Financial Planning Process

Question 1

Step 1) Establishing client-planner engagement

Answer 1

• Issues and concepts related to overall financial planning process
• Services provided
• Responsibilities as a client

Question 2

Step 2) Gathering client data and determining goals and expectations

Answer 2

• Obtain information about clients financial resources
• Gather necessary documents
• Define personal and financial goals, needs and priorities

Question 3

Step 3) Clarifying the client’s present financial status and identifying problem areas and opportunities

Answer 3

• Analyze information to asses client’s current situation
• Identify problem areas or opportunities

Question 4

Step 4) Developing and presenting the financial plan

Answer 4

• Develop and prepare a financial plan tailored to meet client’s goals and objectives
• Present plan and establish appropriate review cycle

Question 5

Step 5) Implementing the financial plan

Answer 5

• Assist in implementing the recommendations discussed.
• Coordinate contacts with professionals if needed

Question 6

Step 6) Monitoring and review

Answer 6

• Discuss changes in personal circumstances and how they might affect client’s goals
• Review and evaluate the impact of changing tax laws