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You are here: Home / Financial Planning / Process of Financial Planning

Process of Financial Planning

Last updated: August 28, 2019 | by Urmil Trivedi Leave a Comment

Establishing and defining the client-planner relationship – The financial planner explains or documents the services to be provided and defines his or her responsibilities along with the responsibilities of the client. The planner explains how he or she will be paid and by whom. The planner and client should agree on how long the relationship will last and on how decisions will be made.

Gathering client data and determining goals and expectations – The financial planner asks about the client’s financial situation, personal and financial goals and attitude about risk. The planner gathers all necessary documents at this stage before giving advice.

Analyzing and evaluating the client’s financial status – The financial planner analyzes client information to assess his or her current situation and determine what must be done to achieve the client’s goals. Depending on the services requested, this assessment could include analyzing the client’s assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.

Developing and presenting the financial planning recommendations and/or alternatives – The financial planner offers financial planning recommendations that address the client’s goals, based on the information the client provided. The planner reviews the recommendations with the client to allow the client to make informed decisions. The planner listens to client concerns and revises recommendations as appropriate.

Implementing the financial planning recommendations – The financial planner and client agree on how recommendations will be carried out. The planner may carry out the recommendations for the client or serve as a “coach, ” coordinating the process with the client and other professionals such as attorneys or stockbrokers.

Monitoring the financial planning recommendations – The client and financial planner agree upon who will monitor the client’s progress toward goals. If the planner is involved, he or she should report to the client periodically to review the situation and adjust recommendations as needed.

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Urmil Trivedi

Urmil Trivedi is a Chartered Wealth Manager (CWM®) , Chartered Financial Goal Planner (CFGP®), Advanced Financial Goal Planner® (AFGP®) by American Academy of Financial Management (AAFM ) ,Fee Only SEBI Registered Investment Advisor (RIA) and Founder of RICHESSE INFINITE WEALTH- Financial Planning and Investment Planning Firm. He is also designated as a FAAFM Fellow of the American Academy of Financial Management®. The purpose of this blog is to spready financial awareness and knowledge sharing only. Any knowledge sharing though this blog or comments or views are only meant for guidance and awareness. These should not considered as a Investment Advise or Legal Advise.

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