The foundation of a solid financial plan must be well-grounded and built carefully from the bottom up. By using the financial planning process, you and your planner will work together closely to build a plan by engaging in six stages of development. These stages, created by the Certified Financial Planner Board of Standards, Inc. are strictly adhered to by Public Retirement Planners and are detailed below. Along with compensation, we will discuss how long the professional relationship will last.
Your CERTIFIED FINANCIAL PLANNER™ professional will explain our financial planning services and define our responsibilities.
You and your CFP® professional will talk about your current financial situation and gather all necessary documents. Together, we will define your personal and financial goals, along with your comfort level when it comes to taking risks with capital.
Your CERTIFIED FINANCIAL PLANNER™ professional will consider all aspects of your situation to determine how to meet your goals. Depending on the services selected, your planner may analyze your assets, liabilities and cash flow, current insurance coverage, investments, estate plan or tax strategies.
Your CFP® professional will go over his recommendations, explaining the rationale so that you can make informed decisions. At this stage, your planner will also listen to any concerns you may have and revise his recommendations, if necessary.
You and your financial planner will need to agree on how the recommendations will be carried out. Your CERTIFIED FINANCIAL PLANNER™ professional may carry out the recommendations himself or serve as your coach, coordinating the process with you and other professionals.
As you work toward your goals, you and your CERTIFIED FINANCIAL PLANNER™ professional will decide who will monitor your progress to make sure you are staying on track. If the planner is in charge, he will check in from time to time, reviewing your situation and making any necessary adjustments to his recommendations.