The following are the elements of our Financial Planning Process. This is designed to be consistent with the CFP® Practice Standards in effect June 2020.
Financial Planning integrates relevant elements of our client’s personal and financial circumstances. There are seven steps in the Financial Planning Process.
- Step 1. Understand the Client’s Personal and Financial Circumstances
- Step 2. Identify and Prioritize Client Goals
- Step 3. Analyze the Client’s Current Course of Action and Potential Alternative Courses of Action
- Step 4. Develop the Financial Plan
- Step 5. Presenting the Financial Plan
- Step 6. Implementing the Plan Recommendations
- Step 7. Reviewing Progress and Updating the Plan
Financial Planning Elements – While not a complete list, the following elements are typical of an integrated financial plan.
- Investment Management / Wealth Management
Investment Management Process for Qualified and Non Qualified Accounts
- Protection Analysis / Protection Planning
Life insurance
Long term care insurance
Disability income protection
Property and liability insurance
- Education Funding Analysis
College cost
College savings
Planning and reviewing progress to goal
- Retirement Planning
Goal planning
Social Security & Income Planning
Health Care in Retirement
- Estate Plan Analysis
Beneficiary designation review
Estate document review
- Client Education Plan
Topical financial information provided to clients
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.