New Client Process
What to Expect
At HSC Wealth Advisors, we care about your long-term financial well-being. Our thorough client onboarding process is necessary for new clients so that HSC Wealth Advisors is equipped with the information necessary to act on your behalf.
Having served the industry for over 30 years, we have experience working with a wide range of clients, from retirees and business owners to widows and widowers, and our fee-only approach helps us avoid conflicts of interest that often arise with fee-based firms. Our client onboarding wealth management process allows us to create a plan that aligns with what’s most important to you now and in the future.
Our services are generally best suited for individuals with $500,000 or more in eligible investment assets. Call us today at 434-201-3419 to learn more.
Below you can find our new client process so you know what to expect:
Our New Client Onboarding Process
1. Introductory Meeting
Our wealth management client onboarding process starts with an introductory meeting, which allows us to learn more about each other and how we can serve you. We will start by getting to know you and asking questions such as:
- Why are you here?
- How did you hear about us?
- What is important to you?
- Our team approach: Our team is fully client-focused, meaning our first priority is helping you achieve your financial goals.
- Our comprehensive financial planning services: We offer extensive services for financial planning, retirement planning, insurance analysis, investment management, tax planning, charitable giving, and more.
- Our investment philosophy: We are committed to developing an investment plan that will suit your long-term needs and grant you peace of mind.
- Our fee-only services: Rely on us for full honesty and transparency. As a fee-only financial planner, we receive compensation directly for our services rather than for our product or service recommendations.
After we discuss your goals and what we can offer you, the next step will be to define the relationship. Here, we will determine how our services can align with your needs. We will also provide insight about what you can expect to happen next.
2. “Get Organized” Meeting
As part of our client onboarding process for wealth management, we will hold a meeting designed to help you get organized and communicate your goals. This step is about determining what you hope to achieve in the long term, as well as how you currently save and spend money.
In the meeting, we will:
- Complete the “GO” meeting checklist
- Finalize internal agreements
- Discuss your goals
- Assign homework
3. Investment Education Meeting
The investment education meeting will cover the basics of investing in conjunction with HSC’s Investment Philosophies. We will also walk you through a risk tolerance assessment to gauge your aversion to market volatility while discussing your past experience and preconceived notions about the markets.
According to the meeting agenda, we will:
- Discuss the five ways we add value
- Complete/interpret a risk tolerance assessment
- Open new accounts
- Fill out the retirement questionnaire
4. Financial Independence Meeting
Your financial independence plays a critical role in helping you maintain security and comfort for years to come. While this meeting will cover some smaller housekeeping items and new account paperwork, it will mainly focus on securing your future. We plan to work with you to:
- Identify your hopes for financial independence
- Present and finalize a retirement projection
- Sign the Investment Policy Statement (IPS)
5. Legacy Building Meeting
In this meeting, we plan to review any current estate documents and discuss your legacy. If necessary, we will put you in touch with a trusted attorney to create/amend your documents to achieve your specific goals. Important items that must be covered during this part of the wealth management client onboarding process include:
- Essential documents
- Beneficiary-designated assets
- Property titling
- Password management
6. Tax Strategy Meeting
We know taxes can present their own unique challenges for each individual. However, even if you think you have exhausted every avenue, you may have more opportunities to save on future taxes than you realize. If necessary, we will coordinate with your current tax preparer or put you in touch with a trusted CPA to implement tax-savings strategies. When we meet on tax strategy, you can expect us to:
- Review the workbook or checklist from your most recent tax return
- Discuss your projection for the current tax year
- Discuss tax implications in retirement
7. Insurance Review Meeting
HSC Wealth Advisors can help you choose insurance policies that suit your specific coverage and financial needs. Our team takes your income, debt expenses, taxes, investments, and need for coverage into consideration when making insurance recommendations. As part of our onboarding process, we conduct a thorough insurance review. The meeting gives us the opportunity to:
- Examine your current insurance policies and coverages
- Identify your family’s individual needs
- Discuss changes that may warrant an adjustment in coverage
Client Onboarding Process Complete
After the insurance review meeting, the client onboarding process is complete. If you are interested in working with HSC Wealth Advisors or would like more information about our services, please contact us.