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Financial
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- Clarify your present situation. Your Financial Advisor will ask a number of questions to determine what you have done in the past, how that has worked for you, and what your feelings towards various strategies are. Learning about new clients is a very important part of the financial planning process and good financial advisors will not skip over this step.
- Identify Goals and Objectives. After learning as much as possible about you, your financial advisor will now try to get you to recognized what your goals are, both short term and long term He will try to identify any constraints to these goals, and what the primary objective will be moving forward.
- Highlight Problems and Opportunties. Now that your financial advisor has outlined your goals, and set the objectives, he is now in a position to recognize any problems that you may encounter. Also any possible opporunties can now be identified. This is where the excellent financial advisors really earn their money. They will be able to see problems and have ways to get around them. They will also see opportunities and strategies that the less experienced financial advisors will not see.
- Provide a Written Recommendation. Your financial advisor should now present to you a plan that outlines where you are now, what your goals and objectives are, and how he feels you can achieve them, the steps needed to be put in place to complete the objectives outline earlier. This is a great time to be sure that all the information is clear, and that everyone is on the same page going forward.
- Implement the Agreed upon Strategy. A plan is only good if you actually do it. Make sure that your advisor works with you to implement the strategies that has been outlined in the written recommendations. This step is critical and must be done ASAP.
- Follow up with Regular Reviews and Updates. Once you start implementing the plan, the advisor must monitor to see that things are done, and to know if any changes need to take place. Also the advisor can make sure you keep following the plan that all of you have put in place.
