What to Expect – Getting Started
We are committed to providing the highest level of service possible to our clients. In order to help facilitate our new relationship we have put together the following outline. This outline is meant to provide a detailed understanding of the initial steps that we will go through together to get started and then what you should expect from us on an ongoing basis.
Step One: The Paperwork
Once you have decided to work with Forteris Wealth Management we will need to have you complete some paperwork to formalize the relationship. As you know, Forteris does not take custody of any actual client assets. All accounts that we manage are held at an independent brokerage firm. We will provide you with the proper forms for you to complete in order to set up any new accounts, consolidate some existing accounts and/or to provide us with the proper authority to invest the accounts.
Step Two: The Planning Phase
The planning phase is a key to developing a solid understanding of what we are trying to accomplish together. The first step in this process is to have you complete the Forteris Financial Planning Questionnaire. We ask that you try to complete the questionnaire with as much detail as possible as that will increase the efficiency of the process. We will take the information that you have provided to us and begin to analyze the current status and the goals and objectives as outlined. We then generate a Plan Analysis Synopsis that identifies all of the information that we have collected and spells out all assumptions that we have included in the preliminary analysis; we will review this Synopsis with you either in person or by phone to further refine the information. Finally, we incorporate any changes to the information and then generate the initial plan results. Typically we provide a hard copy of the Synopsis, a Short-term Cash Flow Report and a Net Worth Projection at this point so you will be able to see the expected progression of your assets over time.
Step Three: Structure/Review Investment Plan
Once we have completed the initial planning we can use that information to structure a customized investment plan. Our goal is to develop an investment portfolio that is geared towards accomplishing your objectives with as little risk as possible. We look to manage the volatility in the portfolio by paying close attention to the correlations between asset classes and investments and by knowing as much as possible about each investment that we hold for each client. This plan includes an overall asset allocation that we will use to globally control how we allocate money across various asset types as well as a sample of what specific investments we would look to include in the portfolio at the outset. This is based on the required return that is needed to achieve your goals, a solid understanding of your risk profile and our thoughts on the current market environment. We will review this Plan with you prior to investing.
Step Four: Deliver Relationship Summary Report
We provide an initial Relationship Summary Report to each client just prior to executing our investment plan. This report includes basic information about our relationship, the current investment plan, any special issues for us to track, expectations about ongoing communications, special reporting requests and/or other important items relating to our relationship together. This report will be updated as relevant information changes and will be provided to you upon your request. At this point, we will now begin executing the investment plan.
You will receive monthly statements and trade confirmations from the custodian. We supplement these reports with quarterly reports for each account with Forteris. These statements are generated in the month following your first complete quarter with Forteris (e.g. if you start working with us in February your first statement would be the second quarter statement that you would receive in July). If you would like to see any interim information please contact us and we can generate a report for your review.
We charge our management fees quarterly in advance directly from each account. This means that our first quarter fee is charged in early January using an account balance as of January 1st. If you begin working with us during a quarter, we will not actually remove our first management fees until the beginning of the following quarter. At that time we will pro-rate the amount that we are due for the prior quarter and add that to the current quarter fee so that your fees are properly calculated.
We understand the importance of the responsibilities with which you are entrusting us and are available to you at your convenience. We typically meet face-to-face with clients twice per year and communicate by phone and/or email between those meetings. We encourage you to reach out to us whenever you have any thoughts, questions and/or concerns; regardless of the importance. We will also make a point to stay in touch with you regularly to review any ongoing activities and to see if you have any questions to discuss.