1. Introductory Meeting
At its core, personal financial planning is about communication. The Introductory Meeting will provide each of us the opportunity to initiate communication; each of us learning about one another, and also providing us with sufficient preliminary information to allow us to provide you with a proposal for our services. It is an investment of an hour of time by each of us for what will hopefully lead to a long and lasting relationship.
2. Data Gathering and Initial Preparation
Once you have accepted our proposal the formal data gathering for your financial plan begins. You will be required to complete a detailed questionnaire and submit various paperwork and information. We then begin the initial steps of your financial plan, during which we also identify information which may be missing or incomplete.
3. Goal Setting Meeting
The heart of our process is Goals-Based Financial Planning; let’s talk about your goals. This is our second, and possibly most important, meeting. With our assistance, you will identify your short, intermediate and long-range goals. These will be both financial and non-financial, life and family goals. But don’t worry, the financial planning process is a continuous evolution so what we identify today can and will change over time.
4. Analysis and Plan Formulation
This is the quiet time for you. We are taking all of the information provided and crafting your individualized personal financial plan. It is not uncommon during this step in the process that we contact you for clarification or additional follow-up information. We will also schedule the next step in the process, the Presentation meeting.
5. Presentation of Your Plan
It is likely that four-to-eight weeks have passed since we first met in the Introductory Meeting and now we are ready to sit down and present your Financial Plan. Back the truck up to the loading dock and get ready to take home reams of paper. Yes, just kidding. As mentioned earlier, a goals-based financial plan is an ongoing process and we’ve found that an interactive meeting using technology to show you your plan, and modify it in real-time, is much more effective than presenting you with a binder full of paper that you’ll not likely look at once the meeting ends. You will leave this meeting with a clear picture of your personal financial situation along with a short report containing an Executive Summary and our current recommendations.
6. Plan Implementation
Similar to Step 1 in the process, this step is where you need to make a decision. Is Convergent Financial Strategies the right firm for you? We’re confident that you have seen the value we provide in the service and process you have experienced to this point. The recommendations presented are yours to implement currently, but we would like to continue our relationship, implementing the recommendations on your behalf. This is where our ongoing, fixed fee services including financial planning application and client education components starts, as illustrated on the Client Engagement Roadmap. The level of service will be tailored to your individual needs and preferences. Take a look…