The 6 Step Approach
A comprehensive financial plan includes Cash Flow Planning, Personal Risk Management, Investment Management, Retirement Planning, Tax and Estate Planning. A change or more in any of these areas may affect you in achieving your financial goals. Developing a financial program requires a step-by-step process. The main focus of your financial plan should be setting realistic financial goals and objectives and achieving them.
The six-step financial planning process that Karen follows encompasses the following:
- Establish a Client-Planner relationship
We will work towards a “meeting of minds” to understand your aspirations. With this compatibility established, we will be able to work with you towards meeting your expectations and achieving your financial goals. - Client Data Gathering and Defining Goals & Objectives
We will analyze your present situation by collecting and assessing all relevant data – assets and investments, wills, insurance policies, tax returns, employee benefits, sources of your income and your expenses. We then help you identify financial and personal goals and ensure that they are realistic. - Analysis of Current Financial Plans
We focus on specific problems that stand in the way of those goals. They could be inadequate cash flow, under performing investments and insurance plans that do not address your needs. - Development of Comprehensive Financial Program
After scrutinizing all the information provided, we will come up with specific recommendations to help you achieve your financial goals. - Implementation & Execution
We will then proceed to implement the recommendations agreed upon and coordinate meetings with other specialists (for example trust and legal advisor) if appropriate. - Periodic Review & Update
We will conduct periodic reviews and introduce revisions to your plans if necessary. You will be updated about current economic conditions and new investment opportunities. Periodic reviews aims to ensure that you are sailing in the right direction in reaching your goals.
