The Generations Financial Planning & Wealth Management team offers comprehensive financial planning to our clients. Erik Smith, Nicholas Acri and Dylan Thomas will follow the Seven Step Financial Planning Process.
While we have physical offices in Battle Creek and Jackson, MI, we routinely provide services via video conference or phone to clients across the United States.
Many think that a financial plan is only for the high net worth or those close to retirement. This could not be further from the truth. From beginning your first retirement account as you enter the work force, to planning your legacy and gifting strategies, a financial plan is a vital tool during every stage of life.
Financial Planning is a vital step on your way to reaching any financial or life goal. It is an ever-changing document that can guide a client’s decision making in a way that best accomplishes their personal and financial goals. There are 7 steps in the Financial Planning Process, discussed below.
Before the Financial Planning Process begins, we must know what to expect from each other. It is important that you understand what we do and how we are compensated. We will agree on the terms of our engagement, including the scope of services you are looking for and how often you would like to be in contact.
This step involves getting to know each other through gathering and analyzing quantitative (measurable) and qualitative (subjective) information. It is imperative that the Financial Professional and client create a solid base for which a Financial Plan will be built. The data gathered needs to accurately represent the client’s current personal and financial circumstances.
You probably came to a financial professional because you have a goal in mind. Whether it is retirement, education funding, legacy funding, or otherwise, the Financial Professional will help the client outline and prioritize their goals.
Whether we realize it or not, we make many financial decisions every day which affect our path to financial freedom. By analyzing current action, a financial professional can see where a client’s financial strengths and weaknesses may be. This analysis, along with a client’s goals and circumstances, helps the Financial Professional develop the appropriate recommendations.
At this point, the Financial Professional is ready to develop the appropriate recommendations for the client using all the information gathered in previous steps.
Now it is time to have a meeting and talk through the recommendations and make sure the client understands the basis for such recommendations and how they will impact the financial plan.
The Financial Professional now has the responsibility of outlining who is responsible for the implementation of the recommendations. Usually, implementation is a joint effort between the client and the Financial Professional. It is at this point that the planner identifies and selects the appropriate products and services that will fulfill the recommendations. The products and services are presented to the client and implementation begins.
As mentioned before, the Financial Plan is a living document. Periodically, the plan will be reviewed and updated based on changes in the client’s goals and circumstances.
We make it easy for you to understand, invest, and plan financially for the life you want. If you are serious about planning for your future, we want to meet with you.
Simply fill out a brief survey and we will be in touch to schedule a time to meet.
Or call us at (269)-441-4090