The financial
planning process includes the following steps:
Establish
and define the client-planner relationship
The
Financial Planer will explain the services available
to you and any associated fees
The
Financial Planner will layout his/her ongoing responsibilities
and yours
You
will determine how long you want the professional
relationship to last
Gathering
client data, including goals
You will be asked
to fill out a questionnaire on your financial resources
and obligations. This questionnaire will allow your financial
planner to more fully understand your particular needs
and goal.
Together with your
financial planner, you will define and prioritize your
personal and financial goals and assess your risk tolerance
and time horizons.
Your financial planner
may request additional information and explain the reason
for this to you.
Analyzing
and evaluating your financial status
Your financial planner
will analyze and evaluate the information gathered above
to determine whether or not your goals can be met.
Developing
and presenting financial planning recommendations and /or
alternatives
Based on an analysis
and evaluation of the information you have provided, your
financial planner will put together a tailored list of
recommendations. Open discussion of these recommendations
will allow you to make informed decisions on how you wish
to proceed.
Implementing
the financial planning recommendations
Once you and your
financial planner have agreed on what recommendations are
right for you, your planner will help you implement these
recommendations &/or other professionals where appropriate.
Monitoring the financial planning recommendations
You and your financial
planner will determine an appropriate timeframe for
follow-up monitoring of your financial progress.
Establishing a
timeframe for these reviews will allow your financial
planner to review and evaluate your changing circumstances
and make new recommendations based on these changes,
as appropriate.
