6 steps to the Financial Planning process
– The Initial Consultation allows both you and the Financial Planner to find out more about each other. This is a free consultation and gives the client a chance to ask the questions that will help him/her make a decision on whether or not to proceed.
– Fact Finding or Collect the Data is a crucial part of the process and is essential to providing clear, accurate and sound advice.
– Preparation of the Plan is the process of taking all of your goals, needs issues and facts and applying them to 7 major strategy areas.
• Social Security
• Estate Planning
The outcome is what is called a Statement of Advice.
Step 4 – Discussing the Recommendations and presentation of the plan gives you a chance to ask any questions and make sure that you are comfortable to move forward with the advice.
Step 5 – Implementation of the plan takes you through the necessary steps to make the agreed upon advice happen.
Step 6 – Ongoing Review of your situation is an essential part of you staying on track with your objectives and needs. Reviews are conducted periodically normally 6 monthly to ensure stability.