We all face unique challenges in our financial landscape. Our goal is to empower you to create and maintain wealth through education, innovation, and personalized holistic financial strategies. Based on our discussions and evaluation of all aspects of your life we define your needs, goals and dreams, and then develop a plan to help you achieve them. This plan provides a framework for getting you started on the path to your financial goals but is not the final step in your planning process. Financial plans are fluid and may change over time; routine review and maintenance is necessary to ensure your plan remains aligned with your goals.
The basic steps of financial planning are outlined here to aid in your understanding of the process.
- Define the relationship. This first step is where you and your financial planner agree on the terms of your engagement. Your planner fully explains the services they will provide, how they are paid for those services, and any other compensation they may receive related to your plan. You discuss the expectations you each have of your roles in the planning process and identify each parties’ responsibilities and how decisions will be made. The length of the engagement and renewal terms are outlined.
- Gather information, set goals, define expectations. This is the data assembly stage, when the planner compile the information needed to create your comprehensive personal financial plan. You and your planner discuss your goals, prioritize your objectives, and establish a rough timeline for implementing your planning steps.
- Analyze your current situation. You discuss where you are now and identify strengths and opportunities to consider when preparing your financial plan.
- Develop and communicate recommendations. In this step the planner prepares your comprehensive customized personal financial plan based on the information you’ve provided as well as your goals, needs, and values. You will meet to go through the plan in detail, answer any questions you have, and discuss your planner's recommendations and the options you have in preparation for implementation.
- Implement the recommendations. Once you have agreed on the steps you will take toward your financial goals, you and your planner will identify the next steps needed as well as a timeline for completion. Your planner will assist you in implementing these steps or will refer you to other qualified professionals as needed.
- Monitor the plan. Your financial needs will evolve as your circumstances or economic conditions change. Your financial situation and plan are reviewed at agreed upon intervals, and recommendations are made as needed to adapt the plan to continue to meet your goals.
The main areas evaluated when preparing a financial plan include:
- Cash Flow and Debt Management
- Education Planning
- Risk Management
- Investment Planning
- Income Tax Planning
- Retirement Planning
- Estate Planning