Financial Planning
Our 7 Steps
1. Get to Know You Meeting
Planner Actions:
Explains the nature of financial planning services offered; reviews engagement documents and discusses relationship to other client advisors if necessary.
Client Actions:
Outlines family objectives and goals. Decides to proceed by signing engagement agreements.
3. Analysis
Planner Actions:
Reviews & Analyzes client’s total financial position. Identifies both financial and personal goals, objectives and potential financial short falls. Assesses client’s risk/reward profile and evaluates asset disposition, cash flow and current investments. Reviews risk management, tax management, estate planning and realism of goals and objectives.
Client Actions:
Respond to planner questions and provide additional info if needed.
5. Plan Presentation
Planner Actions:
Presents Financial Plan with specific implementation recommendations and target completion schedule. A holistic view of your current trajectory for accomplishing objectives id provided.
Client Actions:
Digests and Approves Plan with agreed upon modifications. Engages and authorizes planner to proceed with implementation.
7. Plan Review & Revision
Planner Actions:
Notifies client of need to review/update their financial situation. A new year poses a new set of planning objectives to discuss as no two years are identical.
Client Actions:
Advises planner of changes impacting financial status. Provides updated data and tax returns to aid in the preparation of the updated financial plan.
2. Data Gathering
Planner Actions:
Provides a checklist of required documents and forms for providing relevant data. Compiles data from client.
Client Actions:
Gathers documents and statements along with completing data gathering forms as best as possible.
4. Plan Formulation
Planner Actions:
Develops & Prepares Financial Plan with assistance from other advisors and consultants as required. Reviews alternatives, strategies and investment vehicles. Formulates recommendations to achieve objectives consistent with client resources and attitudes.
Client Actions:
Provides feedback to allow planner to fine tune the plan.
6. Six Month Review
Planner Actions:
Checks progress of plan implementation
Client Actions:
Provides feedback to planner and sees what has been accomplished.