FINANCIAL PLANNING PROCESS
5 Steps to Achieve Desired Results
The financial advisors in our St. George office understand that you want solutions to achieve peace-of-mind by receiving comprehensive guidance in some or all of the following areas:
- Financial (Assets, Debt)
- Money Personality
Data gathering is the process of collecting information from your tax returns, estate plan documents, investment and bank statements, insurance policies, etc. We also obtain extensive information about your attitudes, money personality, assumptions about the world and economy, and your goals regarding lifestyle, estate distribution and more.
This meeting consists of one appointment and will generally take place in your home so you can easily access required documents. The other meetings will usually take place in our St. George office.
- Diagnostic Work
- Consider Socio-Economic Factors & Megatrends
- Produce Written Plan
We return to our office in St. George and perform diagnostic work and analysis. Our work results in a written document (your financial plan) that contains our observations, findings and recommendations. Because we cannot make decisions in a vacuum, we must include a discussion and analysis of the megatrends in the socio-economic environment within which we must make decisions.
- Cursory Overview of Plan
- Go Home/Read Plan
- Write Down Questions
- Get Answers to Questions
- Create to-do List
This is typically a two-step process. During our initial presentation, we will provide a high-level overview of your plan. At the conclusion, we invite you to go home, read it, mark it up, and return with questions. During the follow-up meeting, we will answer your questions and develop a prioritized implementation checklist (list of to-do items).
- Methodical Discussion
- Consider Alternatives
- Implement Parts that Make Sense
Implementation occurs over a period of time. One month, we might have a couple of sessions on tax planning strategies, the next month a couple of meetings on your estate plan update. Other meetings will be scheduled as required for repositioning assets, charitable giving plans, etc.
Step-by-step, slowly, prudently, and methodically, we will meet multiple times over several months to compare alternatives thoroughly and implement those recommendations that make the most sense to you. We do not believe there is ever a “hot special of the week.” Everything must pass the sleep test.
MONITOR & ANNUAL REVIEW
- Annual Reviews
- Economic Updates
- Ad-hoc Questions
- Tax Planning
- Estate Planning Updates
After the above is completed, you might say, “This is great. I’ve got a track to run on. I’ll call you when I need you.” Or, you might have asked us to help you implement various strategies. Typically, there might be beginning-of-year and end-of-year tax planning sessions, maybe quarterly or semi-annual investment or economic reviews, estate plan updates as well as ad-hoc questions such as, “How should I structure the sale of my property?” or “Should I buy or lease this car?”
Regardless, we recommend periodic reviews, at least annually.