While you can certainly use examples found from other planning firms, attached below, or a more general template from Planipedia, it is vital to personalize the letter to address the customer's particular needs and reassure them that you have understood their situation.
The welcome letter should not sell anything, just thank your new client for expressing interest and fill any silence before the initial meeting.
This sample email was taken from CFP and can be used as a guideline for your own.
CFP Sample Onboarding Email
Dear Mr./Ms. [Client Name]:
Thank you for the opportunity to meet with you. I welcome the opportunity to work with you as your financial planner. This engagement letter outlines the specific terms of the financial planning engagement between:
NAME OF CFP® PROFESSIONAL, CLIENT1 and CLIENT2
If the scope or terms of the financial planning engagement change, they should be documented in writing and mutually agreed upon by all parties to the engagement.
Please be assured that all information that you provide will be kept strictly confidential. During the financial planning engagement, I may, on occasion, be required to consult with other third-party professionals at which time I will obtain your written permission to disclose your personal information.
As discussed during our introductory meeting, this engagement will include all services required to develop a [DESCRIBE TYPE] plan. These services will specifically include: [CHOOSE ANY THAT APPLY –DELETE ANY THAT DO NOT APPLY]
· Reviewing and prioritizing your goals and objectives.
· Developing a summary of your current financial situation, including a net worth statement, cash flow summary, and insurance analysis.
· Reviewing your current investment portfolio and developing an asset management strategy.
· Developing a financial management strategy, including financial projections and analysis.
· Completing a retirement planning assessment, including financial projections of assets required at estimated retirement date.
· Assessing estate net worth and liquidity.
· Identifying tax planning strategies to optimize financial position.
· Presenting a written financial plan that will be reviewed in detail with you. It will contain recommendations designed to meet your stated goals and objectives, supported by relevant financial summaries.
· Developing an action plan to implement the agreed upon recommendations.
· Referral to other professionals, as required, to assist with implementation of the action plan.
· Assisting you with the implementation of the financial plan.
· Determining necessity to revise your financial plan.
This will be an on-going professional relationship. At a minimum, we will meet on an annual basis to ensure the plan is still appropriate for you. [This is not intended to be an ongoing relationship. The engagement will end upon delivery of the services described above.] Either party may terminate this agreement by notifying the other in writing. Any fees incurred prior to date of termination will be payable in full.
My services will be charged on a flat-fee basis [or, describe fees]. We agreed on a fee of $xxx for the first year of service. This includes development and delivery of your financial plan, unlimited email communication and a review meeting in XX 2013. Please provide a check for $$$ with a signed copy of this engagement letter. An additional $$$ will be billed at the end of XX. The balance will be payable [DESCRIBE TERMS]. You agree to pay any outstanding charges in full within 15 days of billing. Please make checks payable to [NAME OF FIRM].
Please be advised that I do not receive a referral fee from any other professionals to whom I may refer you.
[THE FOLLOWING PARAGRAPH MAY BE REDUNDANT IF ADEQUATELY COVERED IN OTHER DOCUMENTS]
In order to ensure that the financial plan contains sound and appropriate recommendations, it is your responsibility to provide complete and accurate information regarding pertinent aspects of your personal and financial situation including objectives, needs and values, investment statements, tax returns, copies of wills, powers of attorney, insurance policies, employment benefits, retirement benefits, and relevant legal agreements. This list is not all-inclusive and any other relevant information should be disclosed in a timely manner. It is your responsibility to ensure that any material changes to the above noted circumstances are disclosed to me as your financial planner on a timely basis since they could impact the financial planning recommendations.
I have no known conflicts of interest in the acceptance of this engagement. [I am disclosing to you the following conflicts of interest: ]. I commit that I will advise you of any conflicts of interest, in writing, if they should arise.
I acknowledge my responsibility to adhere to CFP Board’s Standards of Professional Conduct, and all applicable federal and state rules and regulations. At all times during this engagement, I shall place your interests ahead of my own when providing professional services. In addition, since this engagement includes financial planning services, I am required to act as a fiduciary, as defined by CFP Board. You can learn more about CFP Board’s ethical requirements at www.CFP.net.
I look forward to working with you and helping you reach your financial goals.
Name of CFP® Professional
CFP® Professional: Client:
I accept the terms of this engagement letter. I accept the terms of this engagement letter.
And here is a sample email taken from International Assets Advisory LLC.
IAA Sample Onboarding Email
Dear Valued Client:
We are pleased to welcome you to the International Assets Advisory LLC family of investment professionals. On behalf of the entire firm, we want to thank you for allowing us to be your financial investment advisor. We appreciate the confidence you’ve shown by selecting us and we will endeavor to
reinforce that trust in our service to you. We look forward to a long and professional relationship.
For additional information about International Assets Advisory, please feel free to visit our website at www.iaac.com. In addition to learning more about the firm and our team, we post our complete Business
steps we take to protect the confidential information we receive from and about you and our other clients.
If you would like information about SIPC, including the SIPC brochure, you may contact SIPC at (202)-
371-8300, Web site: www.sipc.org
Address: Securities Investor Protection Corp. 805
N.W. Suite 800
Washington DC 20005-221
Fax (202)371-6728 or Email: [email protected]
Please find attached a new customer package which includes a copy of your account paperwork, Disclosure Statement and other documentation in accordance with the rules and regulations governing the
Securities Industry. If you have any questions or concerns please contact your account representative at your earliest convenience.
Again, thank you for becoming one of our valued clients.
Your client will likely be as excited as you are to meet and discuss their financial situation. Find out a good time and hash out the agenda. Items to include:
- Understand client's needs and goals
- Explain your own approach
- Understand the current situation
- Determine the best-fit financial service
- Outline fees
- Agree on the next steps
Mark McKenna Little's blog for advisors says 'only when they focus on what’s most important to them, will you be able to help your ideal clients create the financial roadmap to get them where they want to go'. Mark suggests the first question you should ask is 'what's important about money to you?'.
An alternative way to formulate a meeting is also suggested by Dan Richards, who tells of an advisor who 'starts by asking clients what questions they’d like to cover, then adds her own items to deal with (often emerging from those goals she’s written down) and from that creates an agenda, which she emails to clients beforehand and which is tabled at the start of the meeting.'
You should call them over the phone to get a good time for them and then send them an invite to add the event to their Google Calendar.