"What are the first steps if I want to work with you?"
Please fill out any contact form on our website or click the "Schedule a Meeting" button in the top right of our website. You'll be able to schedule a 15 minute introductory call to speak with Adrian. This call will ensure that your questions are answered and to check that your needs match our process.
"What can I expect from the financial planning process?"
- We begin with signing a letter of engagement to formalize the relationship.
- We will collect all the relevant information on your current financial position, and some of your goals and plans for the future, as well as a few dreams that you hope to achieve.
- We will build a baseline financial plan, then meet to discuss the implications (in-person or online).
- We will then use our discussion to guide how we test and implement financial strategies into your plan to better your projected outcomes.
- We will boil your plan down to a few key action items that need to be addressed now, and we will build your implementation strategy for what needs to change over time. This will include a draw-down strategy for how we would recommend you to convert your assets into income you can spend.
- See the Retirement Planning section of this website here: https://blakewealth.ca/about/retirement-planning
"Will I get a report?"
Sure! We find that most people take the report, file it away, and never look at it again. For that reason I suggest we stick with the financial planning software as a living model of your financial plan, and not a static version which is instantly out of date. However, producing a report for you is no problem at all.
"Will I be able to access my financial plan?"
Yes, our financial planning software has a client-side login, which means you can see and manipulate your own plan. After-all you're the one that will live the outcomes of your financial plan, and you should be invested in the process.
"How do you charge?"
We have both a fee-for-service model and an embedded commission model.
- Fee for service: You pay upfront for a financial plan on a one-time basis. Our customary fee is $3,600 or higher based on complexity. There are no ongoing charges. If you wish to maintain an ongoing financial planning relationship without investing any money then we charge $300/month.
- Embedded Commission: If, after your financial plan is built, you choose to invest money through us and begin an ongoing relationship then we earn 0.95% on your investment portfolio annually which scales down with increases in assets invested through us. Financial Planning continues to be our #1 priority throughout the engagement.
- Direct Commissions: Insurance policies that we sell generate a commission for us, but you do not pay that directly. Insurance commissions are paid by the insurance carrier you choose for your policy.
- In some cases we may be paid a referral fee when you do business with one of our partners. We will disclose these to you as they represent a conflict of interest.
"Do you have a minimum investment requirement?"
No. For clients that don't have much to invest or don't wish to switch investment managers, we can operate on the fee-for-service model. We do have a minimum fee requirement of $3,600/year for an ongoing relationship. This means that a client investing $375,000 or less will be charged nothing on their invested assets, and will instead pay the $300/month minimum fee. Clients investing more than $375,000 pay the 0.95% standard fee, or lower based on total invested assets through us, and nothing further.
"If I invest through you, how is my money protected?"
Your investments are held at a Custodian; we use Fidelity Clearing Canada for this role. You know Fidelity as a large and robust firm with excellent security measures in place. The Custodian is responsible for safeguarding your assets and ensuring that money coming into your portfolio comes from you, and money leaving your portfolio only goes to you. Our asset management partners are able to change the investments in your portfolio as markets change, but they do not have access to remove funds, and similarly we can see the balances and investments in your accounts, but we also cannot remove funds
Investing involves some form of risk so there is always a possibility that your portfolio will decline in value. These declines are usually temporary and in-line with the broader investment markets. We cannot guarantee any rate of return. Some investment/insurance products may have associated guarantees and we will discuss these options directly with you.
"Do we meet in-person or online?"
While COVID continues to be a concern we have a strong preference for a completely online process. Once COVID is risk has been reduced, we will be happy to meet in-person at the clients request. We can meet at our Hamilton office, or at a Regis (Office sharing) location near you which we are happy to book.
"What if I become dissatisfied?"
We work hard to ensure your satisfaction, but all clients are free to leave whenever they want. We have no deferred sales charges or other penalties that might force a dissatisfied client to continue to work with us. We would certainly prefer the opportunity to make it right though, and we would appreciate a candid conversation if something is amiss.
"I have more questions"
Please fill out the contact form below and Adrian Blake will reach out to answer your questions.