Core Value:  The Planning Process:

Another of my core values in this field is coordinating the planning process with clients.  Too many people don’t have a good handle on their personal financial situation.  They are busy running their lives, businesses and family/home life.  People can procrastinate in organizing their finances since it takes time and education to feel “prepared” to tackle this aspect of their lives. 

To help clients in this area, I use a five step planning process that over time, helps to focus clients on their future and how to get there.

Steps in the process:

Fact finding – I get to know your goals, objectives, risk tolerance and existing situation.  This process can be intensive and includes lots of data gathering.  I may utilize a fact finder or questionnaires to get to know your individual situation better.

Summary and evaluation – I will use the data gathered and various software modeling tools to create a summary of your financial picture, using your input and different scenarios.  Factors to be considered include inflation, rates of return, tax rates, and other inputs.

Presentation and education – Typically, I will meet again with the client to present the above summary and also provide added education on the situation, available alternatives and possible outcomes.  Review of goals and objectives is again performed in light of the summary results.

Implementation – Typically, I will assist the client in implementing strategies to satisfy their objectives, establish an investment policy and asset allocation, and review other strategies for life insurance, estate planning and income planning.  A will, medical directive and trust may be recommended to manage property and assets for the future.

Periodic review – I always recommend at least an annual review of your situation, changes (such as new kids or grandkids), and any other revisions that need to be made to reflect the passage of time.  This also allows time for adjustment in the event certain strategies are not working or your circumstances have changed. 

Overall, the above steps mimic the financial planning process for professionals in the industry.  However, actually doing them and working closely with my clients ensures that client life changes and market conditions are considered on an ongoing basis to meet the goals for your financial future successfully.