Financial Planning Process

Overall, financial planning is about reviewing your family’s financial situation, determining your financial needs and goals, and deciding how you are going to achieve your goals. When you have a family member with a disability, financial planning tends to address the goal of providing for your family member today and in the future.

There are two main cornerstones of planning for financial security:

Wealth creation and management; and
Wealth protection.
Wealth creation and management involves both “liquidity” planning for short term risks and opportunities and long term planning for retirement.

Wealth protection involves financial planning in the event of a disability or critical illness (which protects you and your loved ones in the event that you get sick or hurt during your life) and estate planning to protect your and your family’s interests either before or after you die.

One of the most important aspects of a financial planning process is to select an advisor with whom you can build a trusting relationship. The financial planning process usually involves the following steps:

1. Introduction. This is a preliminary meeting to learn the areas of concern you may have. A financial advisor will review the main areas of planning for financial security. This is usually a general discussion that narrows the important topics for future meetings with your advisor.

2. Gathering Facts. This part of the process is about gathering all of the relevant financial facts within your family. It is important that you are well prepared for this meeting as the goal is to have a clear picture of your current situation. This will allow you and your advisor to identify any “gaps” between your current situation and where you want to be.

3. Recommendation. During this part of the process your financial advisor will make his or her recommendation on services or products that will help you achieve your goals for financial security for you and your family. This will allow you to make decisions about the right kinds of services or products you will need.

4. Follow Up and Support. This is an important part of the process as your goals or circumstances may change over time. Your advisor can provide on-going support to guide you along the way and help you make the decision’s to keep your plans relevant and up to date.

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