Planning Process
The CERTIFIED FINANCIAL PLANNERTM Board of Standards outlines the formal financial planning process. Every financial plan completed in our office includes steps 1-5, with steps 6 and 7—monitoring and implementation—occurring if the client selects us to implement and monitor their plan.
The steps to formal financial planning are as follows:
1) Understand the client's personal and financial circumstances. Here, you tell us about your family, relevant background, and career. We learn about your spending habits, investments, insurance, and pain points. Don't worry, we provide helpful worksheets and checklists to make pulling everything together less burdensome!
2) Identify and select goals. What would you like to accomplish? Is it a specific retirement date? A specific number or lifestyle? How often would you like to take an international trip or replace your vehicle? Are you interested in a second home? Do you want to pay for your children's weddings or grandchildren's college? Is giving to charity important to you?
3) Analyze your current course of action and potential alternate course(s) of action. For each client, we map out the "current" scenario and one or more alternate scenarios. The current scenario is just what it sounds like: Everything continues as is. In the alternate scenarios, we work with you to model how adjustments or changes you want or need to make might impact your plan.
4) Develop financial planning recommendations. Among the scenarios we map out for you, we present a "recommended" strategy our analysis suggests will give you a sound opportunity to pursue your most important goals.
5) Present the financial planning recommendations. We schedule a meeting to go over your recommended strategy. We review goals and assumptions and then engage in an open-ended discussion about your plan. Our goal is to reach consensus on a course of action.
6) Implement the financial planning recommendations. If you choose Corner Post Financial Planning to implement your financial plan, we quarterback any account or investment changes. We work as a coach to guide you through certain "next steps," and often coordinate with other professionals including attorneys and accountants.
7) Monitor progress and update. For ongoing clients of Corner Post Financial Planning, our expertise is a phone call, text, or e-mail away. We communicate with you as much as you need to get the job done, but a strategy review is required at least once a year.