Getting Started with Your Financial Plan
Photo Credit: Chloe Camille Photography
You've decided to reach out to us to learn more about working together. Here's what our financial planning process typically looks like.
Getting Started
Congratulations! You've taken the first step in reaching out to an advisor to get help with your financial situation. Now, what should you expect? Below I've outlined the steps we typically go through with new clients as we start to work on a financial plan. Of course, every individual situation is different, so your experience might vary from this.
Step 1: Introductory Conversation.
When someone reaches out to me initially, it's typically through a personal email/phone call, email referral from a client or business associate, or through my website. The first meeting is a brief, introductory call via phone to understand your situation and needs. If we think we can help you, then we will schedule a 60 minute complimentary getting acquainted meeting to explore further.
The purpose of this conversation is simply for me to get an understanding of your situation and whether we may be a fit for working together.
During this conversation, be prepared for me to ask questions like:
What prompted you to reach out to a financial advisor at this point?
What do you hope to accomplish through working together?
If I believe we can help you, we'll move on to the Getting Acquainted Meeting to explore further.
Step 2: Getting Acquainted Meeting.
The next step is a a 60 minute Getting Acquainted Meeting via Zoom. The purpose of our complimentary "Getting Acquainted" appointment is to simply get to know each other—no need to collect all your financial statements just yet. We will start by learning about you and your family, what prompted your search for a financial planner, and any questions, issues, or goals you are looking to address.
You’ll be sent an email with our meeting scheduler link, along with a few simple surveys for you (and your partner) to complete prior to our meeting. The surveys typically take no more than 10-15 minutes to complete and your answers will provide the foundation for our conversation.
Based on this information, we will then share how we might help, lay out the details of our client experience, and answer any questions you may have about our services, process, and fees. We do not expect any decisions during this meeting and will plan to follow up with you in a few days to discuss the next steps.
Step 3: Decide to Work Together.
It’s decision time: if we decide to work together, we’ll move on to the next step.
Step 4: Administrative Setup & Data Collection.
We take care of the (virtual) paperwork next. You'll receive a copy of our Form ADV Brochure and Privacy Policy.
You'll receive a link to a electronically sign our Client Agreement, which outlines the terms of our working relationship including fees and our engagement standards.
You'll be requested to set up your payment method for the financial planning fee using your bank account or credit card via a third party payment service.
When all necessary documents are signed, you’ll receive access to our online planning software tool. Upon login to the secure platform, you will complete a family profile, and provide information about income, expenses, savings, and assets. You will link your bank, credit card, and investment accounts to provide additional details that we use to develop planning recommendations.
In addition, you will securely upload a set of documents about your financial situation. The requested materials typically include: mortgage statements; bank, credit card and investment account statements; retirement plan and pension statements; life insurance details; student loan and credit card debt details; tax returns; estate planning documents; and anything else that will help me get a picture of your financial situation. If you own a business, there are a variety of business documents you will share.
Step 5: Get Organized / Cashflow Meeting.
Next, we have a meeting to discuss your financial goals and dreams, future plans, and current situation (including a review of the documents and data provided via the online planning software). The meeting typically takes about 1 hour and can be conducted in person or remotely via Zoom. If the clients are a couple, both partners should attend the meeting because many times they each have differing perspectives about these subjects. Read more about making finances a team sport.
We will come prepared with a set of questions to discuss, and we bring a "no judgement" attitude of curiosity to the meeting. Every situation is unique, and I'm not here to judge past choices, but rather to provide my professional expertise and education about personal finances, and generally act as your guide to all things personal finance.
Clients often tell me that they were nervous going into this meeting, but afterwards they felt a sense of relief and confidence that they were taking actions to help their financial situation. Sometimes they are surprised by the depth of emotion and conversation that occurs.
Step 6: Build Your Financial Plan.
Together we conduct a detailed analysis of your financial situation. The outcome will be a customized financial plan that directly addresses your specific financial concerns, goals and situation.
Typically, this step includes additional meetings on topics relevant to your situation, usually filled with deep and productive conversation. It makes sense - we're discussing practical financial tools to help you get closer to your dreams - how incredible is that!
During this step, we'll start with any pressing question you have. Often, this is the question that brought you to reach out to a financial advisor in the first place.
But no matter what initially prompted you to reach out, rest assured, we'll cover the following topics:
Cashflow, budgeting, liquidity and debt management
Retirement scenario planning
Tax planning
Investments
Insurance needs
Estate planning
Together we’ll review a Draft of your financial plan which will contain recommendations and detailed tasks associated with each of the topic areas describe above. Most importantly, we’ll work to get alignment on putting your money towards what's important to you.
By the end of this step, you'll have an understanding of your complete financial picture, and you'll receive recommendations to get - and keep - you on track towards achieving your financial goals. You’ll receive a finalized Financial Plan, and we’ll discuss next steps.
Once we've completed the initial financial plan and process outlined above, we'll discuss next steps - whether our engagement will end and you’ll implement the financial plan recommendations yourself, or whether we will continue working together through an ongoing engagement.
Step 7: Ongoing Engagement.
In an ongoing engagement, we will work together to implement the recommendations and next steps identified earlier. We'll help you stay accountable to make progress on implementation.
If you have investable assets that we will be managing, we'll set up accounts and start transitioning assets into the investment portfolios and strategies established for you.
And, we'll be on your team as life happens and your financial circumstances change.
Think back to 1, 3 or 5 years ago. Remember what your life looked like then, and how it's changed since that time. With an ongoing planning arrangement, I'm here to help as your life happens and your finances change along the way. Financial planning is an iterative process - meaning we implement, life happens different from what you expected, and we modify and implement again.
As part of an ongoing relationship, you'll receive regular communications from us sharing education and tips on personal financial topics inspired by questions from clients, like you.
You'll have unlimited access via email, phone, in person or virtual meeting to us along your financial life journey. And you will have access to continuous ongoing planning when it comes to life change updates like marriage, transitions, births, job changes, etc.
You'll also participate in annual essential meetings according to our Annual Service Calendar.
If you have questions about this process or would like to learn more, reach out. I'd be happy to chat!