How Does the Financial Planning Process Work?
Are you thinking about meeting with a financial planner regarding your finances? Meeting with a financial advisor can help you situate yourself in a better position in order to meet your financial goals and to have a bright financial future. Here is some information regarding the financial planning process and how it works:
The first step of the financial planning process entails a phone call between the client and their financial advisor. Calls generally last around 15 minutes and are just an introductory correspondence that your financial planner will generally request so that they can better understand your financial needs and whether or not they can help you with what you’re looking to get help with.
The next step is having a more formal meeting with your financial advisor to discuss your financial situation and to identify your goals. During this meeting, your financial planner will explain their process to you, their fees, and what types of things they can assist you with to help you accomplish your goals. At the end of the meeting, you can discuss with your financial advisor if you think they and what they offer are the right fit for what you’re looking for, or if you need some more time to think about it.
The third step will entail your financial planner analyzing the information you’ve provided them with and using their training and knowledge to create a financial plan or roadmap for you to implement. You will also discuss and answer the questions below regarding your financial situation and goals:
Do you have enough income to sustain your current and future lifestyle?
Are you overpaying your taxes?
Can we reduce threats to your portfolio?
Can your portfolio be improved?
You will also do a strategy meeting with your financial advisor wherein they will explain what all you need to do in order to achieve your financial goals, including strategies that address the questions from your previous meeting with them. They will also answer any questions that you may have, and, if you are ready to work with them, then you can begin filling out the paperwork and getting started.