Financial planning is a process. It’s not a one-time event that is completed and then never reviewed again. It’s important to clarify goals, educate you on your financial situation and the options available to you, and put you in charge of your money. We believe that the process is as important as the financial planning document created.
Our process is flexible based on each individual or family’s needs and desires. Following is an outline of a typical in-depth financial planning engagement. However, we will discuss the best process for you in your initial consultation, and you can see other options in our Service Schedule.
1. Initial Inquiry
2. FREE Initial Consultation
KFP: We meet with you free of charge. It’s an opportunity to exchange information about your needs and objectives, to further discuss which of our services are right for you, and to provide you a flat-fee quote for our services.
You: You will complete a Confidential Questionnaire and bring it along to our meeting. If you choose to use our services, we will provide a list of additional information that we will need to begin formulating your personal financial plan.
3. Data Gathering and Initial Preparation
KFP: After receiving your information, we will begin to review and develop your individual financial plan. We will prepare initial reports that we will discuss with you at your next meeting.
You: You will need to gather the requested data and then possibly complete an online risk tolerance assessment and/or Cash Flow Questionnaire provided. This information will need to be provided by the materials due date you set, usually about 2 weeks in advance of your next meeting.
4. Interactive Goal Setting
KFP: We work with you to further discuss and clarify the information you have provided thus far, and to refine your financial goals and objectives. We will frequently show you preliminary projections and discuss various what-if scenarios.
You: This is another opportunity for you to clarify your current situation, financial goals and objectives, and to discuss with us any additional questions and concerns.
5. Analysis and Plan Formulation
KFP: We refine the information you have provided and study various plan scenarios. We conclude our research and analysis, and produce the final reports that include observations, assumptions, specific recommendations, and an action plan for your unique situation.
You: The ball is in our court. All you have to do at this point is await your next meeting with us.
6. Presentation of Your Financial Plan
KFP: We review your personal financial plan and our specific recommendations.
You: Congratulations! You now hold your personal blueprint for financial success designed with your financial goals in mind. You are empowered with specific recommendations to implement your financial plan. If you wish, you may employ us to provide full service implementation through our ongoing planning and investment management program, or you may implement the plan through the discount broker of your choice. In either case, we’re available to answer questions on your plan at no additional charge for up to a year.
7. Ongoing Updates
KFP: Periodic update meetings and reviews are essential to maintain good fiscal health. We send Project clients reminders once a year that it’s time for your annual review. Clients with ongoing planning and investment management retainer service have two scheduled meetings per year.
You: Financial planning is an ongoing process, not a one-time event. Proper implementation of a financial plan and periodic professional reviews are crucial to reaching your financial goals. We encourage prompt attention because it’s all about achieving your goals and dreams.