Financial Planning Process
Establishing and Defining the Client-Planner Relationship
The financial planner should clearly explain or document the services to be provided to you and define responsibilities on both sides. They should completely explain how the planner will be paid and by whom. You and the planner should agree on how long the professional relationship will last, and how decisions will be made.
Gathering client information
The financial planner should ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results, and discuss, if relevant, how you feel about risk. The financial planner should gather all the necessary documents before giving you the advice you need.
Analyzing and evaluating your financial status
The financial planner should analyze the information they gather during discovery meetings to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities, and cash flow, current insurance coverage, investments, and/or tax strategies.
Developing and presenting financial planning recommendations and/or alternatives
The financial planner should offer financial planning recommendations that address your goals based on the information you provide. The planner should review the recommendations with you to help you better understand them. allowing you to make informed decisions, and following this, listen to your concerns, revising the recommendations as appropriate.
Implementing the financial planning recommendations
You and the planner should agree on how the recommendations will be carried out. They may carry out the recommendations or serve as your “coach,” coordinating the entire process with you and other professionals, such as attorneys or stockbrokers.
Monitoring the financial planning recommendations
You and the planner should agree on who will monitor the progress towards reaching your goals. If it has been decided that the planner will oversee the process, they should report to you periodically to review your situation and adjust the recommendations, as needed, as your life changes.
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Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Bryson Wealth Management, a registered investment advisor and separate entity from LPL Financial.