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 pursue 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.
- Understand your current circumstances. This is the data assembly stage, when the planner compiles the information needed to create your comprehensive personal financial plan. The planner will gather quantitative information such as your age, dependents, budget, savings, assets, liabilities, insurance coverage, estate plans, education and retirement accounts, and capacity for risk, as well as qualitative information such as your health, life expectancy, family circumstances, values, risk tolerance, goals, needs, priorities, and current situation. This stage also identifies gaps in the information necessary to fulfill the Scope of Engagement.
- Identify and select goals. You and your planner discuss your goals, prioritize your objectives, and discuss how pursuing one goal may affect another goal.
- Analyze your current course of action and discuss alternatives. You discuss where you are now and identify strengths and opportunities to consider when preparing your financial plan.
- Develop 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.
- Communicate recommendations. You and your planner will meet to go through the plan in detail, answer any questions you have, and discuss your planner's recommendations, the plan timeline, and the options and responsibilities 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
Jennifer Walker and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique, including asset allocation, can guarantee return or eliminate risk in all market environments. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss.