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. Monitoring 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 monitoring progress to goal
- Retirement Planning
Goal planning and monitoring
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