Financial Planning is a process, not an isolated event. Establishing a plan requires collecting information about your current situation, determining your goals, then developing the means for implementing your goals. This process requires that you clearly understand what we can do for you and what you can expect from us. It also requires your trust in us and willingness to follow through the process in order to achieve your goals.
There are six steps in this process:
- Establishing and defining your relationship with us.
We will explain the services we can provide to you and our responsibilities. We will explain how we will be paid and by whom. The type and level of compensation we receive is dependent on the plans or products selected by you. Compensation may be fee-only, commission-only, or a combination of both. Compensation will be fully disclosed and must be accepted by you before the products or plans will be placed. We will work with you to decide how decisions will be made and what time frame this will require. If you agree to these, then we go on to the next step....
- Gathering data and outline your goals.
We will ask for information about your financial situation. We will work with you to define your personal and financial goals, understand your time frame for results and discuss, if relevant, how you feel about risk. We may need to obtain financial documents from you, such as tax returns or account statements. We will discuss the measures that we take to maintain confidentiality of this information and obtain your authorization to disclose this information to third parties only as needed.
- Analyzing and evaluating your financial status.
We will then analyze your information to assess your current situation and determine what you must do to meet your goals. Depending on what services you have asked for, this could include analyzing your assets, liabilities and cash flow, current insurance coverage, investments or tax strategies.
- Developing and presenting financial planning recommendations and/or
alternatives.
The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as appropriate.
- Implementing the financial planning recommendations.
We will then work with you to determine how these recommendations will be carried out. We may carry out the recommendations for you or serve as your "coach," coordinating the whole process with you and other professionals such as attorneys or accountants.
- Monitoring the financial planning recommendations.
We will work with you to determine who will monitor your progress towards your goals and how monitoring will be carried out. If the we are in charge of the monitoring process, we will report to you periodically to review your situation and adjust the recommendations, if needed, as your life changes.
As a result of this process you will be able to:
- Set measurable goals.
- Understand the effect your financial decisions have on other
financial issues.
- Re-evaluate your financial plan periodically.
- Take charge - you are in control of the financial planning engagement.
- Look at the big picture - financial planning is more than just
retirement planning or tax planning.
Remember:
- Start now - don't assume financial planning is for when you get
older.
- Start with what you've got - don't assume financial planning is
only for the wealthy.
- Don't confuse financial planning with investing.
- Don't expect unrealistic returns on investments.
- Don't wait until a money crisis to begin financial planning.
Personal Financial Planning Profile
Getting Started
"If you would like to meet with a financial professional at Key Financial Services to review your financial objectives and find out how we can help you, please call us at 614-764-3645 or toll-free at 1-866-74WHITE. The initial meeting is at no cost or obligation to you.
Before you meet with us, please fill out the Pre-Meeting Questionnaire form below. This will give us a snapshot of your financial situation and your goals."
For more information click on one of these links:
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