Your Financial Plan
Professional financial planning takes a holistic approach to an individual’s financial life. Qualified Financial Planners consider client goals, stage in life, personal circumstances and risk tolerance to make recommendations designed to grow and preserve wealth; consider taxation and estate planning issues; and assess insurance needs. In certain cases, a single advisor may be involved to help a client implement recommendations in a Financial Plan. In other cases, a number of professionals such as accountants or lawyers are required to implement recommendations.
Professional Financial Planning consists of a series of steps. We encourage clients to be familiar and comfortable with the process that is financial planning. Above all, it’s a big-picture, holistic approach that sets Professional Financial Planners apart from other professionals who may have been trained to focus only on one aspect of a client’s finances.
1. Assess Client’s Situation and Establish the Client-Planner Relationship:
- Explain issues and concepts related to the overall planning process as appropriate.
- Explain the services we provide and the process of planning and documentation.
- Clarify your responsibilities as a client, including providing full disclosure.
- Clarify our responsibilities as your Financial Planner, including a discussion of how we are compensated.
- Discuss the scope of the client/planner engagement.
- Agree how you will make decisions.
2. Establish Client Goals, Priorities and Concerns:
- Your Planner will obtain information about your financial resources, circumstances, and obligations through interviews and/or questionnaires.
- Gather all the necessary documents before providing you advice.
- Define your personal and financial goals, needs and priorities.
- Investigate your values, preferences, financial outlook and desired results as they relate to your financial goals, needs and priorities.
3. Identify Current Problems and Opportunities:
Your Planner will analyze the information gathered and assess your current situation (cash flow, net worth). Problems and opportunities will be identified with respect to your:
- Capital needs
- Risk management needs and coverage
- Retirement planning
- Employee benefits
- Estate planning
- Special needs (e.g. adult dependent needs, education needs, etc.)
Please note that your specific tax circumstances must be referred to your accountant and estate planning to your lawyer.
4. Provide Written Recommendations and Alternative Solutions:
- Develop and prepare a financial plan with recommendations tailored to meet your goals and objectives, values, temperament and risk tolerance. Where estimates and projections are provided, they are on a best efforts basis and done for discussion and planning purposes. No guarantees, representations or warranties are provided or implied.
- Present the plan to you and establish an appropriate review cycle.
- Work together to monitor that your plan is progressing in aligniment with your goals and objectives.
5. Take Action on Implementation:
A Burgeonvest Bick Financial Planner will assist to implement the recommendations included in the financial plan. This may involve coordinating contacts with other professionals such as accountants, insurance agents and lawyers.
6. Perform Periodic Reviews, Updates and Revisions to the Plan:
- Review progress of plan periodically to make adjustments to recommendations that may be required to help achieve financial goals.
Regular review will include:
- Discussion about changes in your personal circumstances and how they might affect your goals.
- Assess and evaluate the impact of changing tax laws and economic circumstances.
- Assess your life circumstances and adjust the recommendations if needed as those circumstances change through life events such as birth, illness, marriage, retirement, etc.