Steps to financial planning

Steps to financial planning:

Financial planning is a comprehensive and ongoing process that can help you achieve your goals in life—both personal and financial.

1. Establish and define the client-advisor relationship

At your first meeting with your I-R Advisor, you will learn about the services we provide, what to expect from the financial planning process, how your I-R Advisor is paid as well as any fees and charges. You and your I-R Advisor will also determine how decisions will be made and how frequently you will meet.

2. Gather information, discuss goals and objectives

You will be asked to gather all your personal data and financial information so that your I-R Advisor can see where you stand. By examining your cash flow, net worth, insurance and other financial areas, you can discuss your goals, objectives, risk tolerance and time frame.

3. Analyze your overall financial situation

Once you’ve determined your financial goals and objectives, your I-R Advisor will conduct a thorough analysis of your finances. Using advanced tools and resources, the analysis will show whether your goals and objectives are realistic and can be met under current circumstances. It will also help determine whether you will need to consult with other I-R specialists, such as an I-R Estate and Trust Advisor or I-R Insurance Consultant.

4. Discuss the plan with your I-R Advisor

Your I-R Advisor will develop your personal financial plan, make recommendations and discuss them with you so that you fully understand them. If the plan involves other I-R specialists, they will present the parts specific to their expertise. The financial plan could include creating new habits or considering new strategies or services. Your I-R Advisor will make note of any concerns you may have, and revise recommendations as appropriate.

5. Put your plan into action

Once you have agreed to the recommendations, it’s time to put your plan into action. Your I-R Advisor will help you prioritize what needs to be done, complete any relevant paperwork, and coordinate meetings with other I-R specialists.

6. Monitor your plan

Financial planning is an ongoing process. Together, you and your I-R Advisor can establish how frequently you should meet to review and assess your progress. The regular meetings will help identify any changes in your circumstances or objectives that would require changes to your financial plan.