Financial Planning Process
- Define the scope of the relationship and quote fee for service.
- Complimentary Consultation: To help you consider if our planning relationship is right for you, we offer a complimentary consultation where we can get to know you. We’ll ask questions to better understand your values, your vision and your wealth and answer the questions you have about your goals and/or your finances.
- Executive Summary: We will share our understanding of your financial strengths and opportunities within the context of the financial information you provided. If appropriate, we will propose a planning relationship, define its scope and quote a fee for our services.
- Gathering client’s personal and financial data, needs and priorities.
- MoneyGuide Pro: Comprehensive financial plans are only as good as the data within them. To simplify the data gathering process, we offer MoneyGuide Pro as an on-line resource. The tool allows you to store access to various resources of financial information and aggregates your them into one spot, making it easier to analyze and monitor progress over time. We do not want to rely on outdated information or have to ask for new statements over and over again.
- Goals & Assumptions: Key to the planning process is accurately defining the assumptions you’re comfortable making. What do we anticipate inflation to be, cost of living adjustments on income, rate of return on investments, life expectancy, etc.? We will discuss and agree to these assumptions.
- Analyzing and evaluating the client’s financial status
- Perspectives: Aligning your personal values, vision and wealth often requires looking at your finances from different perspectives. We will consider how the different parts of your finances fit together, collaborate with all professionals in your life and find efficiencies within your resources.
- Code of Ethics & Professional Responsibility: Our promise to you is to act within the highest principles and standards of financial planning; integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence.
- Developing and presenting financial planning recommendations
Planning Document: Our task is to memorialize our advice in a digestible way that is both easy to understand and has clear next steps for you to follow. We have two different outputs available:
- Financial Check-Up: We provide high level compass points and action items in a consolidated manner than isn’t full of details and lots of financial data.
- Personal Consulting Services: We provided detailed, comprehensive notes that include the context for our recommendations, supporting data and best next steps.
- Implementing the financial planning recommendations
- Implementation Responsibilities: It is important to define who will be responsible for each next step. We will guide you on those action items you will need to complete and when able, implement on your behalf.
- Selecting Products and Services: We are fiercely independent of any product or service. It is during this stage that we would continue to refine product choices (when appropriate) to ensure you acquire the most appropriate products and services that are available to fit your needs.
- Monitoring progress and assumptions
- MoneyGuide Pro: Changes will occur in life. We will design the tools necessary for you to review your plan as often as you would like. MoneyGuide Pro has a “Play Zone” that allows you to test your plan against new assumptions and update your likelihood of success along the way.
- One Page Financial Plan: Because there are so many variables and assumptions made in your plan, we can supply a consolidated report that helps “keep the main thing, the main thing.”