Initial Consultation: Get-to-know each other
To start a relationship with someone regarding something as personal as finances and retirement savings, Bruce invites his prospective clients to his office for an initial, complimentary consultation. Bruce listens listen to his clients describe their goals and desires for the future. Bruce also details how Bruce G. Allen Investments, LLC operates, updates clients and is compensated.
After that initial meeting, if both sides mutually agree there is a good professional fit, plans are made for a more in-depth conversation.
Second Meeting: Discovery & Identifying Risk Tolerance
During a second meeting, it is time for the client to share a more in-depth look of their financial story. To do so, the client brings all recent financial statements. Bruce collects all information pertaining to the client’s assets, liabilities, risk tolerance, goals, and financial needs. This conversation is meant to really flesh out goals, concerns, and the comfort level a client has when it comes to the risks associated with investing.
Bruce spends a lot of time deciphering the risk level of a client with the client. Quite often, someone will say they’re very open to risk but once Bruce engages with someone, listen to them share their financial philosophy, it may be revealed that risk is not something they’re comfortable with. To get to that discovery, deeply listening is a must for Bruce.
Every client varies, but typically, Bruce will recommend a mix of investment products: money markets, stocks, bonds, mutual funds, tax-free bonds, managed accounts, and annuities. Once Bruce is crystal clear on the goals and objectives of his clients, he will prepare a preliminary financial plan for their review.
Third Meeting: Financial Strategy is Set
Once the client has had the opportunity to review Bruce’s recommendations and discuss the strategy with Bruce and approve the plan, the transfer process is seamless. Bruce and his team contact the previous brokerage firm to initiate the transfers. Typically, most assets transfer in-kind within two weeks via the Automated Customer Account Transfer (ACAT) system. This allows broker dealers to enter, review, and settle transfers in a fully automated manner. Certain investments can take a bit longer or require additional paperwork.