Analyze & Evaluate
Review & Revise Plan
Establish a Realtionship
This is the first step of the financial planning process. Here, the advisor explains to the client(s) what services will be provided and defines both the clients and advisors responsibilities. In addition,they will also explain how they will get paid, how long the relationship will last and how decisions will be made.
At this stage in the financial planning process, the financial planner analyzes the client information obtained in step #2. The advisor access where the client is right now and develop multiple "routes" in order to work towards achieving their personal and financial goals. Whether it is saving for college, retirement, or a vacation this step is key to that success.
Develop & Present Plan
At this stage, the the advisor and client will have a meeting, either in person or over the phone, and offer the various plans that address the clients goals and make an educated decision on the one that is in the best interest for the client. In addition, the advisor will listen to the clients concerns and revise the recommendations accordingly.