One of the most important aspects of accomplishing a goal is planning. Research suggest a significantly higher probability of success with a written plan than without one. There are a number of advantages that are to be realized by taking time to go through the financial planning process.
Our steps are:
- Establishing and defining our relationship with you
- Gathering data, including goal definition
- Analyzing and evaluating your financial condition
- Developing and presenting recommendations/solutions
- Implementing and monitoring the plan
During this process, we may invite your current professional (CPA, Attorney, Insurance agent etc.) to join in the process so we can maximize our overall efforts.
Some areas of review are:
- Financial statements
- Insurance coverage in multiple areas
- Tax issues
- Retirement plan alternatives
- Elderly Parent Care
- Estate planning
- Education funding alternatives
- Philanthropic opportunities
There are some advantages to going through this process. Here are a few:
- Clearer understanding of your return and risk expectations
- More specific understanding of each element of your financial status
- The written plan provides for a point of periodic reference
- Points out opportunities to make needed adjustments while there is time
This financial planning process does take a little extra time but it’s well worth the effort.