Services: Planning Process
Gathering of information:
We start with an extensive questionnaire, and interview process to gather information about our clients current situation (financial position, current income, budgeted expenses, existing retirement plans, insurance analysis, etc), future goals (home purchase, education planning, retirement planning, charitable giving, etc) risk tolerance, family specific circumstances (special needs, terminal illness, long term care, etc.), and the preserving and transferring of wealth (insurance, trusts, estate planning). The resulting financial profile guides the planning process.
Analysis:
We will use the information gathered to establish your starting point, including developing a personal Balance Sheet (what you own and what you owe) and a personal Cash Flow Statement (household income and expenses). From here we can point out areas of strength or weakness in the plan, and discuss ways to improve your chances of success. We can also discuss how realistic assumptions and changing economic conditions can impact the plan.
Developing the plan:
The plan itself will be developed together with you to be objective and tailored to your specific goals, values, strengths and weaknesses, needs, and risk tolerance. This may involve recommendations concerning debt on your balance sheet, saving and expenditure patterns on your cash flow statement, estate tax minimization, or the most efficient accumulation of funds for retirement planning, or developing an asset allocation strategy for your investments. Then we can mutually decide what revisions need to be made to our assumptions or planned activities. At this point, we will also prioritize a list of implementation steps and a timeline to execute them.
Implementing the plan:
We will work closely with your other professional advisors (i.e. tax accountant, estate attorney, etc) to help you carry out the plan. If you need help in obtaining products or pursuing strategies identified in the plan, we will be glad to assist you.
Monitoring and follow up:
We will meet periodically to review the plan and evaluate progress toward meeting your objectives. We will also discuss the impact on the plan of any significant changes in tax laws, economic conditions or available investment techniques. Modifications can be made to the plan for changes in family or personal circumstances since our last meeting.
We start with an extensive questionnaire, and interview process to gather information about our clients current situation (financial position, current income, budgeted expenses, existing retirement plans, insurance analysis, etc), future goals (home purchase, education planning, retirement planning, charitable giving, etc) risk tolerance, family specific circumstances (special needs, terminal illness, long term care, etc.), and the preserving and transferring of wealth (insurance, trusts, estate planning). The resulting financial profile guides the planning process.
Analysis:
We will use the information gathered to establish your starting point, including developing a personal Balance Sheet (what you own and what you owe) and a personal Cash Flow Statement (household income and expenses). From here we can point out areas of strength or weakness in the plan, and discuss ways to improve your chances of success. We can also discuss how realistic assumptions and changing economic conditions can impact the plan.
Developing the plan:
The plan itself will be developed together with you to be objective and tailored to your specific goals, values, strengths and weaknesses, needs, and risk tolerance. This may involve recommendations concerning debt on your balance sheet, saving and expenditure patterns on your cash flow statement, estate tax minimization, or the most efficient accumulation of funds for retirement planning, or developing an asset allocation strategy for your investments. Then we can mutually decide what revisions need to be made to our assumptions or planned activities. At this point, we will also prioritize a list of implementation steps and a timeline to execute them.
Implementing the plan:
We will work closely with your other professional advisors (i.e. tax accountant, estate attorney, etc) to help you carry out the plan. If you need help in obtaining products or pursuing strategies identified in the plan, we will be glad to assist you.
Monitoring and follow up:
We will meet periodically to review the plan and evaluate progress toward meeting your objectives. We will also discuss the impact on the plan of any significant changes in tax laws, economic conditions or available investment techniques. Modifications can be made to the plan for changes in family or personal circumstances since our last meeting.