Once you decide to tread the path of financial planning along with us as your professional guide, I chart out an elaborate road map for you. My process is SIMPLER than you think ! When I say SIMPLER I actually mean it and the same doubles up as an acronym too.
Let’s understand the process better :
This is a preliminary meeting where we understand the client’s individual and family profile, financial situation and his perspective towards life in general. This helps us in developing appropriate solutions and views as we know the entire financial and non financial profile of our client.
Effective Planning is not possible without the precise information of our client. We now ask the client to furnish his existing financial data as per the templates which we provide. The data required will be quantitative (e.g. monthly/ annual income, expense, assets, liabilities etc) as well as qualitative ( financial goals, standard of living / health of the client and family members etc.).
Once we have the data, we start analyzing it in detail. All the relevant information is studied thoroughly in context with the profile and goals mentioned by our client. Appropriate points emerging from the data along with the course of action are recognized at this stage by us.
We now present the Initial Plan to our clients after analyzing their data in detail. This is done at a meeting where we actually explain the Financial plan in detail, highlighting all the aspects to our client. This is a very crucial stage as the client for the first time gets to see his complete Life Financial Plan documented and detailed. We explain to him the rationale and logic behind our suggestions and actions while interpreting his plan.
After the client has understood the plan, we let him ponder over it for some time. We then liase with him in case they need further clarifications or explanations on their plan or course of action suggested by us.
Once all the clarifications have been sought by the client, we now get into preparing the Final Plan. The implementation and execution methods are stated herein along with our recommendations and observations to the client. This is now presented to the client as a final plan.
Our job just does not end after handing over the final plan to our client. In fact, the important aspect for success of this plan is when we review and monitor the plan for clients on a quarterly basis through the year. We make sure that we are there with our client whenever he needs us for financial advice or assistance.