Establish Engagement – Get to know each other
Our first step is to sit down together for an initial consultation to determine if there is a good fit. Our focus at this point is to understand where you want to be, where you are and how you got there. This is also an excellent opportunity for you to ask us about anything you may want to know, such as our processes and capabilities. As we go through this step, the scope of the work will likely begin to take shape; whether you are seeking full financial advice or are looking for advice in a specific area. We will also discuss our processes, capabilities and compensation at this time.
If we mutually agree on the scope of the financial planning relationship we will develop an Engagement Agreement and proceed to the next step in our process – gathering information.
Gather Information – Your current situation
Up to this point, we have not gathered detailed information on your investments, insurance or financial plan. Now is the appropriate time to collect as much qualitative and quantitative information as necessary in order to better understand your current situation in relation to your financial objectives. Any documentation, statements, etc., that you can provide would be extremely helpful. We would also use this opportunity to understand your risk tolerance and to delve further into your time frames for your various goals.
Clarify – Analyze and evaluate your information
Once we have an appropriate amount of information, we are able to evaluate your current situation using a variety of analytical tools and software. At this stage, we will be able to determine if you are on track based upon your current situation and the objectives you shared with us, or if there are any areas that fall short or cause us concern.
Develop – Create a personal financial strategy
Once we have concluded our analysis, we will develop recommendations to help you reach your financial goals. We will work with you to confirm the planning assumptions used and to also gauge your thoughts about various strategies to be implemented.
Implement – Take action
Once we have agreed on the strategy that will meet your goals, it is important to put the plan into action. We will begin utilizing the appropriate tools that will bring you closer to your objectives.
Monitor – Review and monitor
The final and perhaps the most important step, is to monitor the strategy as it takes shape and to review it periodically. This is crucial to ensure that we are on course with your stated goals and if need be, we can make any adjustments that are required.