Process
Our Process
The 7 steps outlined are part of a comprehensive financial planning process.
Let's break down each stage:
01. Establish and Define the Scope of Work
Objective: Clearly define the parameters and goals of the financial planning process.
Action: At the outset, both the advisor and the client collaborate to outline the scope of work. This involves setting expectations, determining the depth of analysis, and establishing the specific financial goals to be addressed.
02. Gather Information, Identify Values, and Set Goals
Objective: Collect relevant data, understand the client’s values, and establish financial objectives.
Action: During this phase, the financial advisor gathers detailed information about the client’s financial situation, values, and priorities. Goal-setting discussions help shape the focus of the financial plan.
03. Analyze and Evaluate the Current Status
Objective: Assess the client’s current financial situation, assets, liabilities, and risk profile.
Action: Conduct a comprehensive analysis of the client’s financial standing, including an examination of existing investments, debt, insurance coverage, and risk tolerance.
04. Develop Recommendations and Create a Plan
Objective: Formulate personalized recommendations and create a detailed financial plan.
Action: Based on the information gathered, the advisor develops tailored recommendations to help the client achieve their financial goals. This often involves creating a structured financial plan that addresses investment strategies, retirement planning, tax considerations, and more.
05. Review and Amend the Plan
Objective: Collaborate with the client to review and refine the proposed financial plan.
Action: Present the financial plan to the client, discuss the recommendations, and make any necessary adjustments based on the client’s feedback and preferences.
06. Implement
Objective: Put the agreed-upon financial plan into action.
Action: Execute the plan by implementing the recommended strategies, which may include making changes to investment portfolios, adjusting insurance coverage, or setting up retirement accounts.
07. Monitor & Review
Objective: Continuously monitor the plan’s performance and make adjustments as needed.
Action: Regularly review the client’s financial situation, reassess goals, and make any necessary modifications to the plan in response to changes in the client’s life, financial markets, or economic conditions.
This systematic approach ensures that financial planning is a dynamic and ongoing process, adapting to the evolving needs and circumstances of the client. It emphasizes collaboration and regular reviews to keep the financial plan aligned with the client’s goals and aspirations.