A Fresh Approach to Planning
"He who fails to plan is planning to fail" - Winston Churchill
I like to use a sailing analogy when it comes to a financial plan.
When we have good markets we want to be in a position to use the momentum to propel you forward. When the markets are turbulent we must be strategic about our course, so not expel too much energy or take on unnecessary risks. Should the turbulence last longer than expected, we need to be prepared to take a defensive approach to prevent the currents from taking you off the intended course. Once the markets calm down and begin to cooperate we need to be in a position to quickly raise the sails and maintain the course.
1. Building the Base
During the initial meeting process I want to get to know you and what you value. The financial documents are important, but I value your business and I treat all of my clients as family. Once we are comfortable with each other, we then gather the facts. We will need the hard data, but I also need you to come prepared to express your feelings on topics, so that I know what truely is important to you, I refer to that as the soft data.
No plan has an end point, without a beginning, so we must establish your goals.
After the data gathering process we take a step back and look at the big picture. We need to prioritize your goals. Only then can we develop a strategy to get you on a well suited path to reach those goals.
Building this strategy is the foundation for success.
2. Strengthening the Portfolio
Once the ground work of the strategy has been laid out, the goals on paper; next the numbers are input for an analysis. We take a snapshot of how the current portfolio looks. Then the porfolio is tested to see if it will meet your goals. If not, then we know that some adjustments need to be made.
As part of the process we will examine the following:
- Does your portfolio match your risk tolerance?
- Is your portfolio allocated in a diversified manor?
- What adjustments are needed to help reach your goals?
- Do you need to save more? Or fine tune your investments?
These are just a few of the questions that we will discuss.
3. Providing Considerations
All considerations provided are simply that, as a consideration you are bound by nothing unless you decide to move forward.
4. Ongoing Review Process
Once onboard and the strategy is implemented, we will monitor the progress towards the end goals. I prefer that we do a comprehensive review no less than annually, however, how often you desire to meet is up to you. We should be partners throughout the entire process, so let's keep the dialogue open.