1. Establish and define the client-advisor relationship
At your first meeting with your MD Advisor, you will learn about the services we provide, what to expect from the financial planning process, how your MD Advisor is paid as well as any fees and charges. You and your MD Advisor will also determine how decisions will be made and how frequently you will meet.
2. Gather information, discuss goals and objectives
You will be asked to gather all your personal data and financial information so that your MD Advisor can see where you stand. By examining your cash flow, net worth, insurance and other financial areas, you can discuss your goals, objectives, risk tolerance and time frame.
3. Analyze your overall financial situation
Once you’ve determined your financial goals and objectives, your MD Advisor will conduct a thorough analysis of your finances. Using advanced tools and resources, the analysis will show whether your goals and objectives are realistic and can be met under current circumstances. It will also help determine whether you will need to consult with other MD specialists, such as an MD Estate and Trust Advisor or MD Insurance Consultant.
4. Discuss the plan with your MD Advisor
Your MD Advisor will develop your personal financial plan, make recommendations and discuss them with you so that you fully understand them. If the plan involves other MD specialists, they will present the parts specific to their expertise. The financial plan could include creating new habits or considering new strategies or services. Your MD Advisor will make note of any concerns you may have, and revise recommendations as appropriate.
5. Put your plan into action
Once you have agreed to the recommendations, it’s time to put your plan into action. Your MD Advisor will help you prioritize what needs to be done, complete any relevant paperwork, and coordinate meetings with other MD specialists.
6. Monitor your plan
Financial planning is an ongoing process. Together, you and your MD Advisor can establish how frequently you should meet to review and assess your progress. The regular meetings will help identify any changes in your circumstances or objectives that would require changes to your financial plan.
Estate and trust services are offered through MD Private Trust Company, a CMA company. Insurance products are distributed by MD Insurance Agency Limited, a CMA company. All life-licensed MD employees have life licences with MD Insurance Agency Limited, a CMA company.