Financial Planning

Bridging the gap between future goals and present day realities does not typically happen by chance. Rather, proper planning is involved. Financial planning takes into account the personal and unique financial situation of individuals and families over the long-term. Where a stock broker picks stocks, a planner will build a personal investment strategy for you and your family, while taking into account aspects of your financial life such as cash flow, taxes, your children's education, planning for small businesses, estate planning, insurance and long-term health care. And then, to accommodate these needs, your financial planner will help you choose from a wide variety of investment vehicles that will comprise your individual investment plan.

The Certified Financial Planner Board’s Standards of Professional Conduct (Standards) defines financial planning as “the process of determining whether and how an individual can meet life goals through the proper management of financial resources.”

There are six steps to the financial planning process:

1. Establishing and defining the client-planner relationship

2. Gathering client data including goals

3. Analyzing and evaluating the client’s current financial status

4. Developing and presenting recommendations and/or alternatives

5. Implementing the recommendations

6. Monitoring the recommendations