No two clients or situations are alike, and at Planning for Wealth, no two financial plans are alike either. We take into account each person’s needs, risk tolerance, and objectives, and provide custom-tailored solutions to help them achieve their goals. Though the specific plans are different for every client, the comprehensive process we follow to develop them is always the same.
Step 1: Understanding Your Plan
You and your financial situation is unique, so it is vital that we understand it rather than trying to apply another’s situation to you. This initial meeting is the first step we take with any client, as it is vital to understand what your short- and long-term goals are, and how you hope to achieve them. The in-depth questions we ask will all work toward achieving that understanding so we can provide the most detailed recommendations possible.
Step 2: Analyzing Your Plan
After the review phase comes the analysis phase. In this stage, we will establish milestone goals to work toward along the way to your ultimate goal. Breaking down a large goal into smaller tasks can help you avoid information overload and trying to take on too much at once. Along the same lines, setting specific deadlines can also help clients accomplish what they need to do. The ultimate purpose of this phase is to identify what is realistic and achievable, what ideas may need to be tweaked, and what goals may need to be dropped for the greater good.
Step 3: Developing Your Plan
In the third step, we use information from the first two steps to come up with a plan to help you achieve your goals. This plan will involve the recommendation of the specific steps you need to take in order to move forward with clarity and confidence. The process of developing the plan is collaborative, and we will make sure you understand all the options available to you so that you can make a fully informed decision.
Step 4: Coordinating Your Team
It is much easier to make your goals a reality if everyone is on the same page. That is why, in the fourth step, we will work with you to synchronize your financial and insurance planning with any other trusted professionals you work with, such as attorneys and accountants. If you do not have those trusted pieces in place, we will gladly make referrals as needed.
Step 5: Implementing Your Plan
The fifth step is all about implementing the plan we’ve come up with in collaboration with you. Though the plan is yours, you can think of us as a trusted partner who will be by your side to help make it successful. We don’t simply give you a plan and then leave you alone to tackle it.
Step 6: Monitoring Your Plan
Life is not stagnant, so as it changes and evolves, your financial plan should change and evolve with it. We’ll monitor everything we’ve implemented for you and keep in touch periodically to make sure that we’re making the right adjustments for every stage of life.
