8-Step Planning Process
1. Introduction
This meeting is a relaxed and open conversation where we get to know you—your unique background, financial goals, and what brought you to us. We’ll listen, discuss our process and approach, and determine together if we’re the right fit. If it feels like a good match, we can take the next steps toward working together.
We encourage our new clients to take our 5-Minute Financial Tune-up™ to help us both assess your current financial acumen.
2. Discovery
Our next meeting will be an in-depth session to gain a better understanding of your values, concerns, and priorities. We will also assess your risk tolerance and anything else that is important to ensure a personalized client experience. Once we have helped you prioritize your goals, we will provide you with a quote for our planning services. You will have no financial obligation at this point and can decide whether or not to proceed with a financial plan and/or as your asset manager.
At this point you will be introduced to your complementary financial wellness portal (For a quick introduction, Click Here).
3. Gather and Organize
If you choose to proceed with us, we will start building a custom-tailored investment strategy and/or start the financial planning process to help you create a financial plan that is uniquely tailored to you.
The next step in the planning process involves gathering and organizing all your important financial information in a single location. This information should include your assets, liabilities, net worth, income, expenses, disposable income, savings, tax history, insurance coverage, expected future income sources such as pensions and Social Security, and your current estate plan information. This last part should include details regarding your family, Wills, trusts, powers of attorney (POA), guardianship for minor children, advanced healthcare directive (AHCD), and any other relevant legal documents. Having all this information in one place will help in creating your current financial plan.
If you haven't created a financial plan before, we suggest visiting "Let's Make a Plan" on the Certified Financial Planner Board of Standard's website.
4. Produce and Deliver Your Current Financial Plan
After collecting all your financial information, we'll input it into our financial planning software to create your current financial plan.
This step is intended to help you minimize your costs. By gaining a better understanding of your current plan, you can reassess our engagement and determine whether moving forward with our financial planning process still serves your best interest.
5. Analyze and Evaluate Your Current Plan
At this stage, we will now analyze your current financial plan to identify its strengths and weaknesses. We will consider possible negative events that could affect your plan and perform stress tests using hypothetical scenarios to assess how effective your plan is.
6. Create and Deliver a Recommended Plan
During this stage, we will present you with various strategies that can help you achieve your financial goals and objectives. We will collaborate with you to determine which strategies align with your preferences. Based on the strategies you choose, we will create a personalized financial plan that is tailored to your unique goals, values and lifestyle. Our aim is to design a financial plan that is adaptable and achievable, while maintaining a balance between enjoying your life today and securing a prosperous future.
- Creating a Budget:
- Develop a detailed budget outlining income, fixed expenses, variable expenses, and discretionary spending.
- Allocate funds for savings and investments.
- Establishing an Emergency Fund:
- Establish an emergency fund to cover unexpected expenses.
- Aim for three to six months' worth of living expenses in a liquid and easily accessible account.
- Debt Management:
- Evaluate existing debts and create a plan to manage and reduce them.
- Prioritize high-interest debt and explore debt consolidation options if necessary.
- Risk Management and Insurance:
- Assess insurance needs, including life, health, property, and disability insurance.
- Ensure coverage aligns with financial goals and risk tolerance.
- Investment Planning:
- Develop an investment strategy based on risk tolerance, time horizon, and financial goals.
- Diversify investments across asset classes to manage risk.
Regularly review and rebalance the investment portfolio.
- Tax Planning:
- Explore tax-efficient strategies to minimize tax liability.
- Take advantage of available tax credits, deductions, and exemptions.
- Retirement Planning:
- Determine retirement goals and estimate retirement income needs.
- Contribute regularly to retirement accounts such as 401(k)s, IRAs, or pension plans.
- Estate Planning:
- Create or update wills, trusts, and other estate planning documents.
- Consider strategies to minimize estate taxes and ensure the orderly transfer of assets.
- Regular Monitoring and Adjustments:
- Regularly review financial goals and adjust the financial plan as needed.
- Account for changes in income, expenses, family situations, and market conditions.
- Professional Guidance:
- Consider seeking advice from financial planners, accountants, or legal professionals.
- Consult with experts to customize the financial plan and address complex financial issues.
- Education and Communication:
- Stay informed about financial matters and market trends.
- Communicate the financial plan with family members and stakeholders to ensure everyone is on the same page.