The 7-Step CFP® Financial Planning Process
STEP
1
Understand your Personal Circumstances
Understand the client’s personal and financial situation. Agree upon the scope of the plan, outlining the responsibilities of both parties.
STEP
2
Indentify and Set Goals
Advisor and client take a closer look at financial objectives raised during the first step, expanding and prioritizing as necessary.
STEP
3
Analyze the Current Course of Action and Alternatives
Life changes? Market volatility? I’ll keep your financial objectives on track every step of the way.
STEP
4
Develop a Financial Plan
The advisor will use financial modeling and assumptions for key elements such as life expectancy to generate recommendations that can help you achieve your financial goals.
STEP
5
Present the Financial Plan
The actual financial plan and recommendations may consist of a printed document and will be presented during a face-to-face meeting customized to fit your level of financial literacy.
STEPS
6 & 7
Implement & Monitor
Bring the plan to life; identify roles, responsibilities, and deadlines. Streamline execution, tracking, and technology remain vigilant for new information, life changes, or emerging risks.
Speak to a Professional
If you believe you could benefit from working with a financial professional, let’s review yours goals to see if you’re a good match for our practice.