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 seven steps in our process are:
1. Understanding the Client’s Personal and Financial Circumstances
We will gather information about you and your financial lifestyle. We will explain the holistic services we provide and define each of our responsibilities in your unique situation.
2. Identifying and Selecting Goals
We will talk about your current financial situation and gather any necessary documents. Together, we will define your personal and financial goals, including timeframes and discuss your comfort level when it comes to taking financial risks.
3. Analyzing the Client’s Current Course of Action and Potential Alternative Course(s) of Action
We will provide a holistic view of your finances. Our analysis may cover your budgets, assets, liabilities, cash flow, current insurance coverage, investments, and tax strategies.
4. Developing the Financial Planning Recommendations(s)
Our Team will collaborate on ideas for best solutions and scenarios for your specific planning. Advanced market resources, strategic partners, and suitability will be included and consulted as needed.
5. Presenting the Financial Planning Recommendations(s)
We will go over recommendations with you and explain the rationale so you may make informed decisions. We will address your questions and concerns and revise recommendations as necessary.
6. Implementing the Financial Planning Recommendation(s)
We will agree on how the recommendations will be carried out either by our team, or by coordinating the process with you and other professionals, like attorneys or accountants.
7. Monitoring Progress and Updating
As you work towards your goals, we will both monitor your progress to make sure you’re staying on track. We will check in from time to time, reviewing your situation and making any necessary adjustments to his recommendations.
Above all else, you should have confidence that the 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.
The above content based on the Consumer Guide to Financial Planning brochure and the CFP Board Roadmap, 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. Learn more about CFP® Code of Ethics and Standards of Conduct at cfp.net.