HOLISTIC FINANCIAL PLANNING PROCESS |
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INTRODUCTION SESSION |
Evaluate if planning will be helpful, determine the costs and decide whether or not to proceed |
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Client and Spouse |
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Interview Notes |
Form basis of initial data gathering. |
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Data Information Form sent to clients |
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INFORMATION INTERVIEW |
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Gather Financial Information Discuss Client Objectives Clarify Client Attitudes |
A review of the Data Information Form, legal 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 |
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Planning Objectives Planning Assumptions Review of the Financial Data |
A review of the re-stated Plan Objectives, the 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 |
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Present Situation Analysis Problem Identification Develop Recommendations |
Determining where the client is headed - if no change in direction is made; measuring the extent of problems or shortcomings; testing of alternative solutions; developing a formal plan. |
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HOLISTIC FINANCIAL PLANNING PROCESS |
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REPORT DELIVERY SESSION |
A review of the initial recommendations and |
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Review of the Report Additional Issues (?) Initial Decisions Made Service Request Form |
A review of the initial recommendations and 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 |
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Additional Analysis (?) Meeting with other Client Advisors Making Decisions & Taking Action |
Continued meetings with the client and other 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 |
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Review of Implementation Investment Monitoring |
Periodic meetings thereafter to review the performance of investments, changes in family,career and economic circumstances. |
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