1. Establish and Define the Scope of Work
This step is essentially the icebreaker between the client and the Certified Financial Planner™ (CFP®) and/or Wealth Advisors at Platinum Wealth Management. We collect qualitative information such as client’s health status, life expectancy, and family circumstances to begin identifying and evaluating the client’s specific needs, wants, goals, and expectations. From this point, the CFP®, wealth advisors and the client agree upon the scope of the plan.
2. Gather Information, Identify Values, and Set Goals
The second step of the process entails digging deeper into the “nitty gritty,” if you will. The CFP® and/or Wealth Advisors at Platinum Wealth Management will collect quantitative information, including income and expenses so they can put a pen to paper and begin crunching numbers. This is when our team and client will discuss the client’s values and attitudes towards planning to select and prioritize goals in accordance with current financial information.
3. Analyze and Evaluate the Current Status
During this step, the CFP® and/or Wealth Advisors will use the information collected during Step 2 to gauge where the client stands in terms of investments, insurance coverage, risk management, employee benefits, retirement planning, and estate planning. The significance will vary based upon the client’s personalized financial plan, but analyzing the status is important to determine whether the client is on track to meet his/her goals. If the client is not on track, then the team at Platinum Wealth Management may decide to brainstorm or implement alternative courses of action.
4. Develop Recommendations and Create Plan
At this point, the CFP® and/or Wealth Advisors at Platinum Wealth Management will begin making recommendations and drafting up the client’s financial plan. The team will forecast the plan, taking different lifestyle and economic scenarios into consideration. This plan is designed to maximize the client’s potential to meet his/her goals.
5. Review and Amend the Plan
During this step, the CFP® and/or Wealth Advisors at Platinum Wealth Management will sit down with their client and discuss the proposed plan. The team will addresses observations and recommendations, then offers feedback to the client. From here, the team and client discuss any changes to be made to the plan.
6. Implement
The key component to implement a financial plan is communication. The CFP® and/or Wealth Advisors at Platinum Wealth Management including the client must clearly define who is responsible for what and establish a clear timeline delineating deadline for each party.
7. Monitor and Review
The final phase may last years or even decades. This is when the CFP® and/or Wealth Advisors at Platinum Wealth Management are responsible for monitoring the client’s plan at regular intervals to watch for success and make any necessary changes. When the CFP® is a fiduciary, they must always have the client’s best interest in mind. For the duration of the engagement, they will continually account for the significance of any new client communicated information or life changes.
1. Really Get To Know You
We want to get to know you and understand your personal goals. We’ll ask a lot of questions and do even more listening to fully understand you.
2. Organize Financial Data
Our goal is to help you get your financial house in order! Relevant information includes; risk tolerance, time horizon, current savings, risk management, family dynamics, experience with financial planners and what’s truly important to you. Providing detailed information allows us to help you prioritize and follow through on financial commitments.
3. Evaluate Financial Status
Once we have your necessary information, we will holistically review your current situation and determine the steps to move forward with a financial plan. Depending on your needs, this assessment could include analyzing assets, liabilities, current & future cash flow, insurance coverages, tax strategies and investment allocations.
4. Develop Plan
Once your situation has been organized and evaluated, you will have a clearer picture as to whether your plan will take you where you want to go. Perhaps you need to increase your savings rate per month, adjust your asset allocation, or take another course of action. Our goal is to help you thoroughly understand your plan and the risks involved…
5. Monitor and Continually Adjust
Your financial plan will evolve over time and change according to life events. Marriages, divorces, career changes, children, tax law changes, inflation, stock market fluctuations, and recessions all require newer perspectives on how to help manage your finances in keeping track with your goals.
