The integrated, coordinated, and on-going management of an individual’s financial concerns. Through the financial planning process, it can be determined how to design the appropriate investment strategy that is consistent with goals and objectives.
Basic Approach
Our approach to personal financial planning as Investment Advisory Representatives of United Planners' is to obtain significant information about your current financial situation, attitudes, risk tolerance, needs, goals, and priorities. We will analyze the information obtained in order to develop alternatives for your consideration and educate you about the implications of selecting a particular alternative. We will facilitate the implementation of the alternative selected by you and periodically update the adopted plan. It is our goal to become your chief financial advisor and to coordinate the efforts of your other advisors in your best interests. We want you to be educated about your own financial affairs and to take an active role in managing them. When developing your financial plan, we will clearly define the scope of work, as well as explain and document the services provided, the method of compensation, and other relevant information.
Step 1: Familiarize
The first step can be accomplished by reviewing the material on the Keating Financial Services web site which contains all pertinent information regarding the organization, philosophy, team members, licensing and credentials, and the full range of products and services provided. We want you to be comfortable in knowing more about Keating Financial Services before the initial meeting.
Step 2: Establish & Define Client-Planner Relationship
Once you have familiarized yourself with Keating Financial Services and are interested in moving forward, then contact us to arrange a free initial consultation appointment. Decide whether you would like to meet at our office locations or at your home or office.
At our initial meeting, we will:
- Explain the importance of the client planner relationship as it relates to communicating with each other and comfort level in dealing with confidential and personal financial information.
- Discuss client needs and expectations regarding planner/client relationship.
- Review details about Keating Financial Services: credentials, experience, services, investment philosophies, products, and compensation options.
- Mutually decide how or if to proceed with the relationship and begin the financial planning process: identify the services to be provided, disclose financial planner’s compensation arrangement, determine responsibilities of both the client and the financial planner, establish the duration and any other additional information necessary to limit or define the engagement.
- Schedule the next meeting.
Step 3: Gather & Analyze Client Data
The third step in the financial planning process entails gathering client data, analyzing and evaluating the client’s financial status, and defining client goals. Financial goals are the heart of the financial planning process. We assist clients in establishing, quantifying and prioritizing realistic goals while quantifying them in terms of measurable objectives (specific time frames and investment amounts). This is accomplished by the following action items:
- Gather quantitative and qualitative information by completing a comprehensive client data fact finder questionnaire.
- Construct client budgets, cash flow statements, and financial statements.
- Review all data and relevant documents. Obtain from client any missing information or documents needed to develop the financial plan.
- Analyze all information and identify strengths and weaknesses with respect to the clients stated goals and objectives.
- Discuss various options available (i.e. products and strategies) consistent with client goals and evaluate them in terms of the clients current and future situation
Steps 4 & 5: Developing and Presenting Financial Plan and Alternatives
In this stage, first we will identify appropriate techniques that are consistent with client objectives in light of the economic environment. In investment portfolio construction, for example, asset categories consistent with the client’s objectives and constraints are identified. Second, we will select alternative investments within those categories, and/or appropriate insurance products, forms of business operation, intrafamily transfers, tax strategies, retirement plans, and estate planning techniques.
After further evaluation of alternative solutions, an integrated set of recommendations is developed to meet client requirements. Frequently, a schedule for implementing recommendations is developed and incorporated into the financial planning recommendations. These recommendations then are presented to the client, usually in writing. It is possible that even at this stage of the process, client objectives may be subject to reorder or change, in which case step 4 and 5 will be repeated.
Step 6: Implementing the Financial Plan
In this stage of the process, the client implements the plan, using the assistance us as Investment Advisory Representatives of United Planners Financial Services and/or other professionals as needed. Without implementation, the plan has no value.
Step 7: Monitoring Plan Performance
The final step is critical for the long-term success of the plan and involves the planner monitoring the performance of the investments, changes in tax law, and the general economic environment. The planner also considers additional products and strategies for possible inclusion in the client’s plan. At regularly scheduled meetings with the client, the planner evaluates the implemented financial planning recommendations for changes in the client’s situation. If this is the case, the financial planner returns to the early stages of the process in order to make recommendations that meet the client’s new objectives.
