A Proven, Professional Recipe for Financial Planning

A Proven, Professional Recipe for Financial Planning

As a financial planning firm, we adhere to the CFP Board’s process for building a customized financial plan for our clients. According to the CFP Board’s Code of Ethics and Standards of Conduct, there are seven steps to the financial planning process:

  1. Understanding the client’s personal and financial circumstances
  2. Identifying and selecting short- and long-term personal and financial goals
  3. Analyzing the client's current course of action and potential alternatives
  4. Developing the financial planning recommendations for maximizing potential to meet your goals
  5. Presenting the financial planning recommendations
  6. Implementing the financial planning recommendations
  7. Monitoring progress and updating your plan

Based upon the information gathered above, the basic areas covered in the financial planning process typically include, but are not limited to:

  • Financial statement preparation and analysis
  • Insurance planning and risk management
  • Employee benefits planning
  • Investment planning
  • Income tax planning
  • Retirement planning
  • Estate planning

It’s Never too Soon to Start Planning

A common discussion we have with those thinking about financial planning starts with the question, "Am I too young (or too old) to begin planning?" The answer is, "It is never too early (or too late) to begin the planning process." The earlier we start, the better. Typically, younger clients will be involved in accumulation strategies, but may be hampered by student loans or other debt. A comprehensive plan should take advantage of employer retirement plans and life insurance, while meeting existing debt obligations, in an attempt to get the most bang for the buck.

Later in life, we must draw on wealth to support our lives. Without a plan, poorly formed "takedown" strategies might result in our outliving our wealth. Additionally, the changing nature of Social Security claiming strategies requires constant monitoring of long-term plans for income.

At Conversion Financial Services, we take a comprehensive look at your financial plan, no matter what stage of your financial journey you may be in, and strive to ensure you’re on track to meet your goals. Get started on the path to pursuing your financial goals. Contact our experienced financial planners today.

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