Our Financial Planning Process

Whether you choose Comprehensive or Directed Planning we use the same process. Stategic Wealth Planning's financial planning process is comprised of six different steps. To explore each step please click on the links below.

Step 1: The Initial Meeting

At our initial meeting we will discuss your goals in general and briefly review your current situation. We will explore your expectations, your beliefs, your fears and what you are confident about. We will look at what you are doing now and discuss how you feel about your experiences and progress to date.

We will explain our philosophy and approach to financial planning and clarify our responsibilities as your planner and your responsibilities as a client.

The initial meeting will allow us to mutually decide whether we can effectively work together toward achieving your financial goals. If so, we will prepare a letter of engagement for our services. This letter will describe in detail what we will do and what you can expect from us and will include a list of the information we will require to complete your financial plan.

Step 2: Information Gathering & Goal Setting

In this step we will complete a questionnaire and gather the information required to complete your plan. We will define your personal and financial goals, needs and priorities, understanding that these will change over time.

Step 3: Initial Assessment and Clarification

We will do a preliminary analysis of your current financial situation (net worth, cash flow, taxes) and review the goals you have established to identify any problems and opportunities or special needs that may require clarification. At this time we obtain your confirmation of the information we will use to prepare your plan.

Step 4: Develop and Present the Plan

We use the most comprehensive financial planning software available to perform a detailed analysis of each aspect of your financial situation to help us develop a choice of strategies that will allow you to achieve each of your goals. Each of these strategies will take into account your values, temperament and risk tolerance. Where strategies may include the use of financial products we research financial institutions to find the most effective solutions.

We then prepare, and present to you, a written report - The Financial Plan - that will include:

A review and analysis of your current situation.
A list of your financial goals.
Detailed Statements of Current and Projected Cash Flow (Income and Expenses), Net Worth (Assets and Liabilities), and Income Tax.
A list of the actions and strategies we recommend to achieve your goals.
A suggested timetable to implement the strategies you choose.

We will review the report with you to answer any questions you may have and clarify any areas that may be unclear. We review the implementation schedule to verify that the goals you established in the first step are still valid and that you do want to take action. We will confirm with you the target dates for each item in the implementation schedule, and determine who will be responsible to complete each action listed.

Step 5: Implement Your Plan

To this point we have discussed your financial goals, analyzed your current situation and developed strategies to achieve your goals. Now we are at the most important stage: doing something about it. If we take no further action the process has at best clarified what you would like to do. Otherwise it will have been of no value.

We will assist you in implementing the recommendations you have chosen to realize your goals, and if required, coordinate contacts with other professionals.

Step 6: Review and Monitor Your Plan

We will monitor your plan and continually evaluate the progress you are making toward achieving your goals. We will review your financial plan with you on a regular basis, usually at least once a year.

Our review will include a discussion of changes in your life circumstances and economic circumstances that may affect your goals - changes that may require adjustments to our recommended strategies or even a complete revision of your financial plan. We will complete these adjustments and revisions as required.