THE LIFESTEP PROCESS
GROW YOUR WEALTH,
PROTECT YOUR ESTATE
The LifeStep Process uses leveraged life insurance as a tool to make the estate more tax efficient for both the client and his or her beneficiaries. It's a method we've used for over 20 years to help high net worth Canadians protect their wealth, and as a way that enables advisors to enhance their practice's service capabilities.
Developing a plan requires input from accountants, lawyers and doctors as well as an investment of time by the client and his or her family. The LifeStep Process keeps it organized and on course.
Attention to every detail ensures that the plan is built precisely to the client’s situation, implementation is streamlined, and the plan delivers results as promised year after year.
1. The Discovery Process
- Fact finding and client qualification
2. The Strategy Builder
- Plan development and customization
3. The Strategic Implementor
- Policy approval and plan implementation
4. The Performance Optimizer
- Ongoing plan management and reporting
"Timely and professional service. We appreciate working with you and your team."
CM, Client
Abbotsford, BC | Nov 2023
THE DISCOVERY PROCESS
The Discovery Process pinpoints which clients have the most to gain from an insurance-based tax and estate plan. With the advisor's input, we assesses whether The LifeStep Process can create significant benefits for the client. There is no obligation and a client’s identity is not revealed to us during The Discovery Process.
Discover Stage
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Client profiling
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Client qualification
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Client anonymity
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No cost or obligation
"Westward’s process each year is straightforward, and you guys proactively let me know about things ahead of time."
KO, CFO
Calgary, AB | Dec 2023
THE STRATEGY BUILDER
The Strategy Builder maps out the plan's structure, cash flow and windup results in plain English. It shows the math and answers the questions clients and advisors need to know before deciding if an insurance-based plan is worth investigating and implementing.
We use the facts gained from The Preliminary Viewpoint along with advisor input to design the plan for the client’s unique business, personal and wealth transfer goals.
A plan takes about three weeks to prepare. Westward does not charge for the initial assessment. We only present it to the client if the advisor agrees that the plan offers significant benefits and further consideration is worthwhile.
Build Stage
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Build plan
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Advisor review
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Client review
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Engage to proceed
"Thank you so much for all your help, you’ve been amazing as always! I really appreciate how clearly you put it all together in the email for our mutual client, so they know exactly how to proceed."
BS, Private Banker
Calgary, AB | Dec 2023
THE STRATEGIC IMPLEMENTOR
A life insurance policy is at the heart of the plan. That's why we go the extra mile to make sure each client receives the best coverage possible.
Westward takes care of the paperwork and keeps everything on track. We work with the client, the family members as well as the advisor and doctor to collect financial and health information and make sure the application is prepared perfectly.
As a result, a client often receives an offer in as little as two to three months, and can quickly begin to achieve their plan’s tax and estate benefits.
Implement Stage
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Underwriting
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Technical review
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Offer negotiation
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Implementation
"I admire the level of oversight and dedication Westward demonstrates in managing client loan facilities. The meticulous approach you bring to the table is impressive and greatly contributes to our shared objectives. Few of the advisors I work with have the level of oversight that I see with the Westward team."
GC, Private Banker
Montreal, QC | Dec 2023
THE PERFORMANCE OPTIMIZER
On-going management ensures that each client's plan delivers results as promised. The Performance Optimizer includes active management of the plan for as long as it is in force. Annual reviews measure performance so clients are never in the dark about whether their plan is achieving its goals. We also provide advisors with all the documents needed for tax reporting.
The LifeStep Process adapts to changing needs and circumstances. If tax laws change, a business is sold or new opportunities emerge, we recommend plan modifications to keep it on course.
Perform Stage
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Annual reviews
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Anniversary management
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Advisor web portal
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Client web portal