Working with a Cambridge Advisor

Contacting a Cambridge Advisor in your area is the best way to find the right level of service for you. Most of our advisors offer several service options--one-time reviews, second opinions, and limited engagements, in addition to the open-ended retainer for which we are famous. But that first step is often a little scary, especially when you don't know what to expect, so on this page we illustrate what it's like to work with one of our advisors.

When you call, your Cambridge Advisor will be interested in learning a lot more about you and your situation. He or she will probably schedule a no-cost, no-obligation consultation with you. During this consultation, you can expect the advisor to ask you a lot of questions about your goals, about your current situation, about what has and what has not worked for you in the past. He or she will want to see a list of your assets and liabilities, along with your tax returns for the prior three years. But this meeting is not just about facts and figures. Your advisor will be determining whether he or she is the right advisor for you, and you will be able to decide if you are comfortable with the advisor--an important key to the success of the relationship.

The next step is to review the advisory contract. Your advisor will go over the agreement with you in detail. The contract will include the cost of the retainer, what services you can expect to receive (and any excluded services), what the advisor expects from you, and how the agreement is terminated or renewed.

Once the contract is signed, your advisor will schedule several appointments with you. There is a lot of work to be done during the first year. Your advisor will be systematically reviewing every aspect of your financial situation and making appropriate recommendations.

Frequently, the first area your advisor will look at is taxes. Depending on the time of year, Income Tax Preparation may be the first service provided. If appropriate, Amending Prior Tax Returns may be recommended. Tax Planning for the current year and beyond is also very important. Many clients find that the tax savings realized during these appointments more than cover the cost of their retainer. To maximize your tax savings in future years, your advisor will recommend an easy-to-use Record Keeping system.

Reviewing all aspects of your current financial situation is next. For your Portfolio Inventory and Analysis appointment, your advisor will work with you to construct a detailed listing of your assets, liabilities, and investments. This will include information on interest rates and yields, surrender charges, maturity dates, cost basis and more. This information is needed so that your advisor can clearly understand the tax and financial implications of changes that may need to be made to your portfolio.

Most people have never had an insurance review by someone who wasn't trying to sell them something. For your Insurance Review appointment, your advisor will want to see all of your existing insurance policies and employee benefit handbooks. He or she will carefully analyze your insurance needs and current coverage and will make appropriate recommendations for your situation. Your advisor will take the time to make sure that you understand your existing policies and any recommendations for changes.

You may already have a will or trust, or this may be something that has been on your to-do list for a while. Either way, you and your advisor will meet to discuss your Estate Plan. If you already have documents in place, your advisor will review them to make sure they are current and consistent with your goals and will also make sure that you understand what you have. If your will or trust is outdated, or if you do not have one, your advisor will work with you to put the appropriate plan in place at the best cost.

It may take up to six months to complete these initial steps. You might be getting a little impatient to get to the investment recommendations, but it is important to understand that your advisor cannot devise the best investment strategy for you without this in-depth review of your financial situation. Still one more piece is needed before the picture can be completed--your personal definition of financial independence.

Goal Setting is a pivotal appointment in the holistic financial planning process. Over and over again, Cambridge Advisors find that when clients identify what is most important in their life, they rarely select "things." Instead, it is almost always doing what they most want to do, with the people most important to them, in the places they enjoy the most. Your advisor will help you define financial independence in your unique terms and will then be ready to fully focus on the strategies and vehicles that will allow you to live out your dreams.

The focus now turns to Investment Strategy. Cambridge Advisors integrate the Financial Life Cycle, the principles of Functional Asset Allocation, and everything they have learned about your unique situation when making investment recommendations. Your advisor will explain the changes that need to be made in your portfolio to bring your finances into balance. Depending on the complexity of your situation, it may be possible to implement all recommended changes immediately, or they may be done in stages. Regardless, your advisor will help you identify the most important things you need to do in the next year to reach your goals.

At this point, your initial financial review is usually complete, but your relationship with your advisor is still just beginning. Your advisor is your partner in your personal success. He or she will schedule regular reviews of your tax and financial situation and will be there for you whenever "life happens."

Are you ready to get started? You can Find an Advisor in your area. Or if you want more information, visit our Consumer Resources section or request our free workbook, Seven Secrets to Financial Independence.

Each Cambridge Advisor owns and operates his or her individual practice. There is variation in services provided, what those services are called, and the order in which they are delivered. But each Cambridge Advisor fully discloses the services you are paying for and how much you are paying for them.