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Our Standard of Care

We strive to bring value to our relationships with clients that goes beyond what their account statements say at the end of a quarter.  We use the financial planning process to help deliver this value in a consistent and quantifiable manner. 

Our Standard of Care for Financial Planning Clients

Here is what you have access to as a financial planning client:

Comprehensive data gathering and financial plan generation. We can read and review all the documents you provide related to your personal finances.  We can put together a complete and thorough analysis of your financial picture focusing on your values, goals, relevant obstacles to be overcome, and benchmark your progress. The plan is then accessible to you 365 days a year via your personal wealth management website.

Progress Reviews. At a minimum, we will meet once a year (in person or virtually via the internet depending on your preference), on or about the anniversary date of beginning your work with us.  We can perform a comprehensive review and update of your financial strategy if needed. Additionally we can conduct one or more of the following reviews throughout the year as needed based on your financial plan:

Comprehensive Risk Review: This review is focused on your insurance coverages to assess your financial health in this critical area.  Three questions will be asked:

1. Do you need coverage?

2. Do you have enough coverage?

3. Do you have the right kind of coverage?

Financial Roadmap Review: This review is focused on your personal goals and the progress made toward pursuing them.  We can review your specific goals, reaffirm why they are important to you, confirm the time horizon in which you want to accomplish them, and identify the financial resources (by account type) that have been set aside to help get there.

Cash Management Review: Two key deliverables that are part of our financial plan are a statement of net worth and cash flow statement.  This review concentrates on analyzing your income, expenses, cash reserves, and debt management.

Action Plan. Getting things done is important.  That requires a to-do list.  Each time we interact, we plan for three things to happen: 

1. We will generate a summary of the notes describing what we did/said/heard in the meeting or on the call and send it to you.

2. We will generate a “to-do” list of next steps and send it to you.

3. We will update the running list of “action items” on our systems so things that might take a longer time to accomplish are continually tracked.

Communication Plan: Clients and financial advisors consistently report when surveyed that the most common reason clients leave their advisor is "failure to communicate on a timely basis". This is something we can control, so we have put together a communication plan to help make sure that easy and fast methods of communications are in place for you. Methods of communication include:

  • Business office phone (answered by a local live person)
  • Direct dial phone to your advisor with advanced voice mail features
  • Mobile Phone
  • Extended hours toll free phone support for account service
  • Text Messaging
  • Secure email
  • Your personal wealth management website (WealthLink)
  • Online secure document vault
  • One-on-one online video conferencing (GoToMeeting™)
  • Social media (LinkedIn™)
  • FedEx® express mail
  • Fax
  • USPS

Good communications between clients and their advisor is critical.  24/7 access to secure, organized, and centralized information about your financial situation will save you time and make it easier to “get the picture” when you need to make important decisions about your money.  

Waddell & Reed offers financial planning services in its capacity as a Registered Investment Adviser.  Please contact Michael Barclift for more information or request a copy of the Waddell & Reed, Inc. Financial Planning Advisory Services Brochure for a complete discussion of these services and the fees associated with them.  Investing involves risk, including the potential for loss of principal. 12/19