Today’s investor is often seeking advice on topics that impact all of their finances – not just advice on how they invest. Now, clients are asking for and finding value in a financial planning-based relationship with their advisor. If you ask ten people to define financial planning, you are likely to get ten different answers. For the sake of mutual understanding, we have defined financial planning as the practice of understanding what a client wants to achieve during their lifetime and helping them make informed decisions to get there. It is a collaborative process between our advisors and clients that contains all relevant aspects of a client’s personal and financial circumstances, not just how much money is under management.
In simple terms, financial planning is simply determining goals, analyzing assets, liabilities, and opportunities, and developing a plan for how to reach those goals. At K.Fino Financial, we follow our effective six step financial planning process:
1. We get to know your personal and financial situation
2. We identify your primary objectives and quantify goals in terms of cost and time frame
3. We perform an analysis to determine if you are likely to reach your goals based on your current course and show you the potential outcome if you were to follow your current path
4. We present a detailed, easy to follow plan with recommendations detailing the potential outcome of our proposed path and its potential benefits
5. We help you implement the strategies we’ve presented while walking you through everything step-by-step
6. We monitor and provide detailed reporting on your progress on an ongoing basis, including one-on-one reviews