The Building Block of Your Financial Plan

Sam Johnson CFP® • Jan 1, 2024 •FINANCIAL PLANNING

Have you ever wondered why we’re so obsessed with collecting data, from paycheck stubs to driver’s license copies? At times, data requests may seem relentless, but they’re more than just a hassle. Discover why they’re vital for your financial plan and how they shape our recommendations and compliance obligations at Heritage Wealth Architects. Let’s clear the air to ensure data requests are a breeze.

You may have noticed that data collection requests from us typically occur both before and after meetings. The primary purpose behind these requests is to gather accurate and comprehensive information about your financial well-being. This data is critical for creating a solid foundation for your financial plan.

Our financial planning process relies on specific data points, including paystubs, investment account statements, tax returns, loan statements, insurance statements, and estate documents. The quality and integrity of this data directly influence our projections and recommendations. For instance, if you’re wondering when you can retire, the accuracy of your spending information is vital. Incorrect data can lead to inaccurate retirement projections, making it difficult or impossible to answer your questions.

To ensure data accuracy, we prefer to collect information directly from the source through statements and our preferred method of Vantage Point connections. The advantage of using Vantage Point is that it reduces our need for frequent data requests since account information is automatically updated and accessible.

While data is an integral piece of our financial planning process, it is also essential for compliance with the Securities and Exchange Commission (“SEC”). Since Heritage Wealth Architects is a Registered Investment Advisor (“RIA”), we must follow strict regulatory requirements set forth by the SEC. Data collection is a critical component of our commitment to compliance, ensuring that we meet requirements, such as Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”).

For compliance reasons, we must request data such as driver’s licenses, employer information, and social security numbers. When providing data containing Personally Identifiable Information (“PII”), rest assured that we maintain strict security protocols. You can also play your part by transmitting sensitive information through a secure channel, such as your Vantage Point vault or our portal links.

At Heritage Wealth Architects, data is the bedrock of your financial plan. Accurate and secure data collection is essential for providing meaningful advice and ensuring compliance with regulatory requirements. If you have any further questions or concerns about data collection, please don’t hesitate to contact our office.

© 2024 Heritage Wealth Architects