Financial planning is defined as the process of meeting your life goals through the proper management of your finances. These goals may include buying a home, effective cash flow management, efficient tax planning, saving for your child’s education, starting a business or planning for comfortable retirement.
The financial planning focuses on your existing financial situation, objectives, life values and ability to attain those objectives, both on a short and long-term basis. You will receive a financial report addressing various topics including cash management/savings opportunities, education funding, tax planning, and retirement planning.
All ideas, strategies, recommendations and action plan with time frames are stated in the report. As your needs change, this process requires regular monitoring and fine-tuning to make sure you stay on course.
We believe all advice and recommendations should only be made after we thoroughly understand your values, attitudes, money beliefs, goals and dreams.
The key to financial success is through proper financial planning and execution.
The Planning Process
Typically, we follow the 6 steps financial planning process as outlined by Certified Financial Planning Board of Standards. The work process is multi-staged and includes:
– Establish client and planner relationship
– Gather Information–Assess your financial resources and objectives.
– Analyze financial data and status
– Develop Financial Plan-outline ideas, strategies and recommendations.
– Implementation of the plan-identify time frames and responsibility for completion of Action Plan items.
– Monitoring and review of the plan- to make sure you stay on track of your financial road map.