In its simplest terms, financial planning is designed to balance income and expenses over your lifetime, plan for the unexpected, while also planning for the disposition of anything left over at the end. Of course our lives are rarely simple, and the financial planning process is designed to fill in and advise on the details in the following areas:
In our initial meeting, we will establish the scope of our engagement by identifying your areas of concern. Our engagement may be limited to just a few of the areas highlighted above, or more commonly, the engagement is to develop a comprehensive plan which prioritizes and systematically addresses all applicable planning concerns.
For wealth management clients, the financial plan will be revisited and updated as changes in a client's financial circumstance dictate. For those clients who simply want a point-in-time plan, the service is provided on a flat fee basis. Implementation support for standalone planning clients typically consists of a set of recommendations which the client will need to act on to execute (for example, a recommendation to update an investment allocation for an account where Sanitas has no authority to trade). By contrast, Sanitas will frequently coordinate directly with providers on behalf of wealth management clients to implement a recommendation, taking it right up to the point where a client signature or authorization is required (for example, we may solicit quotes for life or property insurance based on our recommendation for coverage, then only make the introduction to the client if we believe it is in the best interest of the client to move forward with the transaction).
Standalone financial planning clients typically will re-engage for updates to their financial plans with major life changes or market movements.