Phase 1 is the development of the financial plan. Phase 2 is the implementation of the financial plan elements that will assist you in achieving your financial goals and objectives. Here is an overview of the process.
Phase 1. Developing the Financial Plan
This is our initial discussion where we get acquainted with each other, and spend time discussing what you expect from the financial planning process. We will also spend some time developing your specific financial planning goals and objectives. We'll set the date for the 2nd meeting. Plan about 45 minutes to 1 hour for this meeting.
During this step you are involved in completing the "Financial and Estate Planning Questionnaire". I think this is a critical step and the more involved you are in gathering and organizing the financial information that I ask for in the questionnaire the more beneficial and helpful the process will be to you. Expect about 7 to 10 days before we meet again.
In this meeting we will review the data and clarify goals and objectives discussed in the first meeting. This meeting is a true planning meeting where we take your existing financial circumstances and develop conceptually the framework for the financial plan. "What if?" is asked over and over in this meeting. We are working to develop contingencies for the issues that can cause you problems in achieving your financial goals. This is the point where I have all I need to begin developing your financial plan. Plan about 90 minutes to 2 hours for this meeting.
This is where I work to create the Financial Plan, using the data that you gathered, the assumptions that we discussed in the first two meetings, and the goals that we have established. This process takes me 10 to 14 days to complete.
If needed I will contact you to provide clarification on any of the data points that are being used in the plan.
This is the 3rd and final meeting in the 1st phase of the financial planning process. Here I will present to you the action steps that I am recommending to put your plan in place. The action steps will be specific and we will prioritize them, put target dates to them, and put a tracking process in place to help you achieve these goals. Plan about 90 minutes to 2 hours for this meeting.
Phase 2 - Implementing the Financial Plan
Working from the action items presented in the Financial Plan we have already establish a calendar of events to ensure that your Financial Plan is really a plan of action. This meeting/conference call is scheduled so that I can help you to stay on track in the implementation of your financial plan. We will discuss the activity taken to implement the various portions of your plan and establish our next set of milestones. Plan on a 30 minute to 45 minute meeting or conference call.
Updating the list of action items and checking off those actions taken are the focus of this meeting/conference call. Again we re-establish milestones and action plans. Plan on a 30 minute to 45 minute meeting or conference call.
What has changed? Are you on track and have you made strides to achieve your goals. Remember that many financial goals are long term and these first few months are critical to the success of the long range objectives. Updating the list of action items and checking off those actions taken are the focus of this meeting/conference call. Again we re-establish milestones and action plans. Plan on a 30 minute to 45 minute meeting or conference call.
This is another opportunity to discuss changes that you have made within your life and how these changes may affect your financial goals and objectives. If significant changes are being made, it is time to think about re-establishing the baseline and re-drafting the Financial Plan. Plan on a 30 minute to 45 minute meeting or conference call.
It is time for a check-up and another opportunity to review the steps you have taken to develop and implement your Financial Plan. It may also be time to re-visit and establish milestones for the next year. This one should be face-to-face and may involve some data gathering on your part. It all depends on how current and up-to-date you want to maintain your financial plan. Plan on a 45 minute meeting.
This financial planning process is used to help you keep your future financial goals in focus and establish a clear set of milestones that you can use to track your progress as you pursue your financial goals and objectives.
