Financial Planning Process
Financial planning consists of the following six distinct steps. When it's comprehensive financial planning guidance you want, these are the steps that we use. Be familiar with them. They'll help you get the most out of the process. And remember, it's this big-picture approach that sets financial planners apart from all other financial advisors who may have been trained to focus only on one aspect of your finances. Initiate the relationship In the initial stages of the process:
Gather client data and determine your goals and expectations In this stage we:
Clarify your present financial status and identify any problem areas and opportunities In this step we work to get a solid understanding of your:
Develop and present the financial plan Assisted by state of the art computer software we develop and prepare a financial plan tailored to meet your goals and objectives, values, and risk tolerance. This presentation will include projections and specific recommendations designed to help you achieve your goals. Present the plan to you and establish an appropriate review cycle. Through consultation with you we make sure that the plan and recommendations are on target in helping you to achieve your objectives. Implement your financial plan At this stage in the plan we: • Assist you in implementing the recommendations that we have presented. This will often include coordinating plans with your other advisors such as your accountant and lawyer to make sure that everyone is "on the same page" Monitor the financial plan The final phase in the planning cycle is an ongoing one. It involves future monitoring and evaluation to make sure that your financial plan continues to meet your needs on a "go forward" basis. At this stage we map out the timeframes for review and adjustment of the plan. Of course in the event of the occurrence of a major life event such as a birth, illness, death, retirement, or marriage it may be necessary to immediately adjust some element of the plan.