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Financial Planning Process

Financial Planning Process

It all starts with a tailored financial planning process.

Financial planning is truly a process that takes time, energy, and transparency. We have outlined our planning process below, but the most important aspect of financial planning, in our opinion, is that each client will drive what this process will look and feel like for them. Some clients know exactly what answers they are looking for and what help they need. While others are not sure what to expect from the financial planning process and look to us to help drive the conversation. The one part of the process that is universal to each client is we take the time to listen to you and ask many questions to understand what your goals are in life. 

To develop a solid financial plan, it's important to cover all your bases.

Here’s how:   

  • Examining your current situation
  • Setting financial goals
  • Measuring your progress.    

From start to finish, a Certified Financial Planner™ professional can take you through the financial planning process steps to help you achieve your financial goals.   

5 Steps to Help You Create a Financial Plan

1.  Gather your data and develop your financial goals

You and your CFP® professional will talk about your current financial situation and gather any necessary documents. Together, you'll define your personal and financial goals, including timeframes. You may also want to discuss your comfort level when it comes to taking financial risks.   

2.  Analyze and evaluate your financial status

Your Certified Financial Planner™ professional will then consider all aspects of your situation to determine what you need to do to meet your goals. Depending on what services you've asked for, your planner may analyze your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.

3.  Review your CFP® Professional’s recommendations

Your CFP® professional will go over his financial recommendations, explaining the rationale so you can make informed decisions. At this stage, your planner will also listen to any concerns you may have and revise his recommendations if necessary.

4.  Implement your CFP professionals recommendations

You and the CFP® professional will need to agree on how the recommendations will be carried out. Your Certified Financial Planner™ professional may carry out the recommendations himself or serve as your coach, coordinating the process with you and other professionals, like attorneys or stockbrokers.

5.  Benchmark your progress against the financial goals you established

As you work towards your goals, you and your Certified Financial Planner™ professional will need to decide who will monitor your progress to make sure you're staying on track. If the planner is in charge, he'll check in from time to time, reviewing your situation and making any necessary adjustments to his recommendations.

To obtain financial planning success, find a Certified Financial Planner™ professional who can help you reach your financial goals.

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