The Four Phases of the Paragon Process takes a consultative approach to the client’s need evaluation and implementation process. Our four phase process clearly identifies client specific needs and develops a compliant solution to optimize the plan effectiveness for both the individual, and the corporation.
Phase I – Discovery
A Fact Finder, Letter of Engagement, Letter of Authorization and a copy of last year’s tax return are needed for this phase.
- Individual - Assessment of needs, plans, current circumstances and short to long term objectives.
- Corporate - Assessment of goals, plan census and current executive and incentive based programs.
Phase II – Plan Design
This phase may include collaboration from the Producer, Investment Advisor Representative, the Paragon Advanced Sales Team, a CPA/EA, Registered Rep, or Estate and Tax Attorneys. This portion of planning is completed between the first appointment and second appointment. Our goal is to involve the producer in the Paragon system by allowing us to be a full back office plan design team, so that her or she can see more clients and prospects.
- Individual - Compliant review and analysis of statements from the qualified professional that will be collaborating on each plan.
- Corporate - Effective design and utilization of assets to meet plan liabilities.
Phase III – Implementation
Implementation can occur in multiple appointments. This phase begins with the initial plan presentation to the prospect or client. If at the time of presentation, the client contributes additional information that alters any portion of the plan design, another appointment for implementation needs to be scheduled. In the interim, Phase II will repeat in preparation for another Phase III appointment. Once another implementation appointment has been completed, execution of the plan, coupled with compliance and suitability reviews at the carrier and Broker Dealer level, will be finalized.
Phase IV – Annual Review
Annual reviews are intended to measure the effectiveness of the plan as new and varied circumstances occur in our client’s lives. These reviews allow for us to evaluate, update and implement additional strategies required to continue to meet our client’s goals and objectives.
A Glance at The Paragon Process
- Proper discovery during Phase I must be completed or a plan design will not be able to effectively address all client needs.
- These four phases are to ensure a compliant and comprehensive final plan design.
- Annual reviews are the ongoing review of executed plans. Life circumstances can be altered from year to year. Client retention is best achieved when we as producers stay current with our client’s circumstances and goals.