In order to make sure that the plans we develop are part of an overarching process that manages implementation and follow through, we created our Right Way Path™. You can expect a methodical and well-documented approach to developing and implementing your continuity plan and future activities.
Right Way Path™ is provided in one of two ways. The first way is by paying a fee to go through the process. This is appropriate when there is no desire to purchase an insurance product. The second way is to have us cover the costs through the commissions Cove earns when you purchase an insurance product from us. The way that you go through the process along with the costs are clearly articulated and agreed upon before we start. Everything is clearly explained and disclosed in advance to ensure that we meet your expectation with respect to the value of the plan and the costs you incur.
Right Way Path™ consists of four parts (outlined below), each having a specific purpose and deliverable. Once you complete Part 4 and receive your Continuity Book, you can schedule reviews to ensure that your Continuity Book is kept up to date and your milestones are achieved.
Our Right Way Path™ process is proprietary to Cove and was developed over many years of experience and learning about what it takes to make our client plans work. After all, what good is a plan if it doesn’t get implemented?
Part 1 – Present View™ (All About You)
Making sure we are the right combination of people to make your plan work is key to making your plan a success. Trust and respect are the fundamental building blocks of any personal and business partnership and must be the most important part of our relationship. We must also feel confident that we can communicate openly and freely. Through open dialogue, you will discover what you can expect of us and what we will expect of you.
It is important that we have a clear understanding of your values – tangible and intangible, moral, and monetary. With this understanding, we can help you to clearly identify your goals and visions, to paint a clear picture of where you are today, where you want to be tomorrow, and what values guide you during the process. We will ask a series of questions that will:
• pinpoint your goals and objectives
• clarify both the dangers and the opportunities you face
• reinforce the strengths that you bring to your relationships
There are no fees charged for Part 1 – Present View of the Right Way Path.
Part 2 – Right Path Plan™ (Putting the Big Picture on Paper)
The results of our analysis will be explained in detail in the Right Path Plan™ (RPP). This report will:
• describe the intellectual framework upon which we base our analysis and recommendations
• outline our observations about your affairs that require attention
• recommend a course of action to implement changes to your affairs
After you have reviewed the report and we have met to discuss your ideas, we will make the appropriate changes and provide you with a final copy.
Your RPP report will be the benchmark by which we measure your progress. As part of this step, we’ll ask you to identify your priorities and preferences and to authorize us to implement the parts of the plan that you want to act on. We will provide you with a detailed path of action based on your situation—a Part 3 Mandate Agreement™ (described below), which is an executive summary of all recommendations contained in Part 2.
Before we act on your behalf to implement your plan, however, we must be confident that you understand what needs to be done and that you are committed to going ahead. This is the point of decision: you may commit mentally and emotionally to your plan, request more information on various insurance services, or decide that you do not wish to proceed. If you decide to proceed, you will be asked to sign the Part 3 Mandate Agreement. Each action to be implemented must be clearly authorized by you.
The fees (if applicable) associated with Part 2 – Right Path Plan are disclosed in the Part 2 Mandate Agreement, which is prepared by us and authorized by you before we proceed with Part 2.
Part 3 – Skillful Action™ (Taking Action)
Your plan is about to become reality. Using the Part 3 Mandate Agreement, we will:
• provide instructions to you and your external advisors
• complete all forms and applications
• take all necessary steps to move each of the recommendations contained in Part 2 forward to completion
You will be provided with regular updates on the progress of each element of the plan on a regular basis to keep you up to date. We will also follow up with all external advisors to make sure that they are able to complete their piece of the plan in a timely manner. Should a complication arise, we will review the options available to you and communicate how to proceed to all involved. We will, from time to time, ask you to sign a form or document or to clarify a point.
During this stage, you can relax and enjoy the feeling that you are on your way. This is also time to reflect and to measure your progress against the benchmark we set. There may be areas that require further discussion and planning, strategies to be implemented that were not part of our original mandate, and recommendations on how to best handle these changes. This is your opportunity to evaluate our performance: Did we meet your expectations, surpass them, or fall short? We will ask you to describe your experience in writing to identify what you have gained from this process and to tell us how we can improve.
The fees (if applicable) associated with Part 3 – Right Path Plan are disclosed in the Part 3 Mandate Agreement which is prepared by us and authorized by you before we proceed with Part 3.
Part 4 – Continuity Book™ (Ultimate Goal)
The Continuity Book™ is the ideal result of the Right Way Path. It represents your Enlightened Continuity plan that reflects your vision of your life and your future. You can use this ultimate guide to share your intentions with others, so that, in the event of your death or the death of you and your spouse, they will be able to seamlessly manage or transition your affairs.
When we have finished the planning process, we will compile all of your important information into a Continuity Book that will serve as your ongoing reference manual and as an emergency reference guide for your executors and heirs. It will contain information about your important contacts including your:
• key person insurance (some know this as key man insurance)
• other advisors
It will contain a telephone list of first contacts who can help your family through difficult times brought on by a death or illness in the family. This Continuity Book can be updated on a regular basis during a scheduled Continuity Review to reflect your changing circumstance and evolving vision.
The fees (if applicable) associated with Part 4 – Continuity Book are disclosed in the Part 4 Mandate Agreement which is prepared by us and authorized by you before we proceed with Part 4.
Continuity Review™ (Ongoing)
Once you have established your benchmark planning models and report, it can be updated and revised according to a pre-determined schedule or on an adhoc basis. This is your opportunity to review your income and asset model to see how you have been doing in terms of achieving the goals set out in your report. Having a regular review allows you to gain confidence in your plan and, therefore, reduces stress related to uncertainty. Our ultimate goal is to reduce stress in your life, and this is one significant way to achieve that goal.
Walking your Right Way Path™ will give you excellent value. Let us help. Give us a call to find out how you can get started.
We love to plan!