Designing a Financial Plan

As a Certified Financial Planner (CFP) we follow a set of practice standards set out by the Financial Planner Standards Council in order to provide consistent, reliable, comprehensive financial planning.

The Six Steps:

1) Establish the engagement & define the terms of the engagement – time lines, responsibilities, compensation, conflicts of interest.

2) Gather client data – Identify the client’s goals, needs and priorities, also it is very important that we are dealing with all the information in order to do a proper job.

3) Analyze the client’s financial information with respect to the goals, needs and priorities already established.

4) Develop & present the financial plan based on all the above information, discuss the strategies available and the options that can be implemented to achieve the stated goals, needs and priorities.

5) Implementation of the plan – we need to agree on the action plan and discuss responsibilities and time frames for it to be executed.

6) Monitor and review the financial plan on an ongoing predetermined time frame and make adjustments if necessary.