Terms of Service
Agreements are particularly critical in relationships as sensitive and potentially intimate as those involving personal financial affairs. Accordingly, it is necessary and appropriate for both of us to clearly understand the nature of our mutual commitments. That is the purpose of this engagement agreement.
Parties to this engagement:
This letter of engagement outlines the services to be provided by me, in the capacity of an advisor, to you, the client. Any changes in the scope of services outlined in this agreement should be made in writing and mutually agreed upon by us both.
This engagement will include:
- Comprehensive financial consulting services, including consideration of financial management, tax planning, asset management, retirement preparation, risk management, and estate planning.
- Modular services which may include one or more of the following:
- Financial/asset management
- Tax planning
- Insurance/risk management
- Retirement planning
- Estate planning
- Succession planning
- Business owner/corporate services
- Management and implementation of your strategy
- Review of your strategy on an annual basis
- Ongoing monitoring of your financial affairs, including investment monitoring and annual tax planning and reporting.
In order to ensure that the services are effectively carried out, it is your responsibility to provide me with complete and accurate information. Incomplete disclosure of your financial situation can lead to inappropriate recommendations. Please forward the following for my review:
- A completed client questionnaire
- Copies of recent financial documents, including investments, mortgage and loan statements
- Copies of the previous year’s tax return and/or notices of assessment
- Copies of wills, powers of attorney and other legal documents
- Copies of insurance policies
- Details of employment benefits
- Details of pension plans
Failure to provide the above-noted information may result in a limitation of services. If I am unable to proceed based on the information I have, I will inform you. It is also your responsibility to ensure that any material changes to the above-noted documents are disclosed on a timely basis as they could impact the financial planning recommendations.
Also, any significant changes in employment status, marital status, health or other personal or financial circumstances should be communicated to me immediately so that we can make the appropriate updates to your plan. Changes in your personal affairs may impact this engagement and/or the planning process.
Analyses will be performed based on certain personal and economic assumptions. These assumptions may relate to retirement age, life expectancy, retirement-income requirements, government benefits, time horizons and special needs, as well as economic assumptions including rates of return, inflation assumptions and income tax rates. The assumptions will be identified in your financial strategy.
All recommendations presented are made based on your specific circumstances, however results and returns are not guaranteed. You should review the offering documents relating to any product carefully before making an investment decision or decision to purchase.
During the course of the engagement, there may be a need to consult with other professionals such as tax or legal specialists, or to make referrals to other professionals to assist with the implementation of the plan. Consultations with other professionals will not take place without your written agreement.
Please be advised that I do not receive fees in any form from professionals to whom you may be referred. However, such professionals may levy a fee for their services which will be negotiated and charged to you directly by them.
Confidentiality and privacy:
All financial information, analyses and conclusions will be kept strictly confidential. Personal information will not be divulged without your express consent, unless required by law. If it becomes necessary to consult with third-party professionals to optimize the advice and services, your written approval will be required prior to sharing any personal or financial information.
The fee structure for this engagement is:
- Fee-for-service for the contracted services in the case of financial consulting, and financial strategy development
For fee-for-service engagements, 100% of the fee is due and non-refundable upon acceptance of this engagement.
Implementation process disclosures:
To the extent that this engagement includes investments, insurance or other product solutions, additional disclosures will be provided as required. Also, for all such transactions, the nature of commissions or other related compensation will be fully disclosed.
Termination of service:
Either party to this engagement may terminate this agreement at any time by giving at least 30 days written notice. Any fees incurred to the date of notification will be accrued and payable in full. Furthermore, if you have concerns with regards to the services provided, complaints or disputes may be directed to the appropriate authorities and relevant regulatory bodies.
Duration of engagement:
The plan will be presented within 30 days of receipt of completed financial information. Planning your financial future is an ongoing process that may involve implementation of the plan and ongoing monitoring, review and possible updates to the plan. At a minimum, the engagement includes a commitment to contact you on an annual basis at your last known mailing address to assess the progress of the plan.
I am registered and licensed through the following:
- Insurance Council of British Columbia and Alberta for the sale of individual life, disability and related insurance products and segregated funds.
Conflict of interest:
During the engagement, there may be occasions where a conflict of interest may arise. Any such conflicts of interest or potential conflicts of interest will be disclosed in writing. I will at all times be guided by your needs and always acting in your best interest.
I look forward to working with you and helping you to reach your financial goals.