
- Copy of most recent financial plan (if available)
Step 4. Documentation Review
Once all the information is gathered, the planner will then review the documentation for any areas of concern, areas that require improvement and/or any lapses.
Step 5. Initial Report Preparation
This phase is one of the most time intense and can mean a 3-4 hour dedicated time slot to fully input all of the family personal information into a detailed planning program. An initial report is prepared after analyzing several drafts and a finished product developed.
Step 6. Review Meeting
This meeting usually lasts up to two hours and entails the full explanation of the perceived plan to meet the clients’ needs and goals. Any additions, deletions and/or changes are brought about at this time and a tentative schedule to put recommendations into place is decided upon.
Step 7. Action Plan Preparation
The schedule agreed upon in the review meeting is then translated into an action plan with specific tasks, dates and time frames set.
Step 8. Action Plan Excecution
The planner “puts the wheels in motion” executing whatever documentation and changes that are required to achieve the plan.
Step 9. Regular Monitoring
The planner and client regularly monitor and follow up the investment, insurance, debt reduction and other facets of the financial plan that have been put into place. Planner and client are in regular contact throughout the year in order to ensure the smooth operation and adherence to the financial plan.
Step 10. Scheduled Review
At a minimum, an annual review is conducted between all parties to ensure that the plan is following along the expected lines and any possible additions/amendments are contemplated at that time.