Financial Planning Process
INTRODUCTION SESSION | Evaluate if planning will be helpful, determine | |
Client and Spouse | the costs and decide whether or not to proceed | |
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Interview Notes | Sent to client for a review of the first session. | |
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INFORMATION INTERVIEW | A review of the Data Information Form, legal | |
Gather Financial Information Discuss Client Objectives Clarify Client Attitudes | documents, employee benefit statements, any | |
investment summaries - with an extensive | ||
discussion of client goals and family attitudes. | ||
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Interview Notes | An opportunity to confirm the initial responses. | |
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CONFIRMATION STEPS | A review of the re-stated Plan Objectives, the | |
Planning Objectives Planning Assumptions Review of the Financial Data | Plan Assumptions to be used, the listed data and | |
the initial balance sheet with cash flow and | ||
income tax summary. | ||
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Interview Notes | A listing of the data alterations to be made. | |
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REPORT PREPARATION | Determining where the client is headed - if no | |
Present Situation Analysis Problem Identification Develop Recommendations | change in direction is made; measuring the | |
extent of problems or shortcomings; testing of | ||
alternative solutions; developing a formal plan. | ||
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REPORT DELIVERY SESSION | A review of the initial recommendations and | |
Review of the Report Additional Issues (?) Initial Decisions Made Service Request Form | how they will address the problems. Client | |
response frequently indicates a need for added | ||
study or plan alteration. A Service Form indicates | ||
parties to assist in plan implementation. | ||
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Interview Notes Implementation Summary | Implementation reflects the actions desired, | |
assignment of responsibility and a timetable. | ||
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IMPLEMENTATION INTERVIEWS | Continued meetings with the client and other | |
Additional Analysis (?) Meeting with other Client Advisors Making Decisions & Taking Action | advisors to accomplish the tasks required to | |
implement the plan. Since many are sequential | ||
this process extends over several months. | ||
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Interview Notes Revise Implementation Summary | The action steps continue, driven by revisions to | |
the Implementation Summary Form. | ||
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CONTINUED SERVICES | Periodic meetings thereafter to review the | |
Review of Implementation Investment Monitoring | performance of investments, changes in family, | |
career and economic circumstances. |