Professional Financial Planning consists of a series of steps. We encourage clients to be familiar and comfortable with the financial planning process.
1. Assess Client Situation and Establish the Client-Planner Relationship
- Explain the services we provide and the process of financial planning
- Clarify your responsibilities as a client, including providing full disclosure.
- Clarify our responsibilities as your Financial Planner, including a discussion of how we are compensated.
- Discuss scope of the client/planner engagement.
- Agree how you will make decisions.
2. Establish Client’s Goals, Priorities and Concerns:
- Obtain information about your financial circumstances and obligations through interviews and/or questionnaires.
- Gather all the necessary documents.
- Define your personal and financial goals, needs and priorities.
3. Identify Current Situation and Opportunities:
Your Planner will analyze the information gathered and assess your current situation (cash flow, network). Issues and opportunities will be identified with respect to your:
- Capital needs
- Risk management
- Investment
- Taxation
- Retirement planning
- Employee benefits
- Estate planning
- Special needs (e.g. adult dependent needs, education needs, etc.)
4. Provide Written Recommendations and Alternative Solutions:
- Develop and prepare a financial plan with recommendations tailored to meet your goals and objectives, values and risk tolerance.
- Present the plan to you and establish an appropriate review cycle.
- Work together to monitor that your plan is progressing in alignments with your specific goals and objectives.
5. Implementation:
At Kevin O’Brien and Associates we will assist to implement the recommendations included in the financial plan. This may involve coordinating contacts with other professionals such as accountants and lawyers.
6. Periodic Reviews, Updates and Revisions:
- Review progress of plan periodically to make adjustments to recommendations that may be required to help achieve financial goals.
- Change needed through life events such as birth, illness, marriage, retirement.