Becoming a Client of Hoover Financial Advisors

Connor SmithJuly 12, 2018

Financial Planning

After joining HFA as a Financial Planning Associate in March, I’ve had many friends, family members and colleagues ask me: What is the process if I choose to work with HFA?  It’s a great question, but before I go into more details, there is some important background information I’ll share with you.     

First, HFA takes a multidisciplinary approach to working with our clients.  Depending on an individual’s situation and goals, we often enlist expertise from our in-house financial planning, investments, tax, or risk management teams to provide truly holistic financial advice. 

Second, because many of our advisors and financial planners are CFP® professionals, our meeting and financial planning processes are directly in line with the CFP® Board’s Practice Standards for Financial Planning.  This is a valuable benefit for clients.  So, how do these processes appear to a new client of HFA?

The Complimentary Consultation

This no-cost meeting is for us to get to know you and you to get to know us.  During this initial session we will get a general understanding of you, your goals, and how you are working to achieve those goals.  It’s just as important for you to learn about HFA during this meeting, as well.  We usually review basics, such as the history of our firm, how we work with clients, our investment philosophy, and our cost structure.  At the end of the consultation, if a potential relationship with us appears to be mutually beneficial, the next step is to schedule a no-cost Data Gathering Meeting.

The Data Gathering Meeting

Before this meeting, we provide a checklist of items we would like to review and analyze, to help develop your financial plan.  During the data gathering meeting, we typically examine your documents with you in greater detail, in order to gain an understanding of you, your goals, and your current financial situation.  At this point, we will give you a general idea of the different areas where we think we can provide the most benefit to you, based on your unique situation.  Up until this point there is no cost in working with HFA.  However, at the end of this meeting, you will know exactly what the cost will be going forward.  Our goal is to provide you more value than cost.  If we don’t think that’s something we can do, we will advise you of our concerns before you choose to move forward.   

Financial Plan Development, Between Meetings

After the data gathering meeting, it’s time for the HFA team to delve into your plan!  Our planners and advisors work collaboratively to assess your current strategy and determine optimal courses of action based on your stated objective, risk tolerance and life expectancy. 

Financial Plan Delivery Meeting

This meeting is about sharing the results of our findings and optimizing your financial situation.  We will take time to address your current situation in detail, present our recommendations and explain how and why our recommendations will benefit you.  We will also answer any questions you have regarding our recommendations or your financial plan.  At the end of the meeting, we will mutually agree on what recommendations to implement, and give you a clear explanation of how to implement them. Depending on what needs to be accomplished, it may be our responsibility, your responsibility, or a combination of the two to implement each recommendation.  We will work with you to coordinate the implementation of the agreed upon recommendations.  Many individuals that go through our financial planning process choose to work with us on an ongoing basis to implement components of their plan, manage their investments, and continuously monitor their financial portfolio. 

Ongoing Management and Monitoring

Once assets are under HFA’s management, our investment team continually monitors client portfolios.  Your advisor will meet with you at least once per year to review your investments, goal-achieving progress and to make any necessary updates to your financial plan. 

Bringing it all Together

Each client’s experience is truly tailored to the individual.  Thus, it’s essential to note that this narrative features merely a framework for our process.  Your experience may vary slightly depending on your personal circumstances, but we take great care to ensure when you begin a relationship with HFA it coordinates with the CFP® Board’s Practice Standards for Financial Planning.

If you’ve wondered how your life could improve by working with a holistic financial advisor, or you’ve heard about the beneficial services HFA has provided to one of our clients, we invite you to contact our office today to schedule your complimentary consultation.  We look forward to meeting you.

Please contact us at (610)-651-2777 or info@hfaplanning.com.