1 Establish Financial Goals- We are going to work together to set specific goals for the important issues in your life. This usually entails figuring out amounts needed for retirement, college costs for your children, maximizing tax efficiencies for yourself or business, Estate Planning, and determining how to protect these goals through insurance.
2 Gather and Analyze the Data- The client will need to gather two broad types of information: objective(factual) and subjective. The objective information are securities holdings, inventory of assets and liabilities, insurance coverage, etc. The subjective information is one’s hopes, fears, values, preferences, attitudes, and nonfinancial goals. We then analyze where one’s present financial condition is in relationship to the goals that were established in the first step.
3 Develop a Plan- We then develop a well-drawn out, realistic financial plan tailored to our clients, with all our recommended strategies designed for each particular client’s needs, abilities, and goals. When additional expertise is needed, a specialist in the field in question will be consulted to assist in the development of the plan.
4 Implementation of the Plan-This stage is where we will use LPL Financial’s access to some of the best money manger’s in the world to access investment securities, purchase insurance as needed, and if legal documents such as wills and trusts need to be drawn up, we will bring in professional expertise from those fields.
5 Monitor the Plan- We then continuously review the investments and meet periodically to go over the progress of the plan. At this time it is imperative to make sure any personal and financial changes since the last meeting are discussed. We will also go over any changes that have occurred in the economic, tax, or financial environment.