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What Makes Financial Planning Different

Financial planning is the gathering of information relating to your financial health and well being. Through an interview process, your financial concerns and future goals are defined. The information gathered is then analyzed and compared with your stated goals. From this comparison, recommendations can be made to help you adjust your current financial behavior so that any gaps can be filled and/or any current plans can be altered to assist you in meeting your goals. Or, best-case scenario, it can simply validate the path you are currently on is the correct one.

Is a Financial Planner right for me?

Today, it is almost impossible for anyone not working in the financial field to keep up with the rapidly changing financial products, tax laws, and the economy.

Financial product information and planning ideas abound - each claiming to be the best. You are given financial advice in articles, radio talk shows, and advertisements, but this information is often fragmented and not related to your personal financial situation.

Putting all this information together into a workable plan can be a daunting project for individuals. We strive to explain your options in easy-to-understand terms, showing how each option could affect you.

Benefits Of Working With A Financial Planner

The benefits of taking some time and sitting down with us to create that financial planning road map are numerous and will depend on your individual circumstances. However, one of the key benefits of a well-laid out financial plan that is implemented and monitored is that it will generally allow you to reach financial independence sooner than if you had not formulated a plan of action.

Financial independence can mean different things for different people, but for many it means the ability to cease regular employment knowing that they have enough assets and retirement income to maintain a certain lifestyle for the rest of life and provide for their beneficiaries after death.

Services To Expect

At Planned Solutions, we take the time to get to know you, your financial situation, your financial goals and your risk tolerance. When you decide to work with us, you should expect to receive these services:

Personal attention: We will take the time to interview you, asking questions to get to know your financial situation, risk tolerance and goals before creating a personalized financial solution.

Help developing an asset allocation strategy: Once you have worked with us to determine your risk tolerance, we can help you allocate your money based on a mix of asset classes with varying degrees of risk that fit your time horizon and comfort level.

Advice on specific investments that match your goals: When you’re comfortable with your financial plan and have determined an asset allocation strategy, we will then make specific recommendations on the types of investments that we feel will compliment your goals. If desired, we can provide research to support our recommendations.

Answers to your financial questions: If the markets become volatile, we will be available to help you understand the reasons behind the instability. If you hear of an interesting investment opportunity or a new stock offering, we have the knowledge to research and investigate these opportunities and help you decide if they fit into your overall plan.

Proactive management of your account: We can also bring investment opportunities to your attention, based on detailed knowledge of your financial plan and goals. Furthermore, we help you manage your expectations by explaining the rewards and risks of any investment.

Ongoing, regular check-ups: We will communicate with you regularly to see if your financial situation has changed. If you’ve gotten married, switched jobs, had a child or purchased a home, your financial plan may need to be adjusted to account for these changes. At least once a year, we will review your account with you and make any adjustments necessary to ensure your plan continues to meet your situation and goals.

What is the Personal Financial Planning Process?

The financial planning process can be thought of as a science, where a logical step-by-step process is taken to assist you in achieving your financial goals. Our primary focus will be to coordinate all areas of your total planning picture.

  • Initial Interview: We will meet to discuss how our company will be able to impact your personal, family and business goals.
  • Data Gathering: As a first step towards working together, we spend time with you in a fact-finding interview. This conversation provides us with sufficient information to conduct an accurate analysis. We begin to discover more specifics about your goals and values, and your current financial situation.
  • Analyze and evaluate your financial status: We evaluate the data collected to gain a better understanding of your situation and your unique requirements. It’s also time to refine your goals and start the process of determining the likelihood of meeting them. If you are unlikely to meet your goals, problem areas will be identified that are hindering you in meeting these goals.
  • Recommending a Plan: This step involves meeting with us to discuss the analysis and recommendations. We determine the direction of plan development and prioritize issues to resolve. We are here to help you with the accomplishment of your goals in the way you desire and see fit. You should ensure that you understand and are comfortable with the recommendations presented. 
  • Implementing the Plan: The plan we have developed will act as the implementation guide as well as a benchmark for monitoring the process as we all move forward in time. As a point of service, often noted in the financial plan are future implementation strategies that will come up for review. Comprehensive planning is always an ongoing process and we are here to help and serve.
  • Monitoring the Plan for changes and progress: We conduct periodic portfolio reviews and maintain ongoing personal communications to keep you informed and involved and we may recommend investment adjustments when your situation or objectives change. We also invite your input, encouraging you to keep us informed as any questions, concerns or significant financial developments occur.