The first step in the process of developing a personal financial plan is an initial complementary meeting. If married, I insist that both you and your spouse attend. We will discuss your financial concerns and the benefits of having a personal financial plan for your family. We will discuss the cost of such a plan and the timeframe for its completion.
The process involves gathering financial and family data to develop a picture of your current financial situation. We do this through the use of a comprehensive financial planning questionnaire and a checklist of documents that I need you to provide. Both of these are available on this web site. It would be helpful to download them before our first meeting. During the information gathering phase, I will analyze this data to be certain I understand your unique situation and how to address it. We will discuss and evaluate your life values and goals and determine if these goals can be achieved with current and anticipated assets.
This data is then entered into financial planning software that analyzes cash flow, taxes, asset growth, insurance needs, debt reduction, education, major expenses and retirement funding. Each client will also be given a 25 question plain English questionnaire, designed by FinaMetrica, to accurately determine risk tolerance. Your personalized financial plan will have an asset allocation appropriate for your financial goals, investment time horizon and tolerance for market volatility.
Personal service is the centerpiece of my business and the process that I use is extensive and time consuming. We will spend time discussing money, values, family issues, goals, hopes and fears. You will be involved in the process, and I expect to be educating you as we go along. You will understand the strategy behind your portfolio’s design, so that whatever the future holds, you won’t lose confidence and make poor decisions.
Your comprehensive plan will be designed around asset class index funds and exchange traded index funds that will work together to attain your financial goals while minimizing risk. This process stands in stark contrast to how most portfolios evolve – haphazardly accumulating assets over the years.