The process of starting an investment and wealth management relationship is disciplined, yet collaborative, and ensures the basis for a complete and enduring wealth management relationship.
Step One – Initial Contact
A telephone appointment is scheduled after you have reviewed the firm’s website, find the firm’s approach appealing, and have chosen to contact the firm to explore it further.
Step Two – Telephone Conversation
The telephone appointment generally takes about one hour and is an excellent opportunity for you and the firm to get to know one another and to explore the larger questions of why you are seeking the services offered by the firm and what your goals are for an investment and wealth management relationship.
Step Three – First Personal Meeting
A successful telephone conversation leads to scheduling an in-person meeting during which time more detailed questions are asked about your personal background and current situation, family obligations, a look into the future, a general gathering of financial information including key assets/liabilities/income/expenses, who your other advisors are and a general risk assessment. There is no need to prepare in depth for this meeting or to worry about questionnaires or forms which are a hindrance to open and thoughtful communication. The meeting is very interactive and conversational. At the close of the meeting, you will receive an investment advisory agreement, fee schedule, client privacy policy and information form (one page) to review and consider at your convenience. In addition, you will receive a copy of the firm’s disclosure document known as Form ADV, Part 2.
Step Four – Becoming a Client
Welcome to the firm! You have become a client of Charles A. Liles & Associates, Inc. by signing the investment advisory agreement and fee schedule, completing the information form and returning them to the firm.
Step Five – Second Meeting
With the receipt of the completed materials noted in Step Four, the firm will schedule a second in-person meeting and send you a detailed agenda of topics to be covered and relevant financial statements and other information to bring. During the meeting, follow-up questions are addressed, brokerage accounts opened, administrative details handled and information gathered to complete a personal financial statement.
Step Six – Plan Preparation and Delivery
The firm opens brokerage accounts on your behalf with Fidelity Investments which serves as the firm’s securities custodian. An investment plan is prepared and includes areas of wealth management discovered during earlier conversations that need attention during the coming months of the relationship. The plan is then delivered to you for review.
Step Seven – Third Meeting
After you have become familiar with your investment plan, a third meeting is held during which we review the plan together, questions are asked and answered and a general agreement reached on moving forward.
Step Eight – Plan Implementation
The firm implements your investment plan and sends you a detailed follow-up letter on actions taken and to be taken in the coming months including addressing crucial wealth management tasks.
After Plan Implementation, subsequent meetings are typically held every five to seven months and consist of a detailed investment plan review and addressing an agenda of ever-evolving wealth management topics. A summary of each meeting is prepared and sent to you for review and inclusion in your personal files.