The 6 Step Plan

Establish the scope

  • Define the relationship
  • Discuss the scope of the engagement
  • Select services to be provided
  • Discuss planner compensation
  • Delegate responsibilities between planner and client
  • Set the time frame for completion
  • Disclose conflicts of interest, if any
  • Review firm brochure, ADV, and fee agreement

Gather Information

  • Collect qualitative and quantitative background information covering all aspects of your financial life
  • Determine income and expenditures
  • Identify individual and/or family financial position
  • Establish risk tolerance and capacity
  • Discuss goals and objectives

Analyze the Data

  • Evaluate data/documents gathered in previous stage
  • Identify strengths, weaknesses, opportunities, and threats in current financial situation

Develop a Plan

  • Develop and present a financial plan tailored to your specific goals/needs
  • Budget income and expenditures for the near term
  • Forecast future cash flow activity
  • Determine future growth/returns needed to reach net worth objective

Implement & Take Action

  • Set the plan in motion that may include
  • Purchase or sale of various assets
  • Changes in life insurance protection
  • Additional liability coverage
  • Other possible changes
  • Work closely with other professionals to carry out plan (e.g., estate planning attorney, CPA)

Monitor

  • Continuously update/review plan to keep you on course. If necessary, make adjustments to the plan
  • For annual retainer clients, meet bi-annually to identify possible modifications or amendments (e.g., single to married to a birth of a new family member)

Otium Awaits

If you're ready to start a conversation about your financial life, schedule a complimentary introductory meeting with us today!

Otium Awaits

If you're ready to start a conversation about your financial life, schedule a complimentary introductory meeting with us today!

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