Broker Check

The Financial Planning Process

The Financial Planning Process entails a series of related and interdependent elements and includes some or all of the following six steps:

1.  Establishing and defining the client-planner relationship.

2.  Gathering client data, including goals.

3. Analyzing and evaluating the client's current financial status.

4.  Developing and presenting recommendations and/or alternatives.

5.  Implementing the recommendations.

6.  Monitoring the recommendations.

Implicit to financial planning and integrated into the Financial Planning Process are Core subject areas:

Retirement Planning

Investment Planning

Income Tax Planning

Insurance Planning and Risk Management

Employee Benefits Planning

Estate Planning

Financial planning is a means to an end:  by applying the process steps in one or more of the core subject areas, it strives to help individuals meet their life goals through the proper management of financial resources.