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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 2 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. 3 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 4 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 5 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 6 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. 7 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 8 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 9 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 10 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 11 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 12 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 13 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. 14