Engage
Establish and define the client-advisor relationship
We begin by discussing how we can work together to develop and implement your financial plan. We need to understand your financial situation, but we also want to help you define your goals. We start the process by:
• Discussing your situation
• Establishing a fee
• Securing basic documents
Collect
Gather client data, including goals and expectations
We begin by discussing how we can work together to develop and implement your financial plan. We need to understand your financial situation, but we also want to help you define your goals. We start the process by:
• Discussing your situation
• Establishing a fee
• Securing basic documents
Analyze
Process and analyze information to determine financial needs
We analyze information gathered from the financial condition model to identify gaps and opportunities between your current financial planning and your objectives and risk tolerance. This helps us determine to what level you are meeting your financial goals with your current strategy. This stage focuses on:
• Reviewing your data and assessing your status relative to goals, objectives and attitudes
• Analyzing and evaluating your current financial status
• Confirming and clarifying your data
• Preparing a preliminary financial plan
• “Trying-on” ideas, including key advisors, as needed, and refining recommendations
Design
Develop and present financial planning recommendations and/or alternatives
Based on your input and our analysis, we offer alternative strategies and identify solutions that are an appropriate fit for your personal situation and, most importantly, are consistent with your objectives. This stage – one of the most important in our process because it is where the financial planning takes shape – includes:
• Presenting a final plan document
• Answering questions
• Establishing an action plan
Implement
Implement the financial plan recommendations
We present the specific recommendations that will help toward meeting your needs, and discuss the pros, cons, risks and costs for each recommended alternative. This helps ensure that you will make an informed decision. Some aspects covered in this stage are:
• Coordinating with your other advisors
• Reviewing and recommending specific financial products necessary to implement the financial plan
• Assisting you in implementing the financial plan
Review
Review the financial plan recommendations
Many factors can impact the viability of your financial plan in the future – a life event, unexpected expenses or income, a change in taxes, etc. We meet with you to check the status of the financial plan by comparing actual results to initial assumptions to determine if adjustments need to be made. This final stage of the process centers around:
• Analyzing ongoing issues
• Making adjustments as your situation changes
• Keeping your financial plan updated and current