Your best direction for Insurance & Financial Services
Richerd G.
Andrusiak CFP
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Financial Planning Process
Financial planning consists of the following six distinct steps will help you get the most out of the process. And remember, it's this bigpicture approach that sets financial planning the one aspect approach of looking at your finances.
1 - Establish the client planner engagement * We will explain issues and concepts related to the overall financial planning process that are appropriate to you. * We will explain the services we will provide and the process of planning and documentation. * We will clarify your responsibilities as a client. * We will clarify our responsibilities as your planner. This should include a discussion about how and by whom he or she will be compensated. * We will discus the scope of the client/planner engagement. * We will agree on how decisions will be made. 2. Gather client data and determine your goals and expectations * We will obtain information about your financial resources and obligations through interviews or questionnaires. * Gather all the necessary documents before giving you the advice you need. * Together we will define your personal and financial goals, needs and priorities. * Together we will investigate your values, preferences, financial outlook and desired results as they relate to your financial goals, needs and priorities. 3. Clarify your present financial status and identify any problem areas and opportunities* We will analyze your information to assess your current situation (cash flow, net worth, tax projections, etc.). * We will identify any problem areas or opportunities with respect to your: o - Capital needs o - Risk management needs and coverage o Investments o Taxation o Retirement planning o Employee benefits o Estate planning o Special needs (i.e. adult dependant needs, education needs, etc.) 4. Develop and present the financial plan * We will develop and prepare a financial plan tailored to meet your goals and objectives, values, temperament and risk tolerance, while providing projections and recommendations. * We will present the plan to you and establish an appropriate review cycle. * We will work together with you to ensure that the plan meets your goals and objectives. 5. Implement your financial plan * Assist you in implementing the recommendations discussed. This may involve coordinating contacts with other professionals such as accountants, and lawyers. 6. Monitor the financial plan * We will agree on who will monitor and evaluate whether your plan is helping you progress toward your goals. * As your Financial Planner your planner, we would contact you to review the progress of the plan periodically and make adjustments to the recommendations required to help you achieve your goals. * This review should include: o A discussion about changes in your personal circumstances and how they might affect your goals. o A review and evaluation of the impact of changing tax laws and economic circumstances. o A review of your life circumstances and an adjustment of the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc. 
