The Financial Planning Process Consists of the Following 6 Steps:
The strength of the Financial Advisory Process lies in its structure and flexibility which allow us to help you meet your individual needs. To be successful however this process must be a collaborative effort between us. The goal in this first step is to establish and define our client-advisor relationship by:
By covering the structure, details of our relationship and compensation in this first step, we are laying the foundation for a good working relationship. That way we avoid surprises.
The more we understand about your financial situation, the better prepared we will be to provide the value added advice and service you deserve. Our goal in this second step is to pull that relevant information together by:
Good decision making is the key to financial success and good decisions come from having the right information. Values, needs, priorities, goals and expectations, these are all part of the equation when it comes to making good financial decisions.
With the information from Step two, we are ready to conduct an in-depth analysis of your financial status. Our goal in this step is to identify problem areas to address and opportunities to pursue by:
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The analysis done in this step is especially valuable for two reasons. First it tells us the quality of the information gathered in Step 2. Second it indicates the care we have taken to understand your values, needs, priorities, goals and expectations in Step 1.
We recognize the importance of organizing and developing financial recommendations in language that you can understand. Our goal in this fourth step is to prepare a plan that is useful to you by:
This process together with the previous steps ensures that the plan is organized, in language that is clear to you and that it is what you expected. Again the goal is to avoid surprises.
Plans tend to sit on shelves and be ignored. To us, completing the plan is only part of our responsibility to you. The goal in this fifth step is to set the process in motion by:
By completing this step you have the confidence of knowing that your plan is in motion and that we have begun to help you achieve your goals.
Rather than simply meeting with you periodically we use 2 guidelines to determine when we need to sit down together. The first set of milestones includes those times when we should review the impact of your decisions. The second set of milestones includes unpredictable changes that need attention. The goal in this sixth step will be to establish a pattern for monitoring those issues by:
Step 6 is a starting point, but it is open-ended. We believe this transforms your plan into a living document and ensures that it will never become outdated.
*Raymond James is not a legal or tax advisor. Insurance products are available through an insurance subsidiary of Raymond James & Associates and underwritten by non-affiliated Insurance Companies. Not available in all states.