Process

Process. A strong planning process is the best way to create a flexible financial plan that balances personal goals with economic and market conditions.

An effective planning process is based on two key elements: preservation and access to funds when needed. A plan must ensure liquidity, to allow its owner to access funds when the need arises. It must also take into account life stages and priorities. This can include preparing for events such as college, retirement, death, and in the event of disability and/or critical illness.

With these factors in mind, the first step in building a comprehensive plan is to identify the financial planning needs of the client and prioritize them. This involves consideration of critical milestones such as retirement, major purchases and education expenses, as well as ongoing financial management strategies. Once these factors are identified, the client is prepared to choose the products and services that best address his or her needs.

This goal-based financial planning approach is designed to help:

• Define and prioritize the client’s short and long-term goals
• Identify suitable financial products and services based on client needs, priorities, and preferences
• Identify gaps or risks which may impact the financial planning strategy
• Continually monitor the plan to ensure it meets changing needs and market conditions