The Financial Planning Process
To help you understand what to expect from the financial planning process, we have provided the following six-steps - based upon Financial Planning Practice Standards - which describe the process we use during a financial planning engagement.
- Establishing and defining the client-planner relationship. A CFP practitioner will define the scope of the work, clearly explain and document the services to be provided, the method of compensation and other relevant information.
- Gathering client data including goals. We will work with you to determine your personal and financial goals, needs and priorities; understand your time frame for achieving results; and discuss your tolerance for financial risk.
- Analyzing and evaluating the client's financial status. Practice Standards also require a CFP practitioner to gather all necessary financial information about you when developing your personal financial plan.
- Developing and presenting financial planning recommendations and/or alternatives.
- Implementing the financial planning recommendations.
- Monitoring the financial planning recommendations.
W.E. Griffith & Associates, LLC can provide guidance
over your lifetime for all of your financial decisions by following the
process described above.
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