STEPS OF THE PERSONAL PLANNING PROCESS Flashcards
Quantify monetary objectives with definite time frames and clarify any financial goals.
DETERMINING OBJECTIVES FOR THE PLAN
Rank your objectives according to your priorities.
DETERMINING OBJECTIVES FOR THE PLAN
Examine these objectives with an individual’s resources and limitations.
DETERMINING OBJECTIVES FOR THE PLAN
Use surveys, questionnaires, and interviews to gather quantitative and qualitative information from the individual.
Qualitative – provides general information about a family’s goals and objectives, lifestyle, health, and investment-risk tolerance level.
Quantitative – provides specific identifying information regarding the family’s financial status details.
GATHERING DATA
Review of the individual’s financial position and cash flows, existing insurance policies, and other legal papers such as wills, buy-sell agreements, and trust agreements.
PROCESSING AND ANALYZING OF DATA GATHERED
Analyze the information to determine the strengths and weaknesses of an individual’s finances
PROCESSING AND ANALYZING OF DATA GATHERED
Evaluate the client’s objectives in view of available resources and economic conditions
PROCESSING AND ANALYZING OF DATA GATHERED
Individuals ask questions about each strategy or product as it relates to solutions for achieving their goals and dreams.
Giving actual recommendations of a comprehensive financial plan
Recommendations can change during this process, or at the least, be reviewed and altered based on individual input
Giving actual recommendations of a comprehensive financial plan
Assisting individuals in obtaining products and in pursuing strategies identified in step four.
IMPLEMENTING THE PLAN
Implementation may involve other entities to assist the individual in dealing with the parties involved in the execution of the financial plan.
IMPLEMENTING THE PLAN
