Our Process

6 Stages of Financial Planning

Based on experience with our clients, we have developed a finely tuned process that will lead you through the following six stages of financial planning

Engage

Establish and define the client-advisor relationship

We begin by discussing how we can work together to develop and implement your financial plan. We need to understand your financial situation, but we also want to help you define your goals. We start the process by:

Discussing your situation
Establishing a fee
Securing basic documents

Collect

Gather client data, define goals and establish expectations

The more detailed information we obtain, the more customized and accurate your personal financial plan can be. We conduct a comprehensive analysis of your current estate, investment, and business situation. Based on this information, we develop a comprehensive financial condition model of your current situation, including cash flow, tax reduction strategies, and estate distribution projects. Highlights of this stage include:

Formalizing our working relationship
Gathering appropriate financial data, objectives, and risk tolerances
Discussing and establishing goals
Discussing attitudes, views, and concerns

Analyze

Process and analyze information to determine financial needs

We analyze information gathered from the financial condition model to identify gaps and opportunities between your current financial planning, objectives, and risk tolerance. This helps us determine how close you are to your financial goals with your current strategies. This stage focuses on:

Reviewing your data and assessing your status relative to goals, objectives, and attitudes
Analyzing and evaluating your current financial status
Confirming and clarifying your data
Preparing a preliminary financial plan
Reviewing preliminary strategies, as needed, and refining recommendations

Design

Develop and present financial planning recommendations and/or alternatives

Based on your input and our analysis, we offer alternative strategies and identify solutions that are an appropriate fit for your personal situation, and most importantly, are consistent with your objectives. This stage – one of the most important in our process because it is where the financial planning takes shape – includes:

Presenting a financial plan document
Answering questions
Establishing an action plan

Implement

Implement the financial plan recommendations

We present the specific recommendations in alignment with your needs, and discuss the pros, cons, risks, and costs for each recommended alternative. This helps ensure that you will make an informed decision. Some aspects covered in this stage are:

Coordinating with your other advisors
Reviewing and recommending specific financial strategies necessary to implement the financial plan
Assisting you in implementing the financial plan

Review

Review the financial plan recommendations

Many factors can impact the viability of your financial plan in the future – a life event, a change in your job or career, unexpected expenses or income, a change in taxes, etc. We meet with you to check the status of the financial plan by comparing actual results to initial assumptions to determine if adjustments need to be made. This final stage of the process centers around:

Analyzing ongoing issues
Making adjustments as your situation changes
Keeping your financial plan updated and current

To learn more about Insight Wealth Strategies, please call us at (800) 318-7848, email us at info@insight2wealth.com or fill out the request information form below.

Office Locations:

Financial Planning in San Ramon, CA

Financial Planning in Houston, TX

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