Financial strategists and planners are specialists who work with individuals to create a financial plan which will help to generate more wealth. They are commonly used by people from all different walks of life, including people who are heading towards retirement, and people that are interested in learning how to invest and use their income to maximize their wealth. This article takes a look at a five step process which is offered by financial strategists, and it explains what each of the steps entail.
The five step process includes an initial consultation, a strategic planning preparation, a strategy presentation, strategy implementation, and ongoing service and review.
The first step involves a thorough consultation where you will meet face to face with your financial planner to discuss your current financial situation and your goals and objectives. During the consultation you are free to ask any questions about the service. The financial planner will be able to clearly advise you on all costs and fees, and provide you with detailed information on the types of services that they can offer. There will be no obligation to proceed with the service after the initial consultation. If you do wish to proceed you can ask your financial planner to prepare a financial plan for you.
Strategy Plan and Preparation
The next step involves finding out more detailed information about your current financial situation in order to make a financial plan which is tailored to your needs. This can include ascertaining you current assets and liabilities, identifying your income and expenditure and understanding your current tax structure, amongst other things. This information is then processed to streamline your current financial situation, and to identify appropriate wealth creation strategies which are best matched to your circumstances. Financial planners will also help to minimize taxation, consolidate debt and maximize government entitlements. During this process your privacy and confidentiality is assured.
Another meeting is arranged in which the financial planner will present a full financial plan which has been tailored to your exact financial situation. They will be able to make minor adjustments to the plan if it is necessary and clarify any of the details for you. If you are happy with the plan you can give the authority to put it into action. They will have all of the necessary paperwork with them, and assist with the insurance underwriting process so that you can get the plan implemented as soon as possible.
Ongoing Service Review
It is possible to subscribe to a full client care package, which includes ongoing service and review of your financial plan. A financial planner will be able to review all aspects of your financial plan to ensure that it is performing well and meeting or exceeding your expectations. They will identify opportunities which can be used to update or modify your existing financial plan, and check that the plan fits in with any lifestyle changes. They will also advise you on updates to the world’s economy so that your plan can be updated as required.