6 Important Financial Planning Steps

There are six important steps to the financial planning process. Yes it is a process, not an event.

These critical steps are:

1. Establishing and defining the relationship with the client,
   
2. Collecting all information related to the client’s objectives, needs and priorities,
   
3. Analyzing the client’s financial status,
   
4. Developing recommendations,
   
5. Implementing the recommendations,
   
6. Review, update to account for ensuing changes.
   

Today I would like to look at the importance of the implementation step. It can often take individuals and couples a while to get around to doing a plan. Once this process is started, the client(s) can become enthused about getting the planning recommendations in place. This is when the client can face a wall of product information, misinformation and marketing. Enthusiasm can quickly turn to frustration and concern about making a misstep. This concern about making a mistake is understandable, as it is often why clients put off doing a plan. This juncture is where an experienced, credentialed, advisor can assist clients in implementing plan recommendations to help them reach their objectives.