At Weyers and McKeever Financial Partners, we follow the CERTIFIED FINANCIAL PLANNER™ process of financial planning. This means, coming up with a solid financial plan requires doing some homework—both on your part and the part of your CFP® professional.
From examining your current situation, to setting goals, to deciding how to measure your progress, a CFP® professional is uniquely qualified to take you through the financial planning process and assist in building your personal holistic roadmap.
The six steps in our process are:
1. Agree on how to work together
Your CFP® professional will explain the services we’ll provide and define each of your responsibilities. Along with compensation, you’ll discuss how long the professional relationship will last and how decisions will be made.
2. Gather information about your finances and set goals
You and your CFP® professional will talk about your current financial situation and gather any necessary documents. Together, you’ll define your personal and financial goals, including time frames. You may also want to discuss your comfort level when it comes to taking financial risks.
3. Analyze and strategize
Your CFP® professional will take all your finances into account and determine how to meet your goals. The analysis may cover your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
4. Develop recommendations
Next, your CFP® professional will go over financial recommendations, explaining the rationale so you can make informed decisions. Questions and concerns will be addresses and recommendations will be revised if necessary.
5. Put plan into motion
You and your CFP® professional will need to agree on how the recommendations will be carried out. Your CFP® professional may carry out the recommendations or serve as your coach, coordinating the process with you and other professionals, like attorneys or stockbrokers.
6. Monitor progress and stay on track
As you work towards your goals, you and your CFP® professional will need to decide who will monitor your progress to make sure you’re staying on track. If the planner is in charge, the planner will check in from time to time, reviewing your situation and making any necessary adjustments to recommendations. Above all else, you should have confidence that whichever financial planner you choose is competent and ethical. Financial planners earn CFP® certification by meeting education, examination, experience and ethics requirements. In addition to delivering general financial planning services, many financial planners are also registered as investment advisors or hold insurance or securities licenses that allow them to buy or sell products.
Content based on the Consumer Guide to Financial Planning brochure, published by the CFP Board and letsmakeaplan.org. Used by permission. CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.