Our 6-Step Financial Planning Process
We explain our financial planning services and define your responsibilities. We address different compensation types (fee based versus commission) and discuss how long the professional relationship will last and how we make decisions.
You should print out and provide us your most recent financial statements. In addition, tax docs and or Trusts/Wills should be reviewed. Together, A discussion regarding your goals and expectations will ensue. You may also want to discuss your return expectations, and tolerance toward financial risk.
Your CFP® professional will 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.
Your CFP® professional will go over his or her financial recommendations, explaining the rationale so you can make informed decisions. At this stage, share any concerns with your planner so any recommendations can be revised if necessary.
You and your CFP®professional need to agree on how the recommendations will be carried out. Your planner may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals, like attorneys or CPA's.
As you work toward your goals, you and your CFP®professional need to decide who monitors your progress so you stay on track. If the planner is in charge, he or she will check in from time to time, reviewing your situation and making any necessary adjustments to his or her recommendations.