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What are the key components of a financial plan?

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Help prepare for the what-ifs that can derail people financially, and give clients time to digest recommendations regarding debt management, cash flow and future planning.
  • Set the purpose and objectives of the plan, including the agreement to work together, the scope of the client/advisor relationship and the fees involved. 
  • Gather all relevant financial documents and gain an understanding of day-to-day spending. 
  • Using hard facts and soft facts, identify the current situation and explore goals, objectives, concerns, and risk tolerance. 
  • Analyze information provided and research involved with various solutions, strategies and products. 
  • Share a formal written plan and explain it to the client, making sure to align their goals with their current method of spending and saving and assets held. 
  • Address items like budgeting, retirement funding, college funding, large purchases, estate planning, investment planning, tax planning, risk management, and charitable intentions as appropriate. 
  • Implement strategic and tactical elements of the plan, and then review the plan to make adjustments as needed. 
 

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