Step 1: Each client relationship is unique, yet in general, we first construct a comprehensive Net-Worth Statement that details assets and liabilities as well as ownership of each item. We may also prepare a cash flow statement and other supporting schedules. We do this to insure that our analysis is based on our collective understanding that your “financial snapshot” is accurate; after all “garbage in is garbage out”.
Step 2: Your net worth will be sent to you for your review prior to us beginning any detailed analysis.
Step 3: Upon receipt of your approval of the net worth statement, we will begin our comprehensive analysis which will include a review of (but not limited to):
- Previous Tax Returns
- Pay Stubs
- Benefits Booklets
- Investment, Retirement and Bank Statements
- Insurance Contracts
- Deeds to Property
- Any and all outstanding debts, including:
- Equity Loans
- Credit Cards
- Student Loans
- Personal Loans
- Estate Planning Documents such as:
- Powers of Attorney
- Health Care Proxies
We recognize that every individual’s situation is unique and it is critical that we understand the mechanics behind each component of your financial life before proposing any recommendations.
Step 4: Continued Analysis
During the analysis phase, we will identify your strengths and your points of vulnerability. We will make individual comments on particular areas of your situation.
In addition, we will also develop models, projections and “what-if” scenarios that showcase how likely you are to achieve your personal goals. We use advanced software for this.
Step 5: Recommendations
Our financial plan includes relevant recommendations that address your point of vulnerability and offer strategies (which you can implement on your own) to help you achieve your goals. IMPORTANT — You are under no obligation to implement any financial planning strategy through our office. As Multi Agency Intermediaries we are obligated to deliver an objective representation of your financial situation and empower you with a road map that can be implemented anywhere you see fit.
Step 6: The Financial Planning Presentation
Financial plans are presented in our office or at a location you choose. You should budget between 1 and 2 hours for our highly interactive presentation. Many of our strategies are presented through our State of the Art Wealth View software program which allows us to play “what if” scenarios while we collectively discuss your situation. We utilize a combination of financial planning software, spreadsheets, research and our personal experiences as tools that guide us towards our recommendations.
Step 7: Implementation
At the conclusion of our financial planning presentation you will be provided with an action plan. This document will serve as a timeline and guide that prioritizes items of importance and issues you need to consider.