Download FAMILY FINANCIAL SUCCESS PLAN You, Your

FAMILY FINANCIAL SUCCESS
PLAN
Prepared for
You, Your Family and
Your Business
Prepared by April M. Dorey, B.Comm, FMA, FCSI
Business address: 1000-1175 Douglas Street
Victoria, B.C. V8W 2E1 Canada
Telephone: 250.405.2429 or Toll Free: 1.888.778.0356
www.DoreyWealth.com
FAMILY FINANCIAL SUCCESS PLAN
Plan Index
Family Mission Statement…………………………………………………….………………….Page 3
Financial Overview……………………………………………………………………………………Page 4
Family Financial Success Plan…………………….……………………………………………..Page 5
Family Governance Strategy……………………………………………………………………..Page 6
Investment Policy Statement………………………………………………………..………….Page 7
Investment Analysis…………………………………………………………………………….…..Page 8
Comprehensive Investment Reporting……………………………………………………..Page 9
Family Education Plan………………………..……………………………………………..……Page 10
Insurance Review………………………………….…………………………………………….….Page 11
Estate Plan Review …………………………………………………………………………………Page 12
Financial Success Action Steps………………….………………………………………..…..Page 13
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FAMILY MISSION STATEMENT
Dorey Wealth Management Group believes that a family’s mutuallyheld beliefs and priorities should provide the foundation for defining
the purpose of wealth and resulting family goals.
We will work with your family to help define your individual and shared
values and create a Family Mission Statement that captures the
philosophy of your family while guiding long-term decision making.
This process will help your family bring meaning to your wealth, create
alignment across individual and family objectives and set direction for
the purpose and use of your wealth.
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FINANCIAL OVERVIEW
It is important for you to have a comprehensive understanding of what
you own. Together we will gather your information and analyze your
holdings, creating a Financial Review that details all of your assets.
This complete summary will provide the details of where your current
assets are held and create a framework for your current financial
situation.
From there we can provide recommendations and
projections that can be used to make future investment, planning and
family decisions.
Reports:
Statement of Net Worth
Cash Flow Analysis
Projected Wealth and Financial Recommendations
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FAMILY FINANCIAL SUCCESS PLAN
Significant wealth offers tremendous opportunity, but with opportunity
comes complexity and challenges: investing, regulations, taxes, wills,
trusts, children, philanthropy, in-laws and many more. The concerns
that follow can be complicated and can be enough to keep you up at
night.
At Dorey Wealth Management Group we work with you to create and
implement an integrated plan – a Family Financial Success Plan – based
on your unique circumstances. The result is a plan that helps you to
become more informed and organized throughout your financial life
and more strategic in your approach to wealth management.
Your financial success is our priority and helping to meet your goals is
our success. We look forward to the opportunity to discuss our process
and ultimately to create a long term advisor relationship with you.
Reports:
Summary of Objectives and Goals
Action Steps for Planning
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FAMILY GOVERNANCE STRATEGY
Having a formal system of governance can be an important aspect of
successful
wealth management
for
intergenerational
planning.
Structures and practices add support for the future for the whole family
and also for each individual allowing them to take ownership over their
responsibilities and to develop their talents and pursue passions.
Working together with your family we can help you establish a Family
Governance Strategy which outlines the process. This can be used by
family members to make decisions, organize activities and accomplish
their goals.
Reports:
Family Meeting Agenda
Family Tree and Decision-Making Framework
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INVESTMENT POLICY STATEMENT
Creating an investment plan customized to your objectives, risk
tolerance, liquidity requirements and unique preferences can be
formalized into a written Investment Policy Statement (IPS).
This will provide your family and Dorey Wealth Management Group
with a plan for managing your financial wealth while setting guidelines
to help you achieve your goals. Changes in your goals or circumstances
over the years will be reflected in your plan and your IPS may be
updated periodically when necessary.
Reports:
Detailed Investment Policy including:
Investment Objectives, Risk Tolerance, Legal Constraints,
Liquidity Requirements, Tax Constraints, Time Horizon,
Fee Structure and Reporting Frequency.
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INVESTMENT ANALYSIS
Successful wealth accumulation and preservation requires a good
understanding of the assets you own. We will analyze your existing
investments to determine current asset allocations and identify risks
embedded in the portfolio such as concentration and liquidity. This
information as well as historical and projected performance is used to
create an Investment Analysis for your current situation.
The next step is determining your objectives, risk tolerance and the
current ownership structure of your wealth.
This information in
combination with the key findings of the investment analysis will help
us recommend alternative allocations and solutions that are unique and
suited to your family.
Reports:
Asset Allocation and Risk/Return Analysis
Recommended Portfolio Allocations
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COMPREHENSIVE INVESTMENT REPORTING
In addition to regular statements of account, Dorey Wealth
Management Group will provide Comprehensive Investment Reports
which can be consolidated to include all of your investment assets. We
can also provide summaries to incorporate most assets held in nonRaymond James Ltd. accounts as necessary.
Dorey Wealth Management Group is committed to your success and
our reports will provide transparency into the investment process and
your financial holdings. Comprehensive reporting can help you to
better understand the risks you are taking and assess progress toward
your goals.
Reports:
Holdings Summary
Activity Detail
Performance Reviews
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FAMILY EDUCATION PLAN
Along with the accumulation of wealth comes complexity and
opportunity for more investment choice. It is important that your
family members are comfortable with investing and understand the
alternatives. We will work with you and your family to build a
personalized Family Education Plan designed to help family members
accomplish their goals while preparing them for life with wealth.
Our guidance towards your family’s learning will be through one-on-one
discussions and meetings, our quarterly investment seminars and
regular investment discussions. We have educational resources
available for parents to help you share your financial knowledge and
values. Our role is to help you as you guide your children and
grandchildren to live well within their means.
Reports:
Recommended Savings Strategy
Youth Financial Education Booklet
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INSURANCE REVIEW
Significant wealth exposes you and your family to additional risks.
Mitigating these risks is imperative to long-term wealth preservation.
Our experts will be consulted in a review of your current insurance
policies and provide you with an Insurance Review that identifies any
overlaps or gaps in coverage.
Dorey Wealth Management Group will take the time to proactively
introduce you to new opportunities where insurance products may help
you achieve broader planning objectives and protect the future of your
family and estate.
Reports:
Risk Analysis and Recommendations
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ESTATE PLAN REVIEW
At Dorey Wealth Management Group our expertise in creating an
Estate Plan is part of the service we offer our clients. We will suggest
planning alternatives and opportunities that are consistent with your
objectives and the current ownership structure of your wealth.
If you already have a plan in place, our experts will review all of your
existing estate planning documents including insurance and trust
agreements and provide you with an Estate Plan Review that clearly
lays out family and financial implications.
Reports:
Estate Distribution Chart
Summary of Observations and Recommendations
Estimate of Tax Liabilities
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FINANCIAL SUCCESS ACTION STEPS
Family:
NAME
Plan date:
DATE
Advisor:
April Dorey
Updated:
DATE
SUMMARY OF OBJECTIVES AND RISKS
Item
Notes
URGENT ISSUES:
Point one.
Comments
Point two.
Comments
Point three.
Comments
MAJOR OBJECTIVES:
Comments
Lifetime Income Plan
Comments
Maintain Lifestyle
Comments
Understand Asset Allocation/Investing Options
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POTENTIAL RISKS:
Spending comment.
Comments
Income comment.
Comments
Lifestyle comment.
Comments
Health comment.
Comments
Family/relationship comment.
Comments
ACTION STEPS
Action Items
1. Things to do.
2. Item two.
3. Item three.
4. Item four.
Target Date
Date
Date
Date
Date
Notes
Comment
Comment
Comment
Comment
This plan has been prepared by April Dorey and is for informational purposes only. It is not a complete plan which
would only be developed following a full review of an individual’s complete financial situation, including
objectives, risk tolerance and time horizon. The information in this plan is drawn from sources believed to be
reliable, but accuracy is not guaranteed. Nor in providing it does Raymond James Ltd. assume any liability.
Investors considering any investment should consult with their Financial Advisor to ensure that it is suitable for their
circumstances and risk tolerance. We are not tax advisors and we recommend that clients seek independent advice
from a professional advisor on tax-related matters. Securities offered through Raymond James Ltd. MemberCanadian Investor Protection Fund. Insurance products/services offered through Raymond James Financial
Planning, not member Canadian Investor Protection Fund.
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