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What is the process of a comprehensive financial plan?

A proper comprehensive financial plan takes on average 20+ hours to prepare and depending on the complexity could take many, many more. If the following steps aren’t taken then you have to wonder how comprehensive the plan really is!

Initial Interview (1-2 hours)

The process begins with a 1-2 hour interview where many questions are asked to get a big picture of your situation and you are encourage to think about areas you may not have considered. It concludes with the signing of an engagement agreement outlining both parties roles and responsibilities.

Data Gathering

You are asked to fill out a comprehensive questionnaire and supply copies of investment documents, insurance policies, mortgage documents, Wills, Powers of Attorney, Trust indentures, incorporation documents, tax returns, and any other pertinent information.

Data Analysis (5-6 hours)

All the data is taken in conjuction with the information from the initial interview and an initial draft of the plan is drawn up with some solutions and recommendation.

Draft Plan Review Interview (2-3 hours)

A draft plan is reviewed and open discussion about your likes and dislikes about it and you are encourage to offer up additional suggestions as to how you would like see the plan. This typically takes about 2-3 hours depending on the complexity. 

Preparing the Plan (3-5 hours)

Following the review, the plan is refined incorporating the ideas and solutions identified and suggested. Then the final plan is put together.

Plan Review (2-3 hours)

The plan is reviewed thoroughly to ensure you completely understand and agree with all aspects of it. The plan is continuly adjusted until you are 100% satisfied with it.

Plan Implementation (2-3 hours)

The solution needed to implement your plan are sourced and presented to you. All aspects of those solution clearly explain to ensure you are 100% comfortable and begin the implementation process.

Regular Follow Up

This is especially crucial in the first three months following the implementation of the plan to ensure that all questions and concerns are addressed and the implementation has been a success.

Following the completion of a plan we offer to answer any questions or concerns you have at anytime. As a trusted resource for unbiased financial information we are here to guide and advise you. We will work with you at no cost to update and change your financial plan through every significant life change and or every 18 months. It is important to know that your plan is on track and have the confidence to go out and live your life!

To start your financial plan or to learn how I may be able to help you please contact us.