What to Expect
Starting from the first meeting
Individual Investors
Step 1:
Getting to Know Each Other
At the first meeting, we take the opportunity to become more familiar with one another. We gain an understanding of your basic goals and general financial situation. At the same time, you will learn our general process and how we may help you create a personal financial plan. This meeting is at no charge and there is no obligation to move forward. On average, the meetings last from thirty minutes to an hour.
Step 2:
Becoming a Client
If we both feel comfortable moving forward, the next step is to collect all relevant information and documents needed to have a full and complete understanding of your financial situation. We would then begin developing a personalized financial plan based on your goals and objectives. After reviewing recommendations, we would agree on a course of action to implement your plan.
Step 3:
Implementing the Financial Plan
Your investments would be moved to TD Ameritrade Institutional's platform. After agreeing on an investment strategy, we would manage the accounts for you in the context of your personalized financial plan. As part of our ongoing relationship, we continually help you make sound investment decisions through all cycles of the market and economy. TD Ameritrade would provide you with third party investment statements and you would have online access to all your accounts through their website and mobile app.
Depending on your personalized financial plan, we may need to work closely with other professionals, such as an attorney, insurance agent or tax advisor to coordinate different aspects of your financial strategy.
Step 4:
Monitoring the Financial Plan
Once your investments are moved over, we would monitor them on an ongoing basis and make changes based on your personalized plan. We would reach out to you on a regular basis to discuss the progress made towards your financial goals and determine if any adjustments in your financial strategy are needed. Andy is also available to meet by request between regularly scheduled meetings to answer questions or discuss a specific topic.
Businesses
Step 2:
Comparing
Services & Cost
After reviewing the needs of your company and the participants, we present plan design and investment line-up recommendations for your consideration.
Step 1:
Getting to Know Each Other
If your company already has an established 401(k) plan, we will talk about what services are important to you and collect information about the services you are currently receiving. This information will be used to evaluate how well your needs are being met and at what cost to you. Cross State Financial Group will obtain quotes from other service providers so we are able to compare costs and services.
If your company doesn't have a 401(k) set up yet, we will discuss what your goals are for the plan and the demographics of your employees so we can begin to consider what plan design may be a good fit and what services you may need.
Step 4:
Monitoring & Maintaining the Plan
As a 3(38) financial advisor, we will monitor and make changes to the investments for you based on an agreed-upon investment policy statement. To ensure that the plan remains consistent with your needs, we will reach out to you once per year to evaluate the investments, fees, and plan design. We will also provide general financial education to participants throughout the year as needed per your request at no additional cost.
Step 3:
Becoming a Client
Once Cross State is engaged as the investment advisor for the plan, we will assist in the process of implementing any recommended changes to service providers, plan design, and/or the investment line-up. Cross State Financial will also help with enrollment meetings to promote higher participation rates among employees.