Financial Planning Process
At Benold Financial Planning, we believe our clients benefit the most by engaging in a financial planning relationship. This allows us to better understand their needs and goals and give tailored advice. We follow the financial planning process as prescribed by the Certified Financial Planner Board of Standards.
1. Initial Consultation
The process begins with establishing a relationship between the client and Benold Financial Planning, with an informal initial consultation. Your financial planner will explain their financial planning services and will ask questions to learn your immediate financial goals, risk tolerance and your dreams. This consultation helps to determine if we’re the right fit. The initial meeting can be held virtually, by phone or face-to-face. Lastly, both parties will sign a contract if both parties agree to proceed to the next phase
2. Gathering Data Meeting
In this phase, we will collect and discuss your current financial situation and gather any necessary documents needed to make recommendations for appropriate strategies to reach your goals. Together, we’ll define your financial goals, including time frames and your comfort level when it comes to taking financial risks. This typically takes one meeting to accomplish and we’ll also review income, expenses, debt, investments, insurance, assets and more. There may be follow up items handled through email and phone calls.
3. Plan Creation
You’ve gathered the relevant information, now it’s time to analyze it and create a financial plan. The plan will include specific action points for your personal goals such as cash flow analysis, income tax planning, investment management, retirement planning, education planning and estate planning. Your individualized plan is crafted to evolve with your needs and will be one that maximizes the likelihood of long-term success.
During the proposal phase, both parties will review the recommendations outlined in the financial plan. We’ll go over the recommendations, explaining the rationale so you can understand and can make informed decisions. We will also listen to any concerns you may have and make revisions if necessary. Once a plan is agreed upon by both parties, we will execute the plan.
With a plan in hand, both parties will carry out the recommendations thereby putting the plan into action. Various items may be carried out at varying time frames. We’ll be with you every step of the way to ensure all items are executed according to the financial plan.
As soon as any part of the plan is implemented, we’ll begin monitoring the progress against the financial goals already established. Plans evolve and change just like life, so as you work towards your goals, both parties need to make sure to continually review your situation and make any necessary adjustments. To do our best job, we recommend having quarterly meetings to ensure the plan is still on track and being executed accurately. However, if a major life event happens, please contact us immediately.