Financial Planning Series: Introduction to Financial Planning
Andrew Paoni
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Dec 18 2019
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2 min read
Steps of the Financial Planning Process
Most people spend more time planning for their next vacation than planning for their retirement.
When someone hears the term Financial Planning, it can mean a lot of different things for different people. When I think about Financial Planning, I think about how I can do the things that I want and obtain my goals in the most financially efficient way achievable.
In order to clarify what Financial Planning is, I have created a series of articles to break down some of the steps of the Financial Planning process and what you should expect when you sit down with a Certified Financial Planner (CFP®).
The CFP® Board breaks the Financial Planning process down into seven steps:
Understanding the client’s personal and financial circumstances
Identifying and selecting goals
Analyzing the client’s current course of action and potential alternative course(s) of action
Developing Financial Planning recommendations
Presenting the Financial Planning recommendation(s)
Implementing the Financial Planning recommendation(s)
Monitoring progress and updating
In order to simplify and clarify what these steps involve, I will discuss how we work with clients on these items and what you should expect when you sit down with a Financial Planner.
My goal is to help you reach your goals using Financial Planning. In this nine-part series, I will take you through the following steps:
Initiating the financial planning process
Setting your goals
Making a budget
Taking a financial inventory
Setting priorities
Answering: what is asset allocation?
Explaining: what is a Monte Carlo analysis?
Implementing the plan
Monitoring the plan
Advisory services offered through Sikich Financial, an SEC Registered Investment Advisor.
Securities offered through Triad Advisors, Member FINRA and SIPC. Triad Advisors and Sikich Financial are not affiliated.
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.
About the Author
Andrew Paoni
Andrew Paoni, MBA, CFP®, CFA, specializes in portfolio management and financial planning, helping clients learn how to reach their personal financial goals. Andrew has over 15 years of experience as a financial advisor and assisting clients in spending and saving money efficiently so that they can enjoy a successful financial future.
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