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The Personal Financial Plan Process (Part 1)

So let’s get started on creating your personal financial plan!

First Step

Meet with your planner to discuss the overall approach that the planner will follow in providing these services and how you will be billed for the engagement.  Also at this time, the planner will ask you to identify your goals that you want to accomplish in creating your personal financial plan.  These goals should be the result of spending time thinking and talking to family members about what you would like to achieve financially.  After identifying your goals in writing, your planner will review a very detailed list of goals that may also be required or requested by you to accomplish the objective of creating a comprehensive personal financial plan.  The following is a sample of goals that we have assisted clients with:

1. To improve monthly cash flow from negative to positive;
2. To protect against a catastrophe, such as death or disability by having adequate insurance;
3. To provide for the college education for children of the family through savings;
4. To provide for a secure retirement for my family;
5. To create an estate plan that protects my family and preserves our net worth;
6. To diversify my investments to achieve a greater return based on the risks I am willing to take;
7. To be educated on how to invest for the long-term achievement of my goals;
8. To lower the income taxes that I pay;
9. To acquire a new home or a vacation home;
10. To acquire a business;
11. To provide support for other family members; and
12. To make charitable gifts.

The above list is just a sample of goals that are addressed in creating your individual personal financial plan.

The first step is completed after you have received the engagement letter from your planner that describes the planning process that will be followed, identifying your goals that you have outlined and how the fees will be billed for the services to be rendered to you.

Once you have signed the letter, the next stage of the process will begin – “The Data Gathering Process” – which will be my next blog coming your way.

By the way, if you want to know more now on this process, check out our website –  “Developing a Financial Plan”.

We are looking forward to assisting you in creating your personal financial plan!

Stephen R. Cooper, CPA, PFS