Practice Progress & Process
Twenty-five years ago, a persistent slight pain in my side led to a discussion in the UBC emergency room between two young doctors about whether or not to release me after an inconclusive ultrasound and intake interview. The chief resident came over to break the tie by poking my side with an index finger and stating, “It’s appendicitis, we need to do the surgery now”. It avoided a potential major problem as it turns out the appendix had gangrene and surgical time was extended.
Team Concept
Medical teams generally consist of doctors who start as interns, then residents (junior, senior, chief), then attending physicians, overseen by the Chief of Medicine. Over time, I began to understand that in order to best serve clients you needed more than just me; you needed something akin to a medical team to ensure the stability of service and reliability of advice.
When I first started out practicing financial planning, I had an agreement for use of 50% of another advisor’s staff member. Staying up until midnight to clean up the day’s activities and working weekends was normal for me. As time went on, I graduated to my direct employment of one full-time administrative assistant, then two, helping to process the outcomes of client meetings. The team has now morphed into myself, Reg (since 2014), and Ryan (since 2018). We also enjoy the services of a remote admin assistant in Kamloops.
Reg has a Certified Investment Manager (CIM) designation and is working on completing his Certified Financial Planner (CFP).
Ryan has his CFP and is working on completing his CIM.
Process
A consistent process of discovery and analysis ensures comprehensive and integrated financial planning advice.
No matter which of us is conducting the client meeting, Reg, Ryan, and I are communicating in advance to confirm the agenda and goals for the meeting. We also conduct “after action” reviews together to ensure nothing was missed, discuss follow-up topics and set future stewardship reviews.
Every meeting has an agenda that starts with “Catching up on life” – not for idle curiosity, but so that we fully understand the context of your life to better integrate comprehensive advice that won’t conflict with other recommendations and actions. We also ask clients for additional items to add to the agenda that we might not have foreseen or known about.
We oversee contributions to TFSA, RRSP, RESP, FHSA, and other savings plans within their legal limits, as appropriate to the client.
Reviews of income and spending levels, bank account balances, and income tax liabilities ensure the client remains able to maintain their lifestyle until the next meeting.
Securing clients and their families against risks like early death or disability or long-term care costs is crucial.
Longer-term planning like income projections and reviews of Wills, Powers of Attorney, and more ensure our clients are meeting their goals for years to come.
Our team uses the same tools and processes I’ve developed over many years, honed with the assistance of Reg and Ryan. We document our advice in the form of written financial plans, recommendations, and meeting summary emails.
This process is how we implement the financial planning and wealth management structure and implement it with discipline, consistency, and an educational approach.
As your “Chief of Financial Medicine”, I’ve found this is how to empower clients to make good decisions which reduces anxiety and creates a secure future. I look forward to seeing you at your next Stewardship Review!
Alain Quennec, BComm CFP FMA CIM
Financial Advisor & Portfolio Manager
Business Owners
The most overlooked area of financial planning for business owners and incorporated professionals is the lack of integration between corporate and personal assets. When the majority of your assets are in your corporation you need very specific, specialized and personalized financial advice.
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