Client-Friendly Financial Planning Process
We use a 7-step financial planning process as described by the diagram above and the narrative below. The process is very professional, extensive and client friendly. These are the major steps and highlights of each step:
- Greet – No-obligation “Get Acquainted” meeting
- Client brings summary of financial data (see getting started Questionnaire
- Discuss client goals, needs and wants
- Discuss all planner disclosures
- Discuss client and planner relationship and responsibilities
- Planner provides written proposal
- Client decides to move forward with proposal
- Client uploads all required financial data to secure electronic file server
- Client links financial accounts to financial planning software
- Planner reviews all data submitted
- Review meeting with planner and client to re-establish goals, needs, wants, and scenarios to be modeled
- Planner analyzes all data submitted to determine current financial status
- Planner develops the scenarios to be modeled
- Prepare draft report of current financial situation and potential scenarios
At this point, we conduct a “collaborative” planning session the client to review the set of scenarios and the planning software output graphs. Visualizing the projections enables us to select the scenario that is your best interest. This is most clients’ favorite part of the process as it allows them to ‘see’ results before a recommendation is made.
- Planner develops a recommended scenario and corresponding set of actions
- Planner will develop a summary written plan with corresponding software output reports
- Planner submits the final plan to client’s secure electronic vault
- Client can decide if they can carry out the recommendations themselves, or with further assistance to Execute and Monitor…
Execution of the plan will be done by either the Planner, the Client, or alternative source of the clients’ choosing. Each action item needs to be followed through to completion. If we are assisting with the execution, we can help coordinate efforts with other professionals as required by the financial plan. For example, your Estate Planning Attorney or your CPA.
If we are asked to execute the plan, there will be regular review meetings of the action plans, either in person, via web chat, or email. We will agree on a regular meeting plan to review the action items, keeping you on track to meet your goals.
Key Components to our Financial Planning Process
We are dedicated to helping you achieve your planning and investing goals by providing personal attention to your specific needs. We communicate through every step of the process and ask a lot of questions! We do not plan for any strategy that you don’t understand or beyond your risk tolerance levels. Everything you share with us is confidential.
Security is more important today than ever. We use a secure and encrypted electronic file folder throughout the entire planning process to store all client financial documents. You will receive a log-in ID and passcode so that you can upload your documents directly from home to the server for maximum security. Using this system, paper does not travel from your hands to ours to an assistant to a computer and then to a database system.
Our financial planning software is not only highly capable but is also highly secure and encrypted. Your planner, a compliance manager, and you are the only ones that have access to the data. We do not ask for social security numbers or drivers license numbers.
We only store your financial data on a secure and encrypted file server, not on our personal laptops.
The final plan summary write-up and software output reports will also be delivered to you via the secure electronic vault. All your documents may remain there for your convenient future access.
At your choosing, the final documentation may also be delivered in a high-quality binder that can be used for years to come. In addition to your financial plan, you can store your other pertinent financial and legal documents so that you have everything in one place and stored in the privacy of your home.