T here is a protocol to follow when a new patient enters your office. The staff is expected to meet, greet, welcome, and have the new patient fill out forms. This allows the doctor of chiropractic (DC) to ascertain demographics, responsibility of payment, and the patient's primary complaint and reason for visiting the office. After carefully reviewing this information, the doctor asks a scries of questions before rendering an examination and suggesting any testing (x-ray, blood work. CT scan. MRI. etc.). The doctor analyzes the facts and information gathered and suggests services with the goal to help the patient. Active care begins. D.C. and Certified Financial Planner™ Similar to that of a doctor of chiropractic who cares for a patient and follows the oath to do no harm, a Certified Financial Planner™ (CFP r ) parallels the doctor's fiduciary responsibility. The presentation and selection of a financial portfolio by a CFP® lias similar overlap because it attempts to meet an investor's needs by obtaining the important data necessary to initiate the financial planning and analysis process. Key factors in this process include demographic, family history, saved assets versus debt, risk tolerance, goals, and the time frame for needing the anticipated invested portfolio. Generally, an investment policy statement (IPS) is formulated and becomes the road map of the investor's risk/reward and approved asset investment categories. This is similar to a report of test results after consulting with a patient and explaining the course of care needed to obtain anticipated results via initial active care. The CFP® is responsible for following the investor's wishes as set forth in the IPS. Initially, the process is more intensive as the CFP r meets with the investor to gather data and appropriately place assets in approved investment classes, which results in a portfolio of financial products. However, portfolios need to be monitored when economic factors, personal situations, and other occurrences may require the formulated portfolio to be rebalanced or fine-tuned and kept within the parameters of the IPS. The IPS may allow for some variation to investing approach, or the client can ask for specific modification. Supportive Care and Monitoring The suggestion of an additional professional opinion or intervention is always an option depending on the patient's needs. As patient care continues and positive results arc obtained, the initial phase of care is curtailed and the DC can present options to the patient regarding further needed and suggested chiropractic sen ices. Supportive care may be indicated, including additional care, lifestyle and nutritional modifications. orthopedic appliance support, etc. It is anticipated that the patient will achieve a greater level of health with this care. In other words, the advent of agreed to and necessary supportive care allows the patient to minimize negative factors, which most likely precipitated the problem, and maximize the benefits by being monitored by the doctor. Patient and D.C. Compliance The key for patient results is commitment and compliance to the DCs recommendations of care. This is also tnie of a DCs commitment and compliance to prudent investing. Whether patient or doctor, both require a stoic approach as the perceived value now will yield greater benefit in the future. The importance of systematic savings, whether for health care or financial savings, lias been seen time and time again. Once a decision is made to achieve the stated goal, competent assistance is sought to complete the task and achieve either or both goals. Action steps arc taken to make an intangible thought very tangible and ultimately beneficial. Importance of Following Good Advice Utilizing a CFP® ultimately can achieve the same long-term benefit for the client (patient) by monitoring the portfolio—rebalancing, changing, adding to and having ongoing discussions to maximize the investor's reward with less risk exposure. It is important to understand that there are never any guarantees, but realize that it is a smart choice to work with a financial advisor with the knowledge and experience to guide an investor through the financial maze of pitfalls and mistakes. Similar to that of a patient contacting a doctor of chiropractic for help, the provider of service (DC) has the same opportiinih to ensure the health and well-being of his or her own portfolio and resultant anticipated benefits. Working harder seems to be the reality of health care without the resultant financial benefit. The importance of good, sound financial advice and monitoring goes hand in hand with what DCs offer their patients. Metaphorically, if you find that your portfolio is subluxatcd. then it most likely is in need of correction with adjustments to your financial plan or lack thereof. Remember, it takes time to get sick and time to get better. Selecting a CFP k with your well-being being paramount allows you to reap the benefits of sound financial planning practice and anticipated results. It is especially important that your invested assets are available when vou mav need them the most. H. William Wolfson, DC, FICC, MS, is Director of Professional Services at American Financial Advisors (AFA), Inc., based in Orlando, Florida with offices in Orlando and New York. Dr. Wolfson is a registered representative with Foothill Securities, Inc., member FINRA'SIPC and a registered investment advisor representative (IAR) with AFA. Foothill Securities, Inc. and American Financial Advisors, Inc. are not affiiliated companies. Dr. Wolfson obtained his Masters of Science (MS) Personal Financial Planning from the College of Financial Planning and is a candidate for CFP& certification. Dr. Wolfson remains active and engaged in chiropractic by volunteering his time as AT Delegate to the American Chiropractic Association and sen'ing on assorted committees. He is also a board member of the Xew York Stale Chiropractic Association. In addition, he participates on assorted committees with the Financial Planning Association LI chapter. Dr. Wolfson retired after twenty seven years of active practice and may be reached at HwwolfsonrdAFAdvisors.com.
