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The Financial Planning Process consists of the following six steps: 1. Establishing and defining the client-planner relationship.
KM Finn & Associates will clearly explain and document the services to be provided to you and define both our and your responsibilities. KM Finn & Associates’ financial planners are compensated solely by our clients; we do not accept commissions or referral fees from any outside resources. You and your financial planner will discuss how long the professional relationship will last and on how decisions will be made.
2. Gathering client data, including goals.
Your financial planner will ask for information about your financial situation. You and the planner should mutually define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. Your planner will gather all the necessary documents from you before giving you the advice you need.
3. Analyzing and evaluating your financial status.
Your financial planner will analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments and/or tax strategies.
4. Developing and presenting financial planning recommendations and/or alternatives.
KM Finn & Associates will offer financial planning recommendations that address your goals, based on the information you provide. We will go over the recommendations with you to help you understand them so that you can make informed decisions. Your planner will also listen to your concerns and revise the recommendations as appropriate.
5. Implementing the financial planning recommendations.
You and your planner will agree on how the recommendations will be carried out. The planner will serve as your "coach," coordinating the whole process with you and other professionals such as attorneys, CPAs, insurance professionals or stockbrokers.
6. Monitoring the financial planning recommendations.
KM Finn & Associates can assist and monitor your progress towards your goals. We offer a retainer service to periodically review your situation and adjust the recommendations, as needed, as your life changes.
