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What is Involved in Holistic Financial Planning?

What is Involved in Holistic Financial Planning?

May 13, 2024

Considering Retirement? Here's What to Expect from Financial Planning

If you are nearing age 50 or older, you are likely asking yourself about retirement. You may have friends who have retired or are talking about retiring. Or maybe, you once said you didn't want to work after age 60.

So, it might be time to talk with a financial planner. Maybe you would benefit from a visit with an experienced, highly-trained, CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota to help better understand your options. I love meeting new people. So, click this LINK to find a time for us to have a get-acquainted visit.

Understanding the Financial Planning Process

I am a financial planner who is an advocate for my clients ALL THE TIME – a fiduciary financial planner. I provide guidance based on clients’ best interests, not commissions or sales quotas. I believe this is the best way to serve clients.

If you want to know what to expect from the financial planning process, you might like to know that the Certified Financial Planner (CFP) board of standards defines the Financial Planning Process like this:

  1. Establishing and Defining the Client-Planner Relationship: This involves clarifying the roles, responsibilities, and expectations between the client and the financial planner. It includes discussing the planner's services, compensation, and any potential conflicts of interest.
  2. Gathering Client Data and Understanding Goals: The planner collects comprehensive information about the client's financial situation, including income, expenses, assets, liabilities, risk tolerance, tax situation, and financial goals. Understanding the client's objectives is crucial for developing a tailored financial plan.
  3. Analyzing and Evaluating the Client's Financial Status: This step involves reviewing and assessing the client's financial data to identify strengths, weaknesses, opportunities, and threats the financial plan. The planner evaluates the client's current financial position and identifies potential areas for improvement.
  4. Developing and Presenting Financial Planning Recommendations: Based on the client's data and goals, the planner creates a customized financial plan that addresses key areas such as cash flow management, investment strategies, risk management, tax planning, retirement planning, estate planning, and any other relevant financial concerns. The planner presents these recommendations to the client for review and discussion.
  5. Implementing the Financial Plan: Once the client approves the financial recommendations, the planner helps implement the plan by assisting with account setup, investment allocation, insurance policies, estate documents, and any other necessary actions to put the plan into effect.
  6. Monitoring and Reviewing the Financial Plan: Financial planning is an ongoing process that requires regular monitoring and adjustments. The planner tracks the progress of the plan, reviews performance against goals, evaluates changes in the client's financial situation or objectives, and makes updates as needed to ensure the plan remains relevant and effective over time.
  7. Client Follow-Up and Communication: Effective communication is essential throughout the financial planning process. The planner maintains regular contact with the client to provide updates, address questions or concerns, offer guidance during life changes or market fluctuations, and reinforce the importance of staying on track with the financial plan.

If you are a bit more detailed, you might like to know what to expect from the financial planning process. Here are the topic I cover as I do financial planning for clients:

  1. Setting Clear Goals:

First – I like to talk with clients about their values. What’s most important to each of the partners. As we discuss and reflect on these values we find some frame work to guide our goal setting process.

Second – We reflect on the financial priorities over different time frames:

  • What’s most crucial for the next six months?
  • The next year?
  • Three years?
  • Five years?
  • Ten years and beyond?
  1. Assessing Your Current Financial Position: Understand your cash flow and net worth. This gives you a snapshot of your income, expenses, and overall financial standing.
  2. Risk Protection Strategies: Ensure you have adequate protection against unforeseen events like property damage, health issues, or long-term care needs. This includes reviewing:
  • Property and casualty insurance
  • Life insurance
  • Health insurance
  • Long-term care coverage
  1. Wealth Accumulation: Evaluate your savings and investment strategies to ensure they align with your retirement goals. Consider factors like savings rate, asset allocation, and overall progress towards your targets.
  2. Tax-Smart Investing: Optimize your investments for tax efficiency. Explore strategies like tax-advantaged accounts, asset location, and tax diversification to minimize your tax burden now and in the future.
  3. Retirement Income Planning:Plan for a steady income stream during retirement. This involves assessing your current sources of income, estimating future expenses, and creating a strategy to sustain your lifestyle after you quit working for money.

Everyone needs basic documents to provide direction for after they are gone AND ALSO in the event they can’t act on their own behalf before they die. And many families need special documents to provide for minor children, family legacies or family members with special needs.

If you think you might like to know more about financial planning, maybe you would benefit from a visit with an experienced, highly-trained, CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota to help better understand your options. I love to meet new people. So, follow this LINK to find a time for us to have a get-acquainted visit.

I am a financial planner who is an advocate for my clients ALL THE TIME – a fiduciary financial planner. I provide guidance based on clients’ best interests, not commissions or sales quotas. I think it’s the best way to serve clients and I am thrilled to work this way all the time.

And yes, I’m still taking on a few great families to be part of my financial planning practice in West Saint Paul, Minnesota and, thanks to Zoom, across the country.

Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.