Establishing & defining the client – planner relationship. * To document the services to be provided * Define the responsibilities for both * To explain fully how he will paid & by whom To disclosed any restriction on his ability to give unbiased advice disclose any conflict of Interest 2) Gathering client data including goals * To collect all relevant information about financial situation. Fine your personal & financial goals * To understand the time frame for relevant * To understand the *To mutually * To gather all the necessary doc meets before give the advice 3) Analyzing & evaluating your financial status * To analyze the information of your Assets, Liabilities, Cash flow, current Insurance coverage, investments & tax strategies. 4) Presenting the financial planning recommendation and/or alteration.
To offer financial planning recommendation that address your goals your concerns & review the recommendation as appropriate 5) Implementing the financial planning recommendations * Both to agree on how the recommendation will be carried out. Planner can carry out the recommendation himself * Or serve as a coach coordinating the whole process 6) Monitoring the financial planning recommendation * To review & monitor periodically * To adjust the recommendation as life changes 5.
The benefit of Financial Planning * To listen to * The * Financial Planning produce direction & meaning to your financial session * It allow you to understand how each financial decision affects other areas of your finance * You can adopt more easily to life change & feel more secure that your goal 6.
How to make financial planning work We need to address the following advice * Set measurable Goals Set specific targets of what you want to achieve and when you want to achieve result * Understand the effect of each financial decision Each financial decision you make can affect several other areas of life To remember that all your financial decision are inter related * Reevaluate your financial situation periodically Financial Planning is a dynamic process Financial goals may change over the year due to changes in your lifestyles or circumstances such as inheritance, marriage, birth, house purchase or change in job status.