The advice process is broken down into six main steps, the first 5 steps making up the initial advice process and the sixth being the ongoing review component of our advice.
The six steps are as follows:
Data Collection - The initial stage generally consists of a phone conversation and a follow up email from the adviser with some further information about CWM and a client profile to be completed by you and returned to the adviser prior to the initial meeting.
Getting to Know Each Other - After reviewing your client profile and gaining a basic understanding of your current position, your adviser will organise a face to face meeting to enable the adviser and you the client to get to know each other further. A decision to prepare a plan may be decided at this point or it may take further discussion to progress to the next step. CWM will only recommend that proceeding progress to the next step if we deem that we can add sufficient value to your situation and will be open and honest if we do not deem we can add enough value, at which point we would not recommend we progress at this point.
If this is the case, we would schedule a follow up call for around 6 months to determine if your circumstances have changed or if legislation has changed for instance that now presents you with some opportunity. We would also encourage you to contact us in future if your circumstances do change.
Plan Preparation - If you decide that our discussions warrant the preparation of a Statement of Advice (SOA), otherwise known as your plan, CWM will have you sign an engagement form agreeing to proceed with the preparation of the SOA. As per our fee for service fee structure this engagement form will detail the agreed amount payable for the works involved in preparing the SOA and allowing for our knowledge and expertise required to formulate the strategy contained in your SOA.
During this step in the process, we will request any further information that we require to prepare your SOA. We may need to contact related third parties to obtain this information, such as your - accountant, investment fund managers, etc. This stage of the process may take a few weeks to carry out as the turnaround time will largely be determined by how quickly we are able to obtain the required information from the involved parties. We will openly communicate any issues that we may have during this period. Generally, this step should take around 3-4 weeks on average to complete.
Plan Presentation - CWM will arrange a suitable time with you to present the finalised SOA (Plan) to you, working through the advice in relative detail at which time we will also answer any questions you may have. You will determine at this time if you are happy to proceed with the recommendations or if you wish to take it away to think about it. It is at this stage usually that you will be invoiced for the work completed and presented as per the engagement agreement signed at the beginning of the Plan Preparation step in the process. Payment of the invoice may be done via a number of different ways at the time depending on the circumstances.
Advice Implementation - This step in the process may actually be carried out over a varying length of time from client to client, depending on the particulars of the strategy involved. Rest assured CWM's team will be there each step of the way guiding you and prompting you to action throughout the implementation of the agreed strategy. This step of the process is part of the overall service and does not attract a further fee like some of our competitors.
Ongoing Review Service - The implementation of a financial plan will have some components that are transactional in nature and others that are ongoing, to be implemented at specific stages in the future. It is the ongoing elements of your strategy that will require regular review and adaptation to keep pace with your changing economic and life circumstances. CWM is conscious of our client's ongoing needs and offers a cost effective ongoing advice and review service to keep you on track to achieve your goals. This service includes ongoing contact including scheduled face to face meetings annually among other services (newsletters, portfolio valuations and market commentaries, education sessions, etc) on a yearly basis.