You and Your Family

The Financial Planning Process

 

 

As a CERTIFIED FINANCIAL PLANNER® professional, I follow the financial planning process when advising my clients. I believe in this process and find that my clients have a deeper understanding of their goals and objectives and how to reach them when following the process.

 

 

 

Specifically the process involves six steps:

 

1. Establish the Client-Planner Working Arrangement

 

  • I will explain the elements related to the overall financial planning process that are relevant to you and explain the services I will provide.

  • Will clarify your responsibilities as a client and my responsibilities as your advisor.

 

 

2. Gather Client Data: Determine Goals and Objectives

 

  • I will obtain information about your financial resources and obligations.

  • Together we will define your financial goals, needs, and priorities.

  • Will also investigate your values, preferences, financial outlook, and desired results as they relate to your goals, needs, and priorities.

 

 

3. Clarify Your Present Financial Status: Identify Any Problem Areas and Opportunities

 

  • I Will analyze your information to assess your current financial situation.(cash flow, net worth, etc)

  • Identify any problem areas or opportunities with respect to the following: Risk Management, Capital Needs, Investments, Taxation, Retirement Planning, Employee Benefits, Estate Planning, and any Special Needs.

 

 

4.  Develop and Present Your Financial Plan

 

  • The plan will be tailored to meet your goals, objectives, values, and risk tolerance while providing projections and recommendations.

  • Present the plan to you and develop an appropriate review schedule.

 

 

5. Implement the Financial Plan

 

  • Implement the recommendations discussed. This may involve coordinating contact with other professionals such as accountants, lawyers, and insurance specialists.

 

 

6. Monitor Your Financial Plan

 

  • I will periodically contact you to review the progress of your plan and to make adjustments to the recommendations required to help you achieve your goals. Examples include a review after a tax law changes or if your life circumstances change.