Financial Planning Process

Financial Planning Process

Financial Planning

There’s power in a plan.

Financial planning services in Annapolis help you budget according to your cash flow and plan to meet your financial goals.

Often, what passes for a financial plan is a sales piece in disguise, loaded with boilerplate language and pitches designed to sell you insurance and investment products. We see your plan as a lifelong adaptive strategy for your financial wellbeing, so we take the process more seriously.

We review all of your financial data (tax, investment, insurance, estate, and cash flow) and provide a detailed analysis, along with recommendations and action steps to help you achieve your goals.

Together, we develop a clear picture of how the funds will be used (retirement, education, etc.) and how much risk you should take to meet those goals. Your other financial professionals can contribute valuable insights, so we work closely with them to coordinate a diversified and tax-efficient plan that provides proper protection for your family and assets.

And since your finances are a moving target, we recommend periodic updates to keep you moving in the right direction.

Please review disclosure information as set forth in the Disclosure section of this website.

Financial Planning Process

Below is a general outline of what to expect during our financial planning relationship.

The Initial Consultation

Our goal for the initial consultation is to explore ways to help you achieve your financial goals. It also serves as an opportunity for you to learn about our fee-only financial planning services. This meeting typically lasts just over an hour.

Following the meeting, we will prepare a Financial Planning Agreement tailored to your specific needs. The Comprehensive Agreement covers all aspects of your financial plan whereas the Single Goal/Hourly Agreement focuses on one key issue.

Document Review And Analysis

We will begin our analysis of your financial picture once your signed Agreement is returned along with your most recent financial documents (see Document List).

We will request any further information/documents prior to your next meeting if necessary.

Financial Analysis Meeting

Our goal for this meeting is to review our analysis of your financial picture. At this time, we’ve extracted all your data from the financial documents you’ve provided into our proprietary financial analysis software where we can clearly analyze the issues, develop possible strategies and what-if scenarios, and discover potential roadblocks that may exist. This meeting typically lasts an hour and a half and we will discuss all issues, initial recommendations, and your preferences for what-if choices (i.e., work longer vs. retire with less). Once we understand your preferences and have confirmed your financial data for accuracy, we will begin writing your Financial Plan. Please note: you will not need to write anything down during this meeting as all discussions and recommendations will be provided in your customized Financial Plan.

Financial Plan Presentation

During this meeting, we will review your Financial Plan and we will provide you with Action Items that we will work on together during this first quarter of our relationship.

Since these meetings have been filled with financial analyses and recommendations, I suggest you thoroughly review the Financial Plan workbook provided following this presentation and call us to schedule our next meeting (the first Quarterly Review), which is included in your Agreement.

Quarterly (Or Periodic) Reviews

The first Quarterly Review should occur as soon as you’ve had time to review the Financial Plan and are ready for assistance in implementing the recommended Action Items.

From there, we will schedule Quarterly Meetings to update your plan, implement new recommended changes, and determine if you are still on track with your financial goals.